ZNANJE KAO KLJUČNI RESURS KONKURENTSKE PREDNOSTI
KNOWLEDGE AS THE KEY RESOURCE OF COMPETITIVE ADVANTAGE

Summary/Abstract: The hypothesis is that for the realization of competitive advantage based on knowledge it is necessary to articulate the mission, vision and appropriate strategy and based on them to determine the key business activities of the company. They must systematically be supported by all business processes. Functioning of core business activities depends on a number of elements, in our opinion, knowledge is the most significant for creating new added value. Knowledge as a resource needs to be stored and constantly accumulated by new, where it is necessary to generate it within an enterprise, which is most commonly done in the research and development departments. The mentioned processes can be successfully accomplished only by the competent employees. Regarding, it is necessary to articulate the policy of recruiting the appropriate talented employees. Experts should be properly motivated and the exchange of knowledge and teamwork through various instruments has to be encouraged. This can be accomplished with the help of an appropriate organizational culture better to say with the system of values. At the same time, it is necessary to develop a system of continuous professional training of employees which can be done both within and outside of the company. When the new practical knowledge and skills are continuously being generated, successful policy of introducing new products which means innovation is enabled. Innovations or better to say new products and services are decisive for achieving sustainable competitiveness in the modern economy. The profitable functioning of the company's core business is not possible without the introduction of new products and services, but also without the continuous innovation of manufacturing and other processes.

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