Knowledge Management Is Considered As A Valuable Component Towards The Success Of An Organization

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.

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.

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

A report has been written describing the knowledge management systems and reviewed based on various aspects which was used to determine whether or not the system considered could be used for managing knowledge. It was through researching journals, articles and other reliable sources from the internet this review was written which led to me finding out more on the topic of knowledge management which has considerably increased my understanding of the topic

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”?

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).

Abstract - knowledge management is a discipline that seeks to improve the performance of individuals and organizations by maintaining and influencing the present and future value of knowledge resources. It is an amalgamation of plentiful endeavors and fields of study. This paper provides a framework for distinguishing the various tools like methods, practices and technologies available to knowledge management practitioners. It includes a summary of a number of key terms and concepts, illustrates the framework, imparting examples of how to use it and searching a variety of prospective areas.

A technologic approach to Knowledge Management has a much higher initial cost, is inherently more scalable, and can handle a much greater transaction volume than an unassisted knowledge worker. Technology in support of Knowledge Management isn’t necessary or even optimal in every instance. Technologies supportive of Knowledge Management can be applied successfully to organizations of any size; extensive investments in technology are generally practical only in medium-size to large companies. Perhaps the most significant way technology enables the KM process is that it can provide virtual meeting space for communities of practice.

Chapter 12 highlights the different reasons for managing knowledge that include the need to respond accurately to globalization as well as rapid change, the need to manage communication and information overload, organizational downsizing, leveraging knowledge in order to gain competitive advantage as well as controlling knowledge embedded within different products in an organization. The author also elaborates how knowledge management can be viewed as a dynamic process, which involves the transfer, capturing, generation, and codification of knowledge. The chapter also asserts that business intelligence utilizes technologies and data to understand business performance.

Knowledge management helps to solve some of the most common business problems and at the same time delivers

Knowledge is often defined as facts, information, and skills acquired by a person through experience or education; the theoretical or practical understanding of a certain subject. There are many taxonomies that specify different kinds of knowledge but most fundamental contrast is between “tacit” and “explicit” knowledge. Tacit knowledge is referred as knowing more than we can say (Polanyi, 1966). Most knowledge is initially tacit and it has been arduously developed over a long time through the method of trial and error. Explicit knowledge on the other hand exists in the form of words, sentences, documents, organised data, computer programs and in other explicit form, in such a way that they can be directly and completely transferred from one person to another. Knowledge Management is a concept and a term that arose approximately two decades ago, it is said to be a discipline that promotes an integrated approach to identifying, capturing, evaluating, retrieving, and sharing information. KM was initially defined as the process of applying a systematic