Innovation has the capacity to improve performance, add value and create competitive advantage for organizations. Innovation can be broadly described as the implementation of both discoveries – inventions and the process by which new outcomes, whether products, systems, processes or organizational forms, come into being. The process of innovation depends heavily on knowledge, particularly since knowledge represents a realm far deeper than simply that of data, information and conventional logic.
Critically discuss about the relationships between Knowledge Management and Innovation Management
Definition
Innovation – The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
Instructions
- A report (in MS Word format) with maximum word count: 2500
- Students are expected to critically review and utilise the theories and frameworks in this subject.
- As a guide, about 10 to 20 relevant academic sources should be used.
- Referencing is compulsory. Harvard Referencing is the referencing style used by the University.
Key points to include:-
1) How can knowledge be converted to innovation
2) Types of knowledge
3) Right people to convert to innovation
4) Knowledge management in organization (Give ideas and example)
5) What enable knowledge to beconverted to innovation
5a) Challenges faced during the conversion
5b) Organisation behaviour during the change
Focus on knowledge -> innovation -> value adding -> gaining competitive advantage
Provide theories and concept on knowledge management and innovation
