Strategies and Tools for Knowledge Management in Innovation and the Future Industry

Abstract

The main purpose of this chapter is to examine two widely used knowledge management strategies and propose to each strategy complementary knowledge management tools that can help to encourage innovation, especially in the future Industry 4.0. Organizations are currently facing dynamic transitional changes and are becoming increasingly knowledge-based. Knowledge is an essential driver of innovation. Therefore, strategies must be implemented to support the knowledge management process. Strategies for knowledge management can be frequently oriented towards ICT or towards interpersonal relationships. For the support of knowledge management strategy, organizations may use technologies, techniques, and methods that are often referenced to as knowledge management tools. In Industry 4.0, strategically focused knowledge management could prove to be a critical component in securing the relevant knowledge to help foster innovation. Furthermore, the implementation of knowledge management strategies is shown to have a direct positive impact on organization's performance.