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Knowledge Management in Product Development Introduction According to Chatson (2012), knowledge management is essential for acquiring and maintaining a competitive advantage in the business field. In today’s highly competitive market that is characterized by rapid innovation, management of knowledge involved in the development of a new product is crucial in determining the success of a firm. However, it is apparent that many organizations lack the insight of how knowledge management strategies lead to successful new product development. First, creation and administration are some of the key aspects that are given much consideration. In fact, researchers feel that firms that engage in product development must have adequate knowledge and apply them in useful ways. Also, organizations must make efforts to fill the gaps in the areas that they have little or zero knowledge. Knowledge management strategy for product development impact on the cost of production, meeting the customer needs and the time taken to the market. Ozkan (2007) defines knowledge as information that is combined with interpretation, skills, and experience. In most cases, it is embodied in processes, practices, and documents. On the other hand, knowledge management refers to the ability to maintain, develop, organize and make proper use of knowledge. This paper intends to provide a rich understanding of the needs and issue in product development, and also an approach for developing knowledge management strategy. It will also explain how knowledge management strategies support innovation, management decision and other critical business processes. Lastly, the paper will expound on the manner in which
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