
Introduction
Knowledge is a powerful resource to obtain an insight of vastly valuable heritage
and t o be able to learn, innovate, develop, and achieve new horizons i n the
relevant fields, solving earlier unsolvable difficulties, negating issues and hurdles,
and creating core competencies. For instance, the discovery of electrical induction
through the movement of an iron piece in a magnetic core became the foundation
of the industrial revolution and opened new dimensions for the world to grow. It
thus achieved new horizons of industrializations, solved issues of mass produc-
tion, and negated the issue of readi ly avai lable c heap labor. Sir Francis Bacon said
that knowledge is one of the ultimately prevailing intangible assets for any
organization (Land 2009). Essentially knowledge can be classified into two prime
forms viz. explicit and implicit knowledge (Agrawal and Mukti 2020). Explicit
knowledge is knowledge that can be articulated, structured, and documented. It
can be simple to understand and can be recognized effortlessly. Patents are an
ideal example of explicit knowledge. I mplicit knowledge, also known as tacit
knowledge, is the other form of knowledge that resides in the human subconscious
mind and it is gained from experience, observations, beliefs, and mental models.
Tacit knowledge is neither present in a systematic way nor visible and is difficult
to understand. It is transferred only through conversation and/or narration. Tacit
knowledge has the potential to improve the productivity of an organization
(Woods 2016). Afterthought, the management of both the tacit and explicit
knowledge is known as knowledge management. KM can be defined as the
management tool that can be used to promote and use an integrated approach to
identifying, acquiring, evaluating, retrieving, sharing, and using all of an organi-
zational knowledge asset ( Agrawal and Mukti 2019).Theseassetsareexperimen-
tal experiences, policies, procedures, documents, past un-captured expertise, data-
bases, etc. (Lecerf and Omrani 2019). These intangible assets are important which
play a key role in the success of an organization and it is t he m ain concern of the
management of any organization. Nowadays, the competitive environment of
business has been characterized by becoming more strategic and dyn amic
(Animesh Agrawal 2019). As a result, organizations must take care of intangible
knowledge assets (Daňaetal.2018).
To obtain sustainable economic competitiveness over a long period of time, it is
necessary to adopt the effective use of KM processes through which a proper
knowledge-based economy can be used (Oksana 2018). In recent times, KM is gaining
attention in manufacturing-based organizations as a tool for improving innovation and
shop floor production (Muniz et al. 2010). Bennett (2014) has found that the future of
the manufacturing sector would be more strategic and dynamic (Bennett 2014). KM is
considered a new management tool to facilitate innovation-based activity and shop
floor manufacturing (Uma Mageswari et al. 2017). To get manufacturing brilliance and
to fight the competitive environment, the manufacturing industry will struggle for
efficiency and productivity (Uma Mageswari et al. 2017). As a result, organizations
need to take care of intelligent resource, i.e., knowledge assets to get competitive
advantages. In this context, the ma nufacturing adva ntages of the organization is
determined to a great extent by the use of technological approach, i.e., the use of
information communication technologies (ICTs), which helps to create value and ICT-
Journal of the Knowledge Economy