Knowledge Management: The Influencer to Business Model Innovation

Given today’s global business environment, companies are wrestling with how best to confront and adapt to ever-changing conditions as part of their overall business strategy. The success of business model innovation as part of defining and developing new market opportunities requires the foundation of a sound knowledge management strategy. The focus of such a strategy needs to be based on value creation and value contribution within the firm. Value creation can only be achieved by identifying strong knowledge management capabilities to act as underlying building blocks. These capabilities are supported further by knowledge enablers. A well-choreographed knowledge management strategy will consider all three elements. The use of a knowledge management framework called the knowledge house will help provide context for the discussion of value contribution, capabilities, and enablers. By applying an overall strategic road map, a path to value is presented that contributes to unlocking new markets and product offerings and therefore helps the firm adapt to constantly changing market and economic conditions.