Knowledge management is the systematic management of an organization's knowledge assets for the purpose of creating value and meeting tactical & strategic requirements; it consists of the initiatives, processes, strategies, and systems that sustain and enhance the storage, assessment, sharing, refinement, and creation of knowledge. As Francis Bacon said, Knowledge is Power. Knowledge management is the systematic capture of insights and experiences to enable an organization to identify, create, represent, and distribute knowledge Knowledge management based on structural thinking involves capturing knowledge so that it can be disseminated. Knowledge Management involves the people, process, culture, and enabling technologies necessary to Capture, Manage, Share, and Find information. These days, knowledge is not only power, it’s also something that can be used within an organisation to foster innovation. Finally, a KM system is needed to ensure that past mistakes form the stepping-stones for future success. The primary purpose of the knowledge management process is enabling organizations to improve the quality of management decision making by ensuring that reliable and secure information and data is available throughout the Service Lifecycle.Let’s consider that there is a best practice applied when fixing a bug in the software of an IT Service provider, or a faster procedure to handle a request in service delivery, or a workaround for a know… It follows an integrative approach by effectively utilizing the organization’s knowledge base in association with the individual skills, competencies, experiences, ideas, etc. Knowledge management (KM) cannot be achieved with a single definite activity. There is no limit on the number of processes. To facilitate smooth flow of knowledge in the organization by promoting enhanced knowledge dissemination with the use of both internal and external learning processes. Further, the bottom line imperative for a successful KM system is that employees should have a sharing mindset instead of an exclusivity mindset. The main goal of knowledge management is to improve an organization's efficiency and save knowledge within the company. Why Knowledge Management is Important. Subscription Services in the Field of Knowledge Management, The Diffusion of Innovations and Some Factors to be Considered, Rogers’ Theory of Diffusion of Innovations, Role of Knowledge, Learning and Innovation in Organizations, Leveraging and Transferring Organizational Knowledge, Methods of Improving Organizational Knowledge, Knowledge Management in the Age of Information Overload, Emergence of Technology Assisted Self Learning and How it can be a Game Changer, Benefits and Advantages of Self Learning for Students, Professionals, and Everyone, How Machine Learning Can Usher in a New Paradigm of Organizational Learning, Knowledge Wars: Technology Transfer, IP Theft, and the Business Battles of the Future. We are a ISO 9001:2015 Certified Education Provider. Knowledge Management is an organizational function that concerns itself with the capture, storage, and dissemination of the knowledge that is inherent in the organization by using software or a Processual tool to capture, store, and disseminate knowledge. Knowledge management is the process of finding, gathering, assessing, organizing, and sharing information or knowledge, such as documents, procedures, resources, and worker skills. Typically, organizations have well-established tools and software to capture, store, and disseminate the learning’s that accrue because of the organizational processes. To have complete knowledge of the external parties with which the company deals, i.e. It depends on the successful translation of someone’s learned and experiential expertise into relevant information that is shared and … In finer terms, knowledge management is the process of handling organization’s knowledge efficiently, so as to create value and fulfil strategic objectives. The objective of knowledge management is to enhance organizational competitiveness, improve performance, the sharing of lessons learnt, and the continuous improvement of the organizational processes. Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. It consists of a cycle of creating, sharing, structuring and auditing knowledge, in order to maximize the effectiveness of an organization’s collective knowledge. Knowledge management is about making the relevant information or valuable knowledge available to the right person, at the right time and place. This knowledg… What this means is that learning’s can be used to avoid duplication of work, and eliminate redundancies in the organizational processes. It involves an assortment of activities. Knowledge management is a set of processes that govern the creation, distribution, and utilization of human intellect. Knowledge management tools provide fast, intuitive access to the right information across any number of sources and at a single point of inquiry. Indeed, KM has become so widely prevalent in organizational discourse that it is rare to find a large organization without a KM system in place. Each solution comes with its own challenges and benefits. In the face of communication and data overload, it is important for making decisions, building your business, and cultivating a strong company culture. neither more nor less. Required fields are marked *. Broadly speaking, knowledge management is the overarching framework or practice for creating and disseminating organizational knowledge. Your email address will not be published. Hence, the sharing of knowledge is integral to an organizations’ success and this is the rationale and driving force behind having a well functioning KM system. Knowledge management is the act of recording, sharing, and constructively applying knowledge. Knowledge Management aims at identifying, acquiring, creating, assessing, organizing, utilizing, storing, transferring, and protecting the knowledge and information of the firm. What is Knowledge Management and why is it important? Then, gathered information is organized, stored, shared, and analyzed using defined techniques. To enable the provider of products or services to become more effective in doing business and improve service quality, increase customer satisfaction and so forth. Knowledge Management What is a Knowledge Management Process A knowledge management process is the way in which a business manages knowledge, including its capture, storage, organization, verification, security, distribution, and use. Moreover, there is recognition that a KM system is necessary in order not to “reinvent the wheel”. This helps the organizations in making sound decisions as reliable and confidential information is provided to the right person, when required. The purpose of knowledge management is to ensure that the right information is available to the right people. This in itself may not seem so complex, but it implies a strong tie to corporate strategy, understanding of where and in what forms knowledge exists, creating processes that span organizational functions, and ensuring that initiatives are accepted and supported by organizational members. Explicitly stating that knowledge is a valued asset makes it clear that teams are expected to manage and protect knowledge. Knowledge management relies on an understanding of knowledge, which consists of discrete or intangible skills that a person possesses. It is distinct from knowledge management tools such as a knowledge base or a more comprehensive knowledge management platform. Knowledge management is often associated with information technology but it is an integral part of many organizations. This is because they have a clear set of guidelines for capturing knowledge after every project or product that they rolled out. A brief look at why knowledge management is useful and what it's role is in the organization. To understand the term knowledge one should have a prior understanding of the terms like data and information: Knowledge Management specifies what a firm knows, and what it needs to know, so as to become competitive. It requires turning personal knowledge into corporate knowledge that c… To ensure that all the employees and members of the concern have a shared understanding regarding the organizational goals. Whether you’re developing a KM strategy or want best practices from organizations with longstanding KM programs, APQC gives … For instance, these companies have guidelines for project managers to publish the learning’s that have accrued after a project and upload them into the KM system. Knowledge management is no longer solely an intangible concept. 