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While most industries are dependent in some way on knowledge as inputs, knowledge industries are particularly dependent on knowledge and technology to generate revenue. Some industries that are included in this category include education, consulting, science, finance, insurance, information technology, health service, and communications.
Knowledge retention is part of knowledge management. It helps convert tacit form of knowledge into an explicit form. It is a complex process which aims to reduce the knowledge loss in the organization. [67] Knowledge retention is needed when expert knowledge workers leave the organization after a long career. [68]
Technology is the application of conceptual knowledge to achieve practical goals, especially in a reproducible way. [1] The word technology can also mean the products resulting from such efforts, [ 2 ] [ 3 ] including both tangible tools such as utensils or machines , and intangible ones such as software .
Customer relationship management (CRM) systems help businesses manage relationships with potential and current customers and business partners across marketing, sales, and service. [15] Knowledge management system (KMS) helps organizations facilitate the collection, recording, organization, retrieval, and dissemination of knowledge. This may ...
The knowledge economy operates differently from the past as it has been identified by the upheavals (sometimes referred to as the knowledge revolution) in technological innovations and the globally competitive need for differentiation with new goods and services, and processes that develop from the research community (i.e., R&D factors ...
The knowledge-based theory of the firm, or knowledge-based view (KBV), considers knowledge as an essentially important, scarce, and valuable resource in a firm. [1] [2] According to the knowledge-based theory of the firm, the possession of knowledge-based resources, known as intellectual capital, is essential in dynamic business environments. [3]
Nowadays ability to simulate rich, interactive, face-to-face knowledge is the key factory to use knowledge management as a part of decision making in B2B business. Bias influenced according to the veil of ignorance of decision making, for one to make a sound choice they have to separate themselves from what they know so as not to be biased.
It is also worth noting that from a business perspective, Information technology departments are a "cost center" the majority of the time. A cost center is a department or staff which incurs expenses, or "costs", within a company rather than generating profits or revenue streams.