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Where Does Knowledge Management Fit In The Fourth Industrial Revolution?

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Where Does Knowledge Management Fit In The Fourth Industrial Revolution?

What is the fourth industrial revolution?

Technology may revolutionize how we live, work, and interact forever. The transformation’s extent, scope, and complexity will be unprecedented in human history. We have no idea how it might turn out. Nonetheless, one thing is sure: a comprehensive and integrated response is necessary, involving all stakeholders in global politics, from government and business to academia and civil society.

Water and steam power we6re harnessed to mechanize production during the First Industrial Revolution. By harnessing electric power, the Second enabled mass production. In the third, electronic and information technologies were used to automate production.

A fourth Industrial Revolution is forming, building on the third, the digital revolution, which began in the mid-nineteenth century. It is characterized by a technological convergence that blurs the lines between the physical, digital, and biological realms.

In addition to its velocity, scope, and system effect, today’s revolutions are not just continuations of the Third Industrial Revolution but are the start of a new one. The Fourth Industrial Revolution progressed exponentially rather than linearly compared to prior industrial revolutions. Furthermore, it is wreaking havoc in almost every industry across the globe. And given the scope and complexity of these changes, a comprehensive redesign of production, management, and governance systems is in the works.

The potential of billions of people connected by mobile devices, with unparalleled processing power, storage capacity, and knowledge access, is limitless. Emerging technological developments in disciplines including artificial intelligence, robots, the Internet of Things, autonomous cars, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing will multiply these possibilities.

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Artificial intelligence is now everywhere, from self-driving vehicles and drones to virtual assistants,KM tools for customer service, chatbots, and investment software. From software used to discover new treatments to algorithms used to anticipate our cultural preferences, AI has made impressive progress in recent years, fuelled by exponential gains in processing power and the availability of massive amounts of data. In the meantime, digital fabrication technologies interact with the biological environment regularly.

Engineers, designers, and architects are merging computational design, additive manufacturing, materials engineering, and synthetic biology to create a symbiosis between microbes, our bodies, the goods we consume, and even the structures we live in.

Knowledge management in 4IR

The new Industry 4.0 paradigm is changing industrial processes, how businesses create value, and how they engage with suppliers and customers. Manufacturing firms may now collect massive volumes of data that they can use to adjust production, generate personalized products and services, and increase operational activities in terms of efficiency, productivity, and flexibility thanks to modern technology. Service firms can use customer data to optimize their processes, thus improving customer interactions by providing a personalized and customized solution for each customer.

New digital skills and competencies (e.g., data management) become vital in this new technology context because they can help new knowledge manufacturing enterprises gain a competitive advantage. Such fresh understanding is dependent not only on the deployment of Industry 4.0 technology but also on relationships with suppliers and customers and personnel competency upgrades.

It is vital to build organizational knowledge to adapt the organization to new conditions. Knowledge should be managed and communicated throughout the company once developed. With the automation of the organization system, artificial intelligence will be required to handle the automated systems that have been established and the knowledge base that has been developed. Furthermore, different models for knowledge management may be used by other organizations.

Still, with the changing organizational contexts, new models are needed to enable knowledge mining, management, and dissemination in the digital era. It is also vital to emphasize security, which is critical because the digital age comes with the difficulty of being able to offer people access to information, perhaps jeopardizing the organization’s privacy and corporate secrets.

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As a result, digital transformation is altering client expectations dramatically. Customers place expectations on organizations for developing new products and services and developing novel ways to suit their needs due to an organization’s ability to customize products. Organizations must develop new methods to adapt to changing situations due to rising demands from organizational contexts and rapid changes caused by new technologies.

By adapting, the firm develops organizational knowledge, leading to the long-term development of competitiveness.

Is there a one size fits all criteria for Knowledge Management in today’s era?

The demand to increase organization efficiency and effectiveness necessitates the development of a new knowledge management paradigm.

Organizational management is always on the lookout for new models that will allow them to leverage existing organizational knowledge for growth and development. Parallel to the growing need for knowledge management models in organizations, many new models have emerged, focusing on a particular aspect.

Furthermore, organizational knowledge management methods enable the distribution of existing information across all levels of the business. Which model a company chooses is determined by its needs and existing knowledge management strategy. Although knowledge transfer in an organization is a complex process that assumes that knowledge differs depending on the employee’s career stage and can be divided into individual, group, and organizational.

Inter-organizational relationships that relate to understanding partners, suppliers, competitors, and other stakeholders can be divided into individual, group, administrative, and inter-organizational relationships. As a result, the amount of knowledge is determined by one’s career advancement and the information that can be expressed and tacit.

