Introduction to Knowledge: Importance in business
Many old expressions extoll the value of knowledge. In the context of business, knowledge is extremely valuable. It is important to understand the market within which the business operates, its attributes, it changes over time, and its likely future course of direction.
Managers must be trained and have the appropriate educational experience to enable them to evaluate trends and directions in the marketplace. They must also be able to problem solve within the business to ensure internal efficiency and maintenance. There are other internal reasons why knowledge is so important, for example in staff management, in workplace design for efficiency and the human factor, and ensuring both the internal workings of the business and the external perception of the business are optimised.
This may require a commitment to lifelong learning on the part of management.
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