Knowledge Driven Strategy

Knowledge Driven Strategy Presently knowledge must be regarded as a strategy which impacts on both across and beyond an organization. Knowledge or technology information cannot concentrate only on customer interactions – solutions need to impinge upon roles and interactions all through the organization. For instance, three different customers may buy a product for three different reasons, maybe, for – price, or latest technology, or because it suits his specific situation. But any effort to satisfy all customers at the same time has proved costly, complicated and futile. Knowledge Strategy – that is, the `right information`, in the `right context`, and at the `right time` – is significantly decisive and vital for ensuring the organization’s performance in the pursuit of the chosen path. In the hierarchy of understanding `knowledge strategy` -

• `data` is the most fundamental component,
• then, `information`,
• finally `knowledge`.

Knowledge by itself will not transform business. Business transforms business. Knowledge and new technologies provide `opportunities`. Organization must be willing to change business approach and culture, if knowledge is to succeed as a strategy. Knowledge can provide a competitive edge or advantage to an organization. Knowledge driven strategy and right actions must be quicker with less time taken for knowledge to become more alert, dynamic, purposeful, efficient and successful. Ernie Eichenbaum defines knowledge strategy as below –

Knowledge driven = insight + access + analytic = competitive advantage.

Insight:- Thorough knowledge of its targeted market. Also defining transactions, activities and information which are key performance drivers as well as measures of optimized organization performance for selected vertical business process models. Access:- Indicates the ability to combine and connect key points, transactions, and data sources wherever it occurs in the organization. Analytics:- How does the organization access the right information in the right context and at the right time? An overall view in totality allows the organization to draw, contextualize and analyze favorably information and to combine it to provide a single, coherent view of the problems and its possible solutions. Knowledge driven strategy involves software, hardware, (e-) business processes combined to improve information, collaboration and integration – focusing on processes that support customer-centric strategies throughout the value chain.