To improve our understanding of the impact of organizational learning and knowledge on competitive advantage, we propose a framework that includes the constructs of data, information, knowledge, and wisdom. Each of these constructs is then associated with a different type of learning. We further argue that wisdom is an important, albeit missing, construct in the knowledge‐based theory of the firm. A key to organizational wisdom is judgement and decision making, which requires an understanding of the complexity of a situation, but also requires the ability to make sense and simplify so that action can be taken. Three important drivers for the development of organizational wisdom are experience, a passion to learn, and spirituality. Processes for acquiring organizational wisdom such as transformational leadership, organizational culture and knowledge transfer are also discussed.
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