Global Organizations’ Knowledge Management Strategic Initiatives

With the world market evolving from a regional to global based economy, knowledge management has increasingly become more difficult and expensive. Changing market dynamics, technology, organizational shifts, and the transitory nature of the workforce have added to the challenges that organizations face to retain, manage, and safeguard institutional knowledge. To be successful, organizations must recognize the importance of creating a knowledge management strategy. Creating a culture of collaborative management, which can cross internal and external barriers to develop innovative knowledge retention strategies, is critical to achieving and retaining competitive advantage. The purpose of this paper is to explore some of the foundational strategies for knowledge management and suggest additional ways to improve the effectiveness of these initiatives.