The Role of Knowledge Management in Innovation and Product Development
DOI:
https://doi.org/10.47941/ejikm.2066Keywords:
Knowledge Management, Innovation, Product Development, Interdisciplinary Collaboration, SustainabilityAbstract
Purpose: The general objective of this study was to investigate the role of knowledge management in innovation and product development.
Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library.
Findings: The findings reveal that there exists a contextual and methodological gap relating to the role of knowledge management in innovation and product development. Preliminary empirical review revealed that integrating knowledge management into innovation and product development was crucial for organizational success, enhancing decision-making, problem-solving, and the efficiency of product development processes. It highlighted that effective knowledge management facilitated the flow of information and ideas, improved the capture of tacit knowledge, and reduced time-to-market for new products. Additionally, aligning KM strategies with organizational goals and fostering a collaborative culture were essential for sustaining long-term innovation and maintaining a competitive edge. Leadership and technology infrastructure played vital roles in supporting these initiatives.
Unique Contribution to Theory, Practice and Policy: The study recommended integrating knowledge management theories with innovation frameworks, adopting holistic knowledge management systems in organizations, and developing supportive policies that encourage knowledge sharing. It emphasized the importance of interdisciplinary collaboration, integrating sustainability into innovation strategies, and maintaining continuous improvement and adaptation in knowledge management practices. These recommendations aimed to enhance theoretical understanding, practical implementation, and policy support for fostering innovation through effective knowledge management.
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