A critical overview on Innovation and knowledge processes Essay

A critical overview on Innovation and knowledge processes - Essay Example Lately, knowledge processes have been identified as an integral input towards innovation dynamics. The following is a discussion on how knowledge management influences the innovation dynamics. The gurus of the subject proclaim knowledge management as a provider of strong roots for higher efficacy level in innovation dynamics. In particular with the ever rapidly changing dynamic and competitive markets that exist today, Dalkir (2005) states that the businesses have to look forward for technological advancements, embedded with experiences of the past ‘grey-hair’ individuals, holding experience of decades. The innovation dynamics existing today in the present century are bound to affect the current business outlook, and some of the most influential factors are as follows: Therefore, it can be safely assumed that technology would have a significant impact on the way managers in the future entertain a situation. Innovation does not apply to the product but to the processes as well; many a times an innovative move in the process gives a big boost to the product features and entitlements. Innovation, at its grass roots is supported by knowledge management, and its description is discussed as follows. In accordance with the Harvard Business Review (1998), knowledge really defines the basis of innovation, leading in turn towards developing a competitive advantage, which is critical for sustainability in the markets. As illustrated from experiences and extracted from various literature, for survival and sustainability in a cut throat competition that exists today, it is critical for a firm to develop a competitive advantage; though one would really want this to be un-replicable but today due to the existing advances in technology, spying and other advancements, it is not possible to retain a competitive advantage for a longer period of time – technologies and