STRATEGIES FOR OPTIMAL BANKING PERFORMANCE: THE ROLE OF KNOWLEDGE MANAGEMENT IN PAKISTAN

Abstract

In today's rapidly evolving global economy, the significance of knowledge as a valuable resource cannot be overstated. This transition from an industrial-based economy to a knowledge-based economy has reshaped the way organizations operate and thrive. Knowledge is now recognized as the fundamental economic resource, surpassing the traditional factors of capital, natural resources, and labor. Knowledge encompasses a set of skills, capabilities, information, and experiences that individuals utilize to address a multitude of challenges. To fully harness this invaluable resource, organizations have embraced the practice of knowledge management. Knowledge management involves the creation, utilization, sharing, and storage of knowledge within an organization's ecosystem. In this highly competitive landscape, organizations seek a distinctive edge that sets them apart from their counterparts. This edge, often difficult to replicate, is achieved through effective knowledge resource management. While financial and technical resources hold significance, the true prime resource of any organization lies in the knowledge embedded within its human capital. To remain competitive and sustainable, organizations must prioritize the development and utilization of their knowledge base resources. Neglecting this vital aspect puts them at risk of falling behind in the competitive game. Therefore, in the pursuit of excellence, organizations must recognize and nurture the treasure trove of knowledge residing within their people.