Innovation and Knowledge Management

[Name of the Institute]

Abstract

The research discusses innovation and knowledge management as a business model, which has been adopted by some of the leading companies in UK. These companies include BP and Tesco, which have incorporated innovation as a successful business model. It is essential for a company to develop a business model that can lead to sustainability and competiveness. Therefore, the research emphasizes on the significance of innovation and discusses it in detail.

Table of Contents

Abstractii

Literature Review1

The Knowledge in the Field of Organization2

Innovation3

Innovation Management at BP4

Tesco's Advantage in the UK market7

Innovation in Tesco8

References11

Innovation and Knowledge Management

Literature Review

One of the tasks and responsibilities of a business professional whether a CEO, entrepreneur, CEO of a startup or newly created company, or general manager of an SME, is to address the question of business model that is how the business intends to operate and generate revenue. This not only involves analyzing the current models, but also identifies new models that provide more value. Innovation is an essential element for any organization in order to survive, grow and significantly influence the direction of any industry. Development does not; however, guarantee success, but most be followed up with successive streams of innovation and change, from the incremental to the radical. The most reliable way to be successful in the industry is to innovate better and longer than the competitor, leading companies develops innovation portfolios that they can use to help sustain growth over the long term. Innovation and change is an essential part of any business activity, but only some people recognize its importance and significance. Often, management fails to notice the implication of innovation and change, which becomes the reason of the change failure.

Today, organizations are faced with the pressing need for long-term competitive advantages. As a result, organizations have been taking actions in response to the changing environment. In this era, where organizational development has been facing rapid changes, there is an approach aimed at reducing risks at enterprise through knowledge management. The aim of knowledge management is to define the role of knowledge in business management, which adds value and innovation and constitute a significant part of strategic component. Organizations generate new knowledge from the experience, skills and attitudes in the development of their own culture. It is essential for organizations to create an environment that stimulates knowledge in a convergence of human resource quality, the ability to manage information and the presence of an organizational model. The organizational model needs to implement and integrate the tools, techniques and methods for the effective process of knowledge creation. In this context, it is essential to have an unavoidable relationship between knowledge management, information management, technology management, organizational culture and human resource management.

On the other hand, innovation has never been more powerful than it is today, as organizations face severe competition, along with urgency to innovate technologies and minimize world resources. For launching new ideas successfully, it requires an array of entrepreneurial, research, design and commercialization skills, as well as the ability, to ...