Guidelines for developing a k‐strategy

Abstract

As companies start to engage with the knowledge economy, they have to shift their mindsets to understanding knowledge management more holistically and, more importantly, understand the role of knowledge management as it pertains to sustainable competitive advantage. It requires companies to think of age‐old concepts in new ways, and necessarily requires deep insight into the enablers of business success within the company, and then creative insight is required to reveal the new possibilities. This paper, drawing on resource‐based theory, provides some guidelines for companies to develop business strategies, critically dependent on knowledge management initiatives. A chain of sustainability is introduced and three insightful concepts are highlighted (complementary resource combinations, strategic architecture and pool of resources); however, they do not tell companies specifically what to do, but robustly explain what the requirements of a knowledge strategy are, if they want to attain, and sustain, competitive advantage.

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