This paper summarizes the arguments and counterarguments within the scientific discussion on the issue of knowledge management and their impact on the financial performance of economic entities. It is determined that despite the key role of knowledge both for the development of the country (which in the 21st century is based mainly on knowledge) and to increase the value of the company, today companies do not fully use arrays of knowledge and data, which forms barriers to increase competitiveness in the strategic perspective. The main purpose of this study is to assess the impact of knowledge management on the financial performance of companies. Data for the study were obtained from a primary source based on a structured questionnaire with which Dangote Flourmills staff worked. The methodology of the work is a software product for statistical data processing – STATA 11, while the data analysis was performed on the basis of regression analysis, which was used to test hypotheses at the level of 5% significance. The analysis of the data confirmed the significance of the impact of all indicators of knowledge management on the financial performance of the economic entity. The results theoretically confirmed and empirically proved that strategic leadership, organizational culture, information, and communication technologies, effective human resource management practices have a significant impact on financial performance. This study concludes that knowledge management has a significant impact on the financial performance of businesses. The paper states that knowledge management activities help to focus the company’s management on the accumulation, storage, and use of knowledge to solve problems, dynamic learning, strategic planning, and making sound financial and economic decisions. The authors have formed the following recommendations: assistance from the management of the company to exchange knowledge, training and professional development; introduction of the latest digital technologies to improve communication and management mechanisms, based on the specifics, features, and needs of companies; ensuring and developing a corporate culture that allows you to balance and coordinate the actions of management policy. Keywords: knowledge management, human resources, strategic leadership, organizational culture, financial results of the company.
In modern conditions, the competitiveness of enterprises largely depends on the ability of management to ensure the necessary economic efficiency of operational activities, achieving strategic and tactical goals, rational use of labor, financial and material resources, which determines the relevance of research on innovative approaches to management “my goals”. The article substantiates that this concept is focused on increasing productivity through clear guidelines for each employee of the organization and increase staff motivation through its participation in setting their own goals. The main purpose of the study is to examine the relationship between the practical use of the method of “goal management” in the company and its organizational effectiveness. The object of the study was selected pharmaceutical company “Tuyil” (Ilorin, Nigeria) and its staff with a representative sample of 242 people. The source of the primary information in this study was the results of a survey of company employees. The analysis of the survey results was performed using the methods of descriptive statistics and analysis of variance (ANOVA). It is empirically confirmed and theoretically proved that the practical application of the principles of “goal management” is closely correlated with the efficiency of the company. The results of the study provide recommendations for improving the system of “goal management” in the company, namely: the creation of favorable internal relations among employees, which would guarantee their commitment and loyalty to the organizational goals and objectives of the company; Establishing feedback, which involves constant monitoring of the achievement of goals and determining their progress in the implementation of specific tasks, as well as bringing to the management of those unplanned problems that arise in the process of achieving goals. Keywords: goal commitment, performance feedback, task complexity, organization, Nigeria.
This study's main objective is to examine the roles of human capital development, energy consumption and crude oil exports in driving sustainable development goal 8-sustainable economic growth in Nigeria. Annual data from 1990 to 2018 were sourced from World Data Atlas, International Energy Agency, WDI and the Central Bank of Nigeria Statistical Bulletin respectively to achieve the aims of the study. Autoregressive Distributed Lag technique of estimation was adopted for the data analysis. Consequently, the principal findings of this study could be presented as follows; there exists an insignificant positive relationship between electricity power consumption and real GDP growth rate. This implies that energy consumption in Nigeria has an inadequate capacity to drive a sustainable economic growth. Similarly, oil exports and the growth rate of the real GDP have a significant positive relationship with each other. This means that sustainability of economic growth is highly dependent on oil exports in Nigeria. Conversely, government expenditure on educational sector and the growth rate of real GDP have a significant negative relationship with each other. Likewise, expenditure of government on health sector has an insignificant negative relationship with the growth rate of the real GDP. This implies that human capital development in Nigeria lacks the capacity to guarantee a sustainable economic growth. As a result of the outcome of this research, the following were recommended for Nigerian policymakers and by extension developing countries, any time the goal of these policymakers are sustainable economic growth, the development of human capital through adequate funding of educational and health sectors should be embarked upon. In the same vein, the policymakers should provide uninterrupted electricity supply for enhancement of maximum outputs in the country.
The study examined the relationship between market innovation and organizational performance. Survey research design was used in the study. Data for this research was obtained from primary sources with the aid of a structured questionnaire. Krejche and Morgan formular was used to estimate the sample size. 355 copies of questionnaires were administered to employees of the selected companies out of which only 309 copies were found to be useful for data analysis. The data were analyzed using descriptive statistics and inferential statistics of partial least square structural equation model (PLS-SEM). The hypothesis was tested at 0.05 alpha levels. Findings revealed that market innovation significantly impacts market performance (β =.317, t= 4.720, p=.000). The next vital predictor in order of importance is market innovation and employee performance (β = .313, t= 4.286, p= .000) and finally, market innovation and financial performance (β = .220, t= 4.061, p= .000). The study concludes market innovation is a key determinant of organizational performance. The study recommended that in order to sustain a competitive edge in today's market; organisations have a twofold mission of continuously generating extra value for their customers whilst thriving to cut costs and increase their productivity. To make this mission possible, the results of this study suggest that organisations give additional importance to market innovations for attaining high organisational performance.
The dynamic nature of business environment and the ever changing needs of consumers have to constantly make strategic organizations to continue to adopt innovative practices to continue to survive. Firms adopt innovation strategy to survive and gain competitive advantages in the marketplace. Innovation strategy entails adoption and implementation of a new or significantly improved product, or process, a new marketing method, or a new organizational method in business practices. The thrust of this study was to examine the relationship between innovation complexities and market performance. The study adopted primary data were with the aid of a structured questionnaire that was administered to respondents. A Structural Equation Model was used to test the hypothesis and findings of the study revealed that innovative practices adoption and implementation is provides opportunities to organization in terms of been proactive to changes and also initiating positive changes that aids competitive advantage and sustainable performance. The study recommends that since innovative practices is germane and integral for improved sustainable performance, it must be continuously maintained, sustained and improved.
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