The Role of Shared Knowledge in Achieving Competitive Advantage in Economic Institutions
Main Article Content
Abstract
This research examines the role of shared knowledge in achieving competitive advantage for economic institutions. Such knowledge contributes to enhancing innovation, improving efficiency, and increasing the ability to adapt to market changes. Shared knowledge enables institutions to leverage employees’ experiences and expertise, which supports the development of innovative products and services and provides rapid solutions to problems. It also enhances organizational performance and boosts productivity by reducing the time and effort spent on repetitive tasks, while fostering a flexible organizational environment that supports collaboration among individuals.
However, institutions face significant challenges such as resistance within organizational culture, weak leadership support, information technology issues, and privacy concerns. To overcome these challenges, institutions should adopt effective strategies that include developing a supportive knowledge environment, implementing appropriate technological systems, and providing incentives that encourage employees to actively engage in knowledge sharing.
In conclusion, adopting shared knowledge is a vital tool for building a sustainable competitive advantage, strengthening institutions’ adaptability to changes, and achieving market leadership.
Article Details
References
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