The role of knowledge management in innovation

Abstract

PURPOSE : This article seeks to clarify the role of knowledge management in innovation as an aid to addressing this complexity. The article seeks to identify the drivers for application of knowledge management in innovation. It also details the nature of the role of knowledge management in innovation as well as its value proposition. DESIGN/METHODOLOGY/APPROACH : The methodology used was literature research and some personal experiences and interpretations. FINDINGS : In the fast changing business world of today, innovation has become the mainstay of organizations. The nature of global economic growth has been changed by the speed of innovation, which has been made possible by rapidly evolving technology, shorter product lifecycles and a higher rate of new product development. The complexity of innovation has been increased by growth in the amount of knowledge available to organizations. ORIGINALITY/VALUE : Innovation is extremely dependent on the availability of knowledge and therefore the complexity created by the explosion of richness and reach of knowledge has to be recognized and managed to ensure successful innovation.