2. Apart from this, a KM system improves organizational communication and loosens up the rigid walls between different functions in the organization. Definition: Knowledge Management implies the effective governance of organization’s acquired and generated knowledge relating to technical know-how, insights, experiences, strategies and tactics. Looking for a. These include data-driven objectives around business productivity, a competitive business model, business intelligence analysis and more. Knowledge Management APQC is the leading source for innovative thinking and the latest research in knowledge management (KM). Knowledge management is essentially about getting the right knowledge to the right person at the right time. Often it is referring to training and learning in an organization or of its customers. In a nutshell, knowledge management is about making the relevant information or valuable knowledge available to the right person, at the right time and place. The classic one-line definition of Knowledge Management was offered up by Tom Davenport early on (Davenport, 1994): “Knowledge Management is the process of capturing, distributing, and effectively using knowledge.”. This overload of data is making knowledge management increasingly more important. The actions at the end of that sentence are the most critical component. Apart from this, to actualize a successful KM system, hierarchy and barriers to sharing of knowledge must be eliminated. nothing more than finding the best way to record the knowledge so it could be easily reused on demand to teach someone to do something A knowledge management plan involves a survey of corporate goals and a close examination of the tools, both traditional and technical, that are required for addressing the needs of the company. - People; knowledge management roles have to be established in the business, communities need to be set up to share and reuse tacit knowledge, behaviors such as seeking for and … The analysis of such information will be based on resources, documents, people and their skills. Properly analyzed information will then be stored as 'knowledge' of the enterprise. From the perspective of a business, knowledge management refers to gathering information and experience within a specific topic, organizing the information in a reachable way, and having the ability to use all of this stored knowledge to further your organization’s success. What is Knowledge Management? In the business world, the definition of knowledge management also includes the maintenance of a knowledge base or portal where specific knowledge related to the company is housed. Knowledge management definition: The organization, capture, use, and analysis of the impact of a group's collective knowledge. Knowledge management involves data mining and some method of operation to push information to users. The utilization of the knowledge activities at the resources connected to knowledge which is limited and assisted through an extensive choice of aspects will result in KM. As discussed above, many organizations consider KM integral to their core processes. Knowledge management, also referr… Probably no better or more succinct single-line definition has appeared since. In conclusion, this article has set the context for the subsequent exploration into the various dimensions and aspects of KM across the world and the resultant increase in competitiveness and strategic advantage. Companies like 3M, Pfizer, and Infosys are thought to the world leaders in KM. These are usually referred to be knowledge activities. The insights and the experiences of individuals in the organization comprise the knowledge that is created in the organization and is embedded in the form of practices and processes. Three key reasons why actively managing knowledge is important to a … to achieve the goals of organization. Knowledge management systems can exist within organizations or teams, but they can also be used to center your knowledge base for your users or customers. The process perspective treats knowledge as a process of knowing – something that is negotiated through social interactions between groups of people. Knowledge management is based on the idea that knowledge is an asset that should be managed (just as capital assets are managed). lack of alignment between an organisation’s understanding of ‘knowledge’, its approach to knowledge management, and what it actually does to manage knowledge can lead to confusion, misunderstandings and poor focus What this means is that the employees must be willing to share their insight and knowledge with the other employees. What is a knowledge management system? Further, the existence of a KM system has become necessary for organizations to achieve the SEI-CMM certification. Source. All good KM should be associated with business outcomes, value to stakeholders, and return on investment. Knowledge management is the systematic capture of insights and experiences to enable an organization to identify, create, represent, and distribute knowledge. At its root, knowledge management is the way in which a company organizes and supplies information to employees and other individuals. Privacy Policy, Similar Articles Under - Knowldege Management, Digital Piracy & Intellectual Property Rights, Best Practices in Actualizing Effective Knowledge Management, Role of Opinion Leaders and Change Agents in the Knowledge Management Paradigm, Content Aggregators vs. In one-way or another, to improve efficiency and increase productivity, many use knowledge management. Knowledge Management • Knowledge Management may be viewed in terms of: – People – how do you increase the ability of an individual in the organization to influence others with their knowledge – Processes – Its approach varies from organization to organization. A knowledge management system is made up of different software modules served by a central user interface. Economic Factors Influencing Consumer Behavior, Sampling Distribution of Standard Deviation. To identify the most relevant and valuable knowledge and share the same with those who need it. suppliers, customers, competitors, distributors, creditors, banks etc. Knowledge management is any system that helps people in an organization share, access, and update business knowledge and information. Your email address will not be published. In its modern definition, knowledge management is the ability to effectively share information, insight and answers across a digital space. Meaning that every person in the organization should have only that much knowledge which he/she is required to know. 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