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Conclusion

The organization must establish and apply various knowledge management models to secure its growth and development and long-term viability. Different knowledge management models focus on other aspects. Its type and characteristics determine the model that an organization will use. Strategic knowledge management should be given special attention in a disorganized environment since it might allow the business to adapt to new requirements.

One of the issues that today’s businesses face due to environmental changes is the need to generate new IT-based knowledge. Because organizational knowledge can be a competitive advantage, the necessity of having an information system within an organization that will enable the transmission of gained knowledge and data protection in an integrated information system is continually highlighted.


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MARKETING

Trends in Content Localization – Moz

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Trends in Content Localization - Moz

Multinational fast food chains are one of the best-known examples of recognizing that product menus may sometimes have to change significantly to serve distinct audiences. The above video is just a short run-through of the same business selling smokehouse burgers, kofta, paneer, and rice bowls in an effort to appeal to people in a variety of places. I can’t personally judge the validity of these representations, but what I can see is that, in such cases, you don’t merely localize your content but the products on which your content is founded.

Sometimes, even the branding of businesses is different around the world; what we call Burger King in America is Hungry Jack’s in Australia, Lays potato chips here are Sabritas in Mexico, and DiGiorno frozen pizza is familiar in the US, but Canada knows it as Delissio.

Tales of product tailoring failures often become famous, likely because some of them may seem humorous from a distance, but cultural sensitivity should always be taken seriously. If a brand you are marketing is on its way to becoming a large global seller, the best insurance against reputation damage and revenue loss as a result of cultural insensitivity is to employ regional and cultural experts whose first-hand and lived experiences can steward the organization in acting with awareness and respect.

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How AI Is Redefining Startup GTM Strategy

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How AI Is Redefining Startup GTM Strategy

AI and startups? It just makes sense.

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More promotions and more layoffs

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More promotions and more layoffs

For martech professionals salaries are good and promotions are coming faster, unfortunately, layoffs are coming faster, too. That’s according to the just-released 2024 Martech Salary and Career Survey. Another very unfortunate finding: The median salary of women below the C-suite level is 35% less than what men earn.

The last year saw many different economic trends, some at odds with each other. Although unemployment remained very low overall and the economy grew, some businesses — especially those in technology and media — cut both jobs and spending. Reasons cited for the cuts include during the early years of the pandemic, higher interest rates and corporate greed.

Dig deeper: How to overcome marketing budget cuts and hiring freezes

Be that as it may, for the employed it remains a good time to be a martech professional. Salaries remain lucrative compared to many other professions, with an overall median salary of $128,643. 

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Here are the median salaries by role:

  • Senior management $199,653
  • Director $157,776
  • Manager $99,510
  • Staff $89,126

Senior managers make more than twice what staff make. Directors and up had a $163,395 median salary compared to manager/staff roles, where the median was $94,818.

One-third of those surveyed said they were promoted in the last 12 months, a finding that was nearly equal among director+ (32%) and managers and staff (30%). 

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Extend the time frame to two years, and nearly three-quarters of director+ respondents say they received a promotion, while the same can be said for two-thirds of manager and staff respondents.

Dig deeper: Skills-based hiring for modern marketing teams

Employee turnover 

In 2023, we asked survey respondents if they noticed an increase in employee churn and whether they would classify that churn as a “moderate” or “significant” increase. For 2024, given the attention on cost reductions and layoffs, we asked if the churn they witnessed was “voluntary” (e.g., people leaving for another role) or “involuntary” (e.g., a layoff or dismissal). More than half of the marketing technology professionals said churn increased in the last year. Nearly one-third classified most of the churn as “involuntary.”

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Men and Women

Screenshot 2024 03 21 124540Screenshot 2024 03 21 124540

This year, instead of using average salary figures, we used the median figures to lessen the impact of outliers in the salary data. As a result, the gap between salaries for men and women is even more glaring than it was previously.

In last year’s report, men earned an average of 24% more than women. This year the median salary of men is 35% more than the median salary of women. That is until you get to the upper echelons. Women at director and up earned 5% more than men.

Methodology

The 2024 MarTech Salary and Career Survey is a joint project of MarTech.org and chiefmartec.com. We surveyed 305 marketers between December 2023 and February 2024; 297 of those provided salary information. Nearly 63% (191) of respondents live in North America; 16% (50) live in Western Europe. The conclusions in this report are limited to responses from those individuals only. Other regions were excluded due to the limited number of respondents. 

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Download your copy of the 2024 MarTech Salary and Career Survey here. No registration is required.

Get MarTech! Daily. Free. In your inbox.

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