Knowledge is a source of knowledge as capital or intellectual capital in a company called. It is an essential element that allows businesses to work in the private sector. The knowledge of the organization in the human capital of the organization. Despite the rapid changes in the global, knowledge deals with important issues that can lead to successful management within organizations and can be used as leverage in collective bargaining on existing knowledge and creating new ones.
Understanding the needs of customers and the business environment is a huge interface information. If done market research, then the knowledge of the market can be integrated to the target clients particularly in the development of new products / services and improving existing products.
With skilled employees, the company represents a competitive advantage, because it helps the business run more smoothly and efficiently. So know the needs and customer feedback to develop products or services to ensure that their needs are met.
In addition, the monitoring and reporting of changes in the business world is also needed. Knowledge in building networks by professional and business partners can be a simple way to find out what the competitors and to offer you the latest innovations in the market. Making product research and development is an important source of knowledge that can help in maintaining a competitive advantage.
Furthermore, using the knowledge to better improve products / services offered. It can increase customer satisfaction. Knowledge of the market may lead to a better awareness of what customers want and what the staff needed. Knowledge and information sharing can also improve staff productivity.
In order to manage the use of knowledge, there is a need to build a culture in which knowledge is valued throughout the company to maintain competitive advantage and understand the characteristics of the target group.
Knowledge of the company can help assess entrepreneurs and understand the needs of potential customers and developing products / services that meet customer satisfaction, because potential clients show different behaviors and preferences, such as brand loyalty and the like .
Through knowledge, business supply chain management is visible everywhere and anywhere. It leads to faster growth and development. It also affects the competitive advantage and strategically important to understand knowledge in a more predetermined manner. The sustainability of the organization depends largely on the acquisition of knowledge with a continuous learning process.
Hence, the knowledge is vital for any organization because it allows business owners to make informed decisions, improve services, to increase better marketing decisions and profitability.