Rephrase Essay Example | Topics and Well Written Essays - 2000 words - 1

Rephrase - Essay Example The world is changing is changing more rapidly than ever before, to be able to succeed, managers and employees need to perform at a higher level. Most organizations have discovered that to be able to reach and remain in the top of the competitive environment, they need to build a competitive advantage. Competitive advantage is the ability of organizations to perform better than other organizations because they are producing desired goods and services more effectively and efficiently than its competitors. The main items that help in building a competitive advantage is quality, innovation, efficiency, and responsiveness to customers’ changing needs. In the today’s competitive environment, organizations look for new ways to improve themselves (BECERRA-FERNANDEZ, 2008). This shows that knowledge is crucial to the success of an organization. This paper looks at how organizations in the UAE can succeed if they develop proper knowledge management, organizational trust, creativ ity, and innovation and how these elements are related. Knowledge management is a crucial aspect in gaining insights over the competitive edge in the framework of the EAU economy. Knowledge has proved to be beneficial in helping organizations gain an advantage over other competitors in the market. The concept of efficiency and effective management of knowledge is a crucial aspect in all organizations. When knowledge is managed, organizations get ways to take advantage of opportunities and are able to reduce the chances of errors. Knowledge management goes through some steps which include; identification of need, knowledge acquisition, and sharing. Knowledge acquisition is the process that a company tries to obtain information from internal and external sources. External knowledge sources include customers, suppliers, partners, competitors, and external experts. This is the process of extracting knowledge