What Is Institutional Knowledge? Definition and Importance
Institutional knowledge is the collective understanding and accumulated experience of a particular group of people in a particular field. It can be thought of as the ” wisdom of the institution” and is an important factor in the success of a company or organization.
Institutional knowledge is important because it allows organizations to understand their surroundings and anticipate changes in the market. It can also help companies to make better decisions, hire the right employees, and price their products correctly.
Institutional knowledge can be acquired through experience, education, and training. It can also come from interactions with other organizations or observing how other companies have operated.
Institutional knowledge is valuable because it can help companies to achieve their goals more quickly and easily. It can also help them stay ahead of the competition and protect their interests.