ZNAČAJ I ULOGA UPRAVLJANJA ZNANJEM U NOVOJ EKONOMIJI/ THE IMPORTANCE AND ROLE OF KNOWLEDGE MANAGEMENT IN THE NEW ECONOMY

Abstract

In Old economy core factors of production were natural resources, labor and capital. The success of the company was determined by the amount of their material goods. The 1990s ('90s) was a decade of a deep and fundamental changes in society and the economy. Globalization trends and the inclusion of information and communication technology (ICT sector) in all areas of the economy and society have meant that knowledge is becoming the most important economic resource in companies. The aim of this study was to analyze and to point out the importance of knowledge management in establishing and maintaining competitive benefits of companies in the New Economy. We analyzed existing literature and researchs in the field of knowledge management and defined concepts of knowledge and knowledge management. Furthermore we underlined the role and importance of people, information technologies and organizational culture in knowledge management. Research has shown that knowledge as intellectual capital is the main source in achieving sustainable competitive advantage in the market and the concept of knowledge management becomes the foundation for sustainable strategic development of the company. The importance of this paper is to point out to BiH companies on the importance of investing in intellectual capital and the creation of "learning organization" as a basis for their survival and successful business in the future