Knowledge And Management: The Importance Of Knowledge Management

This chapter describes what is knowledge management in details as well as what is the factors of implementing knowledge management which are implementing best practices, network expansion, systematic information system infrastructure, good organizational culture, senior management leadership and commitment and trustworthiness of teamwork.

Knowledge management was defined as the turning of information into actionable knowledge which can be accessed by people who can apply it. Robbins (2003) gives a time perspective in his definition of knowledge management. He mentions as part of knowledge management the distribution of the right information to the right people at the right time. Lytras et al (2002) gives a definition of knowledge management which emphasises the purpose of knowledge management. In the definition creation of new capabilities, enablement for superior performance, encouraging innovation and enhancement of customer value were mentioned. For the purpose of this study the researcher summarised knowledge management as the intentional process of coordinating people, technology and systems to optimise creation and sharing of intellectual

The superior capabilities of knowledge management systems provide an opportunity for the business to engage the most effective components and recognize the importance of communication to make informed, accurate decisions (McGrath, 2001). This system can organize the company’s knowledge resources, knowledge obtaining, organizing, and applying to make a sound routine the will enforce effectiveness (Niu, 2008). The dynamic function of knowledge management to create, capture, and apply knowledge to achieve an organization’s objective will allow them to be more profitable and successful (Zucker, 1986). In addition to increasing profits, the system can be also used to reduce costs and enhance research and development (DeTienne & Jackson, 2001). With all of these advantages, it would be wasteful for a company to not employ knowledge management. As seen in the Discovery Communications, Inc. example, the company can attribute their new productivity levels and increase in ease of securing documents to the knowledge management system that put into place by Carefree Technology. Like Discovery Communications, Inc., knowledge management is so popular today because companies can collect, process and share knowledge to ignite employees ' creativity which in turn will make the business grow. Wenhong and Jianhua (2009) explained the core of knowledge management is to convert company’s knowledge resources into an increased company

While Knowledge Management (KM) is important in any business however, there is no real agreed upon definition. KM is a concept that includes the

In today 's high competitive business world, success is dependent on how efficiently and effectively an organization can develop and utilize its information and knowledge resources(Carlsson etc, 2002). Therefore, there are many dispute on information and knowledge management. The purpose of this essay is to discuss the relationship between Information management(IM) and knowledge management(KM), then argument about whether KM is important for an organization. In order to make sure essay have a clear structure, this essay main divided into four parts (from Part 2 to Part5 ): Part 2 will introduce what is IM and KM, the benefits of IM and KM, the relationships amongst data, information and knowledge, and then this paper will introduce the relationship between IM and KM; Part 3 will analysis case study of good knowledge management in Xerox company; Part 4 will analysis case study of bad knowledge management in NASA; Part 5, this essay will give an argument result to you in conclusion.

Knowledge is defined as “an understanding and one that gains knowledge through experience, reasoning, intuition and learning” (Cong, & Pandya, 2003, p. 2). Individuals can inflate their knowledge when they share their knowledge with others, and when knowledge is combined with other people’s knowledge they will begin to build new knowledge. It is also considered as a mixture of values, experience, background information, grounded intuition and authority insight that offers a framework and environment for integrating and gauging new information and experiences. It “is applied in the minds of knowers and in organizations, where it is often embedded not only in documents or repositories but also in organizational routines, processes, practices and norms” (Cong, & Pandya, 2003, p. 2).

With the benefit of hindsight, it is apparent that in the knowledge era, creating and leveraging knowledge is the business of business. By all available measures, the stock market is already providing handsome rewards to companies that successfully leverage their knowledge--a phenomenon that will almost surely grow in significance as knowledge-based organizations increase in size and number. A number of firms are anticipating this and looking to knowledge management to enhance, measure, and manage the knowledge of their employees and organizations more effectively.

Knowledge management is defined by Sallis and Jones (2002), as “a systemic method for managing individual, group and organisational knowledge using the appropriate means and technology”. In short, it involves various fields of expertise in achieving organisational objectives by making the best use of knowledge at the same time.

Since the mid-1990s, knowledge management has become increasingly significant for business managers and companies. ‘It is broadly accepted that systematic knowledge management is tightly linked with gaining and sustaining competitive advantage.’ (Bogner & Bansal, 2007, p658-6 as cited in Hislop, 2009, p1) The definition of knowledge management is various because of the wide range of this concept and its complexity (Al-Hawamdeh, 2003). For example, the broad definition provided by McAdam and McCreedy (2000, p155 as cited in Hislop 2009, p53) note that: ‘KM relates to the management of anything classified as knowledge’ Furthermore, Hislop (2009, p59)

Knowledge Management can make a significant difference between ongoing or successful ventures of any organization in a world of accelerating change. Knowledge Management provides the ability to connect and cooperate complex ideas efficiently and can be beneficial even to expand when using strategic alliances. To make Knowledge Management work in an

Call, D. (2005). Knowledge management - not rocket science. Journal of Knowledge Management. (April) p.19-30. [Online]. Available from: http://www.emeraldinsight.com.ezproxy.staffs.ac.uk/doi/abs/10.1108/13673270510590191 [Accessed: 20 November 2016].

Knowledge management refers to organising and sharing the various forms of business information created within an organisation (Marakas and O’Brien 2013). Knowledge management is important as it increases the capability of a firm to learn from its environment and to incorporate knowledge into its business processes (Laudon & Laudon 2014).

Knowledge can be viewed and approached in different ways. Personal, social, artefact, framework are some of the approaches of knowledge management. In today’s world the ability to manage knowledge is very crucial, more so in organisations where proper knowledge management can lead to growth and profits (King, 2009).

Knowledge management often involves isolating and planning intellectual assets within an organization, producing new knowledge for competitive advantages within the organization, making vast amounts of corporate information accessible. Knowledge management can be hard to interpret or explain. How would a nurse or doctor define “health care” succinctly? How would a CEO explain “management”? Each of these areas is very complex, with many sub-areas of specialization. This in turn leads to the question “What is Knowledge Management Strategy & Metrics”?

According to Lynch (2011), knowledge is known as a resource of the organization which has to be analyzed. The exploration of knowledge, helped in the creation of new knowledge, which opens up new opportunities for the organization. Knowledge does not only include data and information. It includes recorded information messages and discrete, observable facts about events that occur in an organization.