The impact of knowledge on innovation management

Knowledge management is crucial to the success of an organization in today's constantly changing environment. It is the creation, exchange, and application of new ideas into products and services, leading to innovation. There are four types of knowledge - explicit, tacit, market, and technological - that are essential to innovation management. Explicit knowledge is easily accessible and transferable, while tacit knowledge is personal and hard to articulate. Market knowledge provides valuable customer feedback, and technological knowledge is difficult to copy. Proper knowledge management that is linked and interconnected to innovation management contributes to an organization's innovation capabilities and long-term success.