Knowledge Management Success

Abstract

Globalization and free market philosophy characterize the current economic environment of increased competition and it has posed far greater challenges than ever for organizations to meet customer needs and demands. The global competition is compelling organizations to develop products and services faster, cheaper, and better in order to sustain competitive advantage in the market place. 21st century economy is setting new trends and unique styles of business operations because of continuous advancement of information technology (IT) and communication technologies. These technologies have offered more avenues to conduct business effectively and efficiently. Many organizations participating in the global economy have two distinct features associated with their operations; outsourcing and virtual teams, which have become feasible because of these technological advances. These two features have an impact on how organizations manage knowledge and deserve further discussion.