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RELATIONSHIP BETWEEN E-COMMERCE & KNOWLEDGE ECONOMY AND THEIR ROLE IN RISK ASSESSMENT PROCESS

Anushree Pandey, Vandana, Saurabh Mishra, Shashikant Rai

Knowledge management is indeed not a new concept and has always been a critical side of intangible resource for the organizations. In today‟s modern and competitive world, there is a need for cost optimization and efficient output without which the organization will not be able to survive. The organizations focus more on building a better relationship with their customers who has to be reliable and trustworthy. This always has a positive effect on the image and reputation on the image of the organization. E-commerce is the delivery of products and services through the digital medium. Without e-commerce, the organizations will not be able to grow and survive in this digital era. If knowledge economy is collaborated with e-commerce, it will grow and evolve dynamically and it will become easier for them to meet the competitive edge and to reach its customers in any corner of the world connected virtually. E-commerce can be used as a tool to deliver services of knowledge economy by storing, transferring and sharing knowledge efficiently. It will help in reducing the task of generating the same knowledge again and again for individual organizations, belonging to different regions or for the individual units of a large organization. The different units may work together so that the same cycle of generating the same knowledge is not repeated and the cost incurred on such a process is reduced. The focus needs to be put on the knowledge workers as they play a major role in knowledge production. This model will help in throwing some light on the relationship between knowledge economy and e-commerce and how they are interconnected. If the factors related to e-commerce and knowledge in calculating the risk assessment for the organization can be displayed in the form of a matrix with a clear qualitative classification, the organization can focus on the areas that need proper attention and belong to a higher severity level.