Innovations are a continuous process that occurs in our daily life. Therefore, innovation in knowledge management is one of the avenues that it is realized. Knowledge management is collection of processes governing the creation and utilization of knowledge. It enables individual’s team and entire organization to have a collective and systematic creation and application of knowledge to achieve their specific objectives. Basically, it refers to an effort in increasing useful knowledge in an organization. This can be done through offering learning opportunities, encouraging communication and sharing of appropriate artifacts of knowledge (Legge, p. 56).
Trends in knowledge management exist to adapt with new ways management tactics. There has been increase in innovation in knowledge management in various fields. These include: emerging trends in technology solutions. Technology has simplified the ways of management in the business world. Knowledge has been used greatly to design required machines that enable efficient operation (Pennington, p. 66). The production capacity has tremendously gone up. There is also relation of knowledge management in e business. The new information technology has ensured proper implementation. This has made changes in the ways general management is done. There is also transition from limited knowledge management projects to more enterprising wide projects. This is due to the increase in using tacit knowledge management in enhancing innovation (Legge, p. 70). Every institution has personal skills which enhances knowledge management. This knowledge is able to hamper flexibility and responsiveness of management and therefore changes and give room for new knowledge management skills. Future innovations on knowledge management will be very effective in improving world economy because more complex machines, vehicles and infrastructure will be in place.
On the other hand, consumer relationship management (CRM) has been improved greatly with time. This has been applied in the field of information technology which has enhanced globalization. Many consumers can be accessed through web based software tools. The web is accessed through the internet connection which is secure and is displayed through Web browser (Gefen and Catherin, p. 56). Consumers are able to access information at any given opportunity irrespective of their location. There are various social media including twitter, LinkedIn, facebook, Yelp and customers reviews in Amazon among others. The social sites are accessed by the consumers and they can chart with their desired company at any given time that they are online. These are referred to as social consumers.
CRM vendors empower customers in making informed purchase decisions without their direct network influence but through other outside sources (Deming, p. 75). There are also internally generated marketing plans posted by the management of a given company. This has improved the consumer relationship management ways whereby it enables businesses to anticipate and innovate better customer service ways.
There is also vendor relationship management as an innovative trend in consumer relationship management. It equips consumers with better tools to be independent of vendors but engage them where necessary (Pennington, p. 63). There was also extended relationship management as a trend in CRM. It deals with the principle of applying CRM technologies and disciplines to the rest of core enterprise components, employees and most suppliers (Gefen and Catherin, p. 56). Others are secondary allies which include government, media, and related industry consortia.
In conclusion, it is noted that knowledge is power in many companies that once it is available; it can be changed into innovation possibly very fast. Innovations in knowledge management help to improve business standards. It also ensures effective performance and production capacity. By developing knowledge management, the economy of any state will increase and enhance global competition.
Works Cited
- Deming, Wee. Quality, Productivity, and Competitive Position. MIT Centre Cambridge Mass.1982. Print.
- Gefen, David and Catherin, Ridings. “Implementation Team Responsiveness and Evaluation of Customer Relationship Management.” Study of Social Exchange Theory. Journal of Management Information Systems 19.1 (2002): 47-69. Print.
- Legge, K. “Human Resource Management.” Rhetorics and Realities. Basingstoke: Macmillan.1995. Print.
- Pennington, Lori.Surviving The Design and Implementation of a Content Management System. Business Journal and Technical Communications 2.1 (2007): 62-73. Print.