Knowledge management as a competitive asset: a review

Knowledge is the fundamental basis of competition. Although the study of knowledge is as old as human history, it has only been recognized in the last decade as a crucial element of the industrial development of firms. Organizations view knowledge as their most valuable and strategic resource. They believe in managing their intellectual resources and capabilities in order to become and remain competitive. To this end, knowledge management (KM) has become a fundamental concept for those interested in the ever‐changing events of the business world. Organizations invest heavily in building KM systems. They must strategically assess their knowledge resources and capabilities, and need to establish their knowledge strategy to sustain competitive advantages.