Globalization and stiff competition among organizations have created the need for firms to evaluate their knowledge resources, and at the same time, to devise ways of managing knowledge effectively. Murthy and Nayak (2017) state that knowledge management is all about people, and subsequently, availing an enabling environment that fosters their existing knowledge base and helps them to grow. Therefore, the most prominent thing that emerges as a consequence of globalization is that organizations are incessantly becoming aware that knowledge is a crucial resource. Organizations can use knowledge to predict future trends, and to consequently, develop strategies that can place them above their competitors. Similarly, globalization has caused organizations to be aware of cultural diversity; organizations need to research and study various markets and the behavior of people therein to avoid backlash. In fact almost every organization currently has a research and development department or aspect for acquisition of important knowledge, and consequently, managing it. Managing knowledge in the age of globalization provides competitive advantage to any organization.
Intellectual capital is vital, particularly as organizations seek creative and innovative approaches to developing strategies. Currently, employees are valuable resources, especially when one looks at a competitive industry like the technology sector. Technology firms hire creative individuals who can innovate and help the organization take several leaps forward. Some managers can also help turn around the performance of organizations. According to Antosova and Csikosova (2011), organizations are constantly investing in their human resources to not only develop their employees but also as a strategy to secure the future of organizations. For a long time, employees were often perceived to be a means to an end, but currently, organizations are fast realizing that employees are valuable resources. Employees are indispensable, especially those with quality training, important knowledge, and unique skills. All top-performing organizations are usually in a race to hire skilled and knowledge people because of the realization of how valuable they are.
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References
Antosova, M., & Csikosova, A. (2011). Intellectual capital in context of Knowledge Management. In The Economic Geography of Globalization . IntechOpen. https://www.intechopen.com/books/the-economic-geography-of-globalization/intellectual-capital-in-context-of-knowledge-management
Murthy, H., & Nayak, M. (2017). Knowledge management in the post-globalization era. http://www.indianfaculty.com/Faculty_Articles/FA22/fa22.html
