Knowledge- Based View Theory

Knowledge-based view theory is a concept that enables firms to gain the competitive advantage against other firms in the market through the high involvement of the employees in formulating of goals and objectives of the organization. Unlike in resource-based view theory, Knowledge-based view emphasizes on knowledge as the most strategic resource of an organization in the formulation of goals and objective (Lopez, 2010). Constant acquisition of knowledge in a firm is highly driven by the ever-changing competition in the market, due to globalization and technology advancement. The amount of output the firm gets depends on how good they invest in their input and how efficient it is in this case not referring to material based input but to how informed are your employees. Knowledge is one critical aspect of the innovation.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

The key words in the theory of knowledge-based view are; human, dynamic, and social. Knowledge-based theory is dynamic in that is required for future use, but is useful since the moment it is learned, it always works for the good of both the organization and the society. Thus, for employees to gain this knowledge they must work as a team rather than working individually. In these groups, each employee has different thinking capacity. Therefore, the interaction of the team members will help come up with high levels of knowledge and information about the market (Wildflower & Brennan, 2011). When the management involves the employees in setting goals and objectives of a company it is easy to achieve them since the employees will set achievable and realistic goals, which they can realize.

For an organization to ensure performance during the implementation of any process or a new concept, the management must ensure they have competent team players. Thus, each employee is working towards achieving the group's collective objectives. Qualified team members always work towards the good of each other and not against one another. Hence the members are able the share their wins and appreciate each other, and in failures, they can work as a team not blaming each other to identify what could have caused them to fail.

Competence of each member is very crucial since it determines the speed and time used in learning any new concept and the implementation is uncomplicated. While creating a team of competent members, the team leader should know the capability of each team member in the aspects of expertise and experience; this will help to allocate each member what they can handle. It is good to assign a member a role which they have the experience and is also an expert in it, although members will interact and gain knowledge from other teammates it's good for an individual to deal with an area they are comfortable with this will also help in taking minimum time introducing a concept.

Again, a time frame is one essential element of implementation because is given a time limit and the team members must work towards the timeline provided and deliver the best they can. It is necessary that employees work together to ensure realizing the set goals and objectives; therefore, they have to work with each other interactively to ensure meeting the deadlines. The team should invest plenty time in determining the requirements of the process as well as in choosing and implementing the system. Enough time should be allocated to make thoughtful and informed decisions through acquiring the required information. If time is not observed, the implementation process will end up costing more to the organization concerning money, and it may take longer time in the end.

The project manager should monitor the overall progress of the implementation and ensure that all the resources are used as intended. A project manager is also responsible for allocating each group member their tasks, matching their competence, and ensures that the members work well in part assigned. On the other hand, the project manager must review the team's work to ensure quality outcome bearing in mind the set goals and objectives. A project manager should have a crisis management ability. In case any issues may arise in the course of implementation, the manager should solve it and ensure all members are comfortable with the tasks they undertake (In Jamil et al. 2015). As the leader, the team manager should have excellent communication skills for easy handling of the group and ensure that each member understands what their role is in the group.

Further, team members should commit themselves towards achieving the goals. As much as the project manager is in charge of the group is not an assurance that all members are committed to attaining the same objectives. Thus, every member should have a selfless commitment to the group's goals. The management should also commit themselves to ensure that the organization has a good knowledge and information management system. Abundant knowledge will help the firm realize good results as expected, and it will serve the organization in the long term. The management should commit itself to creating an excellent employer-employee relationship and have a good communication system in the entire organization.

To sum up, since knowledge-based view theory is dynamic, it helps in the present and the knowledge acquired will be useful in the future. Organizations should adopt a knowledge-based view theory as their strategic driver in growth. Companies should also ensure they have knowledge management practices so that the knowledge can be of use to the firm. Any organization that engages in knowledge management it can develop knowledge acquisition systems, the information system, monitor the models through which knowledge and information are processed and communicated to the entire firm, and they can receive solutions to the storage of the same (Berggren, 2017). With knowledge management, the employees are encouraged to learn both as individuals and as a team and share the knowledge. In this case, knowledge management is seen to be more or less the competence of the administration.

References

Berggren, C. (2017). Managing knowledge integration across boundaries. Oxford University Press.In Jamil, G. L., In Lopes, S. M., In Silva, A. M., & In Ribeiro, F. (2015). Handbook of research on effective project management through the integration of knowledge and innovation.Lopez, S. P. (2010). Intellectual capital and technological innovation: Knowledge-based theory and practice. Hershey, PA: Information Science Reference.Wildflower, L., & Brennan, D. (2011). The handbook of knowledge-based coaching: From theory to practice. San Francisco, CA: Jossey-Bass.