Knowledge management and innovation: A tale of successful organizational renewal

Competition and competitive edge are the two basic concerns for all profit motive organizations irrespective Of Country, time and industry. At different points of time different propositions, concepts and mechanisms etc. have been adopted for resolving problems, tackling challenges and attaining competitive advantages. Presently, knowledge management is one of the widely discussed topics in contemporary business world. It is now considered as one of the effective means of continuous flow of innovation. In order to delight customers, companies are introducing new products in the market. The irony is that most of these products have been failed to attract customers since these are not unique enough to provide the best value of their spending. The firms are worried because of that they do not have such luxury to waste their scarce resources for any products which have no potential in the market. Firms need to create new effective means for their future success. With this understanding, some companies in developing country, like Bangladesh are doing quite well. They are maintaining a steady growth. Even some of these firms are moving towards international arenas. While studying their success stories, a very interesting fact was revealed that several firms are using knowledge in their innovation process, which is to a certain extent an exception since the concept of knowledge management is comparatively new in developing countries. This case Study will demonstrate how a company in developing Country could implement knowledge strategy in their business process and attain competitive edge successfully.