Knowledge as a Strategic Asset in Companies

A company faces competition, regardless of the area of expertise from which they operate.  What can set one company apart from another is how the company develops strategy from what is known or obtained.  Strategic assets are competencies that a company possesses.  Physically, the asset could be a design, patent, copyright, an internal process, or knowledge about a specialized area.  What makes an asset strategic is how a company uses core competencies to position themselves toward reaching its' goals.  Knowledge is the most important strategic asset to companies because it gives an advantage on competition.  Knowledge is the information about the facts; the numbers in the statistics, the results from testing, or all other resources that indicate the position of a company.  A company must use all of these resources of information to construct a plan that allows them to remain competitive and to get out in front of the other companies.  Because of this better access of information, the company will have a hard to replicate lead on others and have more business amongst competitors.