IMPORTANCE OF KNOWLEDGE CREATION IN THE BUSINESS ORGANISATIONS: AN EMPIRICAL STUDY

Knowledge creation is of paramount importance in today's dynamic business organizations. In a rapidly evolving global economy, where competition is fierce and market trends are ever-changing, the ability to generate new knowledge has become a strategic imperative. By fostering a culture of knowledge creation, businesses gain a competitive edge by staying ahead of the curve, identifying emerging opportunities, and adapting swiftly to market shifts. Through knowledge creation, organizations can develop innovative products and services, enhance operational efficiency, and drive customer satisfaction. Moreover, it enables them to harness the collective intelligence and expertise of their workforce, fostering collaboration, learning, and continuous improvement. By valuing and encouraging the creation of new knowledge, businesses can navigate uncertainties, capitalize on emerging trends, and ultimately secure long term success in an increasingly complex and interconnected world. Sample of 200 people from different business sectors to know the importance of knowledge creation in the business organisations and found that knowledge creation cultivate a supportive environment for innovation and empowers businesses to be active rather than reactive in the face of market trends.