Knowledge Management

Decent Essays
Knowledge management – how organizations track, measure, share and make use of intangible assets such as an employee’s ability to think fast in a crisis – is increasingly important in a fast-changing knowledge society. Organizations have always managed knowledge, even if they did not use the term knowledge management. For example, a person experienced in operating or repairing a particular machine could pass their knowledge on to newcomers.
Knowledge management (KM) can also be defined simply as doing what is needed to get the most out of knowledge resources. * KM focuses on organizing and making available important knowledge, wherever and whenever it is needed. * It is the process to help an organization to
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This is, again, extremely costly and inefficient. Effective knowledge management, therefore, can dramatically improve quality of products and/or services.
Better knowing our stakeholder needs, customer needs, employee needs, industry needs, for example, has an obvious immediate effect on our relationship management.
So it is very easy to see how effective knowledge management will greatly contribute to improved excellence, which is to:
a) Dramatically reduce costs
b) Provide potential to expand and grow
c) Increase our value and/or profitability
d) Improve our products and services
e) Respond faster
Evidence shows that organizations are increasingly paying attention to their systems of knowledge management to ensure that they are capturing, sharing and using productive knowledge within their organizations to enhance learning and improve performance.
The benefits of knowledge management for improved excellence, is simply ‘one side of the coin’. There is more. Effective knowledge management, especially accelerated knowledge creation, is the driver for innovation. Increasingly, products and services are becoming ‘smarter’ and more knowledge based. Our ability to better collaborate in physical and virtual teams, as knowledge workers, is driving the process of new knowledge creation. Ideas can now be turned into innovative products and services much faster. As organizations, we are learning faster, and that means that individuals are learning faster. People
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