Knowledge is power

"Knowledge is power." said Sir Francis Bacon. It is truer today than it was some 400 years ago when Bacon made the statement.

A knowledgeable firm competes better than one that is not. Knowledge is the true source of competitive advantage in the knowledge economy. To provide innovative product/service in the innovative way, firms must work diligently to replenish and deploy their knowledge stock.

The statement shouldn't be misinterpreted to justify knowledge hoarding behaviors by individual employees, however. The tricky thing about knowledge is that knowledge must get updated and upgraded to remain valuable. Sharing what you know can deepen your understanding and increases your knowledge. The notion of "knowledge is power" supports knowledge sharing, not knowledge hoarding. The organizational culture that encourages and rewards knowledge sharing as well as knowledge creation is an essential component of an innovative organization.