Knowledge as a Strategic Asset

It may be cliche, but the saying "Knowledge is power" was developed for a reason. At the core of any business is its knowledge about its operation, product, and customers. This knowledge is the company's lifeline when it comes to operating their business. What type of product is being used, how that product is being delivered to the consumer, advertising,the structure of the company, all these aspects of the business have been set up based on what is best for the company. Essentially this knowledge is the foundation that a company is run on. To not consider this knowledge an asset would be a mistake. Part of the company's strategic business plan should include how to keep this knowledge out of the hands of other companies, as well as how to insure that this knowledge is shared and communicated evenly among its employees. It is vital that the company knowledge built up over time be protected from other companies in order to insure a competitive advantage. Just like in the Xerox Eureka case, it could save a company time and money if knowledge and expertise within the company is shared to all of its employees.