Knowledge Management Essay

In order to manage knowledge successfully, it is essential to clarify the essence of knowledge before identifying the importance of knowledge management. The perception of knowledge has been varied broadly; however, one of the generally accepted defintion is from Davenport and Prusak (1998). According to their points of view, knowledge is defined as a set of experience and values, it either comes from individuals ' mind or roots in the organisation, which can be found in the documents, routines, practices and norms, and is assumed to flow between individuals through various networks, being used to assess and embody new

According to Davenport et al (1998), Knowledge Management is concerned with exploitation and development of knowledge asset of the organization with a view of the objective of the organization. Knowledge can be managed by explicit, documented knowledge, tacit and subjective knowledge. It also associated with knowledge creation as well as knowledge sharing. Thus, requires systems for creation and maintenance of knowledge repositories to cultivate and to aid knowledge sharing. Organizations that succeed in knowledge management are likely to view knowledge as an asset and to develop organization culture which support knowledge creation and knowledge sharing. Jennifer Rowley (1999) describes the implementation of knowledge management has the importance consequences for structure and culture of the organization, and the roles of managers as well as workers. We can say that knowledge management implementation is crucial as it will lead an organization to be at competitive advantages. There are two types of knowledge mainly explicit knowledge and tacit knowledge. Different people convey their knowledge differently. The philosopher Polanyi (1967) described tacit knowledge as knowing more than we can tell, or knowing how to do something without thinking about it, like ride a bicycle. Tacit knowledge is automatic, requires little or no time or thought and helps to determine how organizations make decision and influence the behavior of their member (Liebowitz and Beckman, 1998). Sternberg (1997) states that tacit knowledge is technical or cognitive as it made up of mental models, values, beliefs, perceptions, insights and assumptions. Technical tacit knowledge demonstrated when people master particular knowledge or skills whereas cognitive tacit knowledge include implicit mental models and perceptions that are ingrained they are taken for granted. Tacit knowledge basically is the “know-how” based on practice, experience and seldom expressed

What exactly is knowledge management? “Knowledge management is defined as developing a system to improve the creation and sharing of knowledge critical for decision making” (Kreitner, 217). Tacit knowledge involves the creative minds of the production because “it is personal, intuitive, and undocumented

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

The problem for this dissertation study test the challenges associated with creating, capturing and sharing knowledge. Doda (2017) describes this method as knowledge management. This method uses a critical goal of improving learning and performance in an organizational framework. Knowledge management as theory and a model was improved by Dalkir in 2005 (Atieh & Somayeh, 2017).

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.

Understanding the nature, role, importance, and value of tacit knowledge at individual or group level, is imprudent to formulating a KM strategy You must also formulate decisions about the organizations cultural change, picking the appropriate tools and finding a suitable measurement system. Without awareness of tacit knowledge any KM program is unlikely to maintain perspective and balance. In contrast to the views held by the tacit knowledge approach, the explicit knowledge approach shows that knowledge is something that can be explained by individuals. The explicit knowledge takes some effort and assistance may be required to obtain the desired knowledge. As a result, the explicit knowledge approach assumes that the useful tacit knowledge of individuals in organizations can be articulated and made explicit. The explicit knowledge approach also shows that explicit knowledge assets can then be dispersed within an organization through documents, drawings, standard operating procedures, manuals of best practice, and the like.

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 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).

Firstly, an organization must be able to have a set of guiding principles that can be followed through KM. It therefore implies that knowledge management is a process that must be followed critically. Secondly, the principles must be applied selectively and appropriately. One of the factors to be considered is that there should be a clear definition of goals. This helps team members to develop a sense of direction that is important in the entire process. Secondly, management must be transparent to employees and other pertinent internal stakeholders. Thirdly, appropriate budgeting of the resources is of paramount importance, followed by effecting the allocation expeditiously (Jennex, 2008). Fourthly, it is of paramount importance to recruit an able team and promote internal and experienced employees as a way of encouraging them to be part of the company. Fifthly, there should be a defined structure of the knowledge management that can serve as a standard against which achievement can be measured (Jennex, 2008).

Possibility of managing the knowledge in proper framework is becoming more or more important in modern economy. Knowledge creation and exploration in modern organizations become a key source in accomplishing and sustaining competitive significance. In fact, the level of organizational knowledge how effectively impact on firm uses. This means with the help of this how fast firm gain the knowledge, and create sustainable competitive advantage. In this era knowledge of modern organization is the one, which learns and memorizes the skills that acts on the basis of the available information in the best possible way. Knowledge management represents adoption of core of knowledge in order to achieve organization’s business goals. We can say, knowledge management is a systematic effort to enable information and knowledge to grow, flow in proper way and create and has a responsibility to ensure that person have correct knowledge at the correct place at the correct

In a knowledge organization, defined by Bergeron (2003) as “corporations that take a systematic approach to capturing information”, knowledge and knowledge workers are treated as the organization’s most valuable asset. Therefore, the sharing of knowledge between employees is essential in knowledge management. But how does an organization make this work? In order for a knowledge management program to be successfully applied, several key factors must be considered: employees, leadership, application of information technology (to be discussed in later section), and most important of all, knowledge.

With the rising importance of knowledge in our global economy, knowledge management has gained worldwide attention. Individuals including Sveiby (1997), Stewart (1997), Davenport and Prusak (1998), Allee (1997) and Nonaka (1991) have worked in the area to discover the opportunities, practices and benefits of knowledge management. Companies such as Buckman Laboratories, Dow Chemicals, Skandia, Hewlett-Packard, Celemi, and IBM to name a few, have made use of knowledge management in order to more effectively