**2.2 Knowledge management infrastructure**

For knowledge to be used to effectively and efficiently improve the strategic capabilities of a firm, it must possess an appropriate infrastructure (both

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to others [28, 35].

*Knowledge Management and Its Role in Strategic Sustainability Management in the Finance…*

technologically and organisationally) to support the acquisition, conversion, and application of relevant knowledge [27–29]. Gold et al. [30] and later, [28], identified a series of fundamental elements of KM infrastructure: technology, organisational culture, knowledge acquisition, knowledge conversion, and knowledge

In the early 2000s, researchers tended to emphasise the benefits of IT above all other organisational infrastructure assets in the knowledge management process [31]. Today, it is widely accepted that effective IT systems play a key role in contributing to organisational processes. However, research indicates that effective IT systems need to be adequately integrated with structural and cultural elements in order to substantively contribute to KM [30, 28]. When effectively implemented and integrated, technology-based assets and IT can contribute to more advanced knowledge creation, sharing, distribution and application [30, 28]. For example, KM systems relating to all of the discipline areas noted above are supported by wide array of advanced software packages (e.g., Zendesk, ProProfs KnowledgeBase, Atlassian Confluence, Bitrix24, etc.), and it is now considered a necessity for firms to invest in technology-based KM processes in order to remain competitive and

Given the increasing importance of knowledge management processes to strategic performance, a majority of firms make efforts to integrate knowledgesharing into their organisational culture [29]. The inclusion of knowledge-sharing as a corporate value and organisational norm allows organisations to quickly react to the changing competitive landscape, ensuring that employees and management will either possess the knowledge required or the ability to quickly acquire the knowledge required, to adapt to new competitive challenges [19]. One major influence on a firm's knowledge sharing willingness is the issue of reciprocity [29], that is, the perception that they will receive a valuable return because of the knowledge they choose to share with others (e.g., direct compensation of some kind; enhanced reputation, being given an employee award, etc.). In this way, the elements of an organisation's culture (i.e., stories, rituals, language, values, etc.) can operate as powerful mechanisms in the knowledge

Knowledge acquisition refers to the process of understanding the need for knowledge, identifying the source of information, and undertaking the steps needed to collect it effectively and efficiently [28, 35]. This aspect of KM can be done by '… seeking, generating, creating, capturing, and collaborating on knowledge' by individuals who observe, experience, imitate, practice, or otherwise interact with others [28], p. 317. These activities can be conducted externally to the firm in order to acquire knowledge from a wide variety of stakeholders (e.g., customers, competitors, suppliers, regulators, etc.) or conducted internally from analysis of the organisation's past experiences or mistakes [28]. Internal knowledge is sometimes considered 'tacit' in that is exists within the firm but is possessed by one individual (or a close group of people) and is not readily accessible

*DOI: http://dx.doi.org/10.5772/intechopen.87156*

responsive in dynamic market conditions [32, 33].

*2.2.2 Organisational culture*

management process [28, 34].

*2.2.3 Knowledge acquisition*

application.

*2.2.1 Technology*
