The Importance of Knowledge Management

Knowledge is considered as one of the most important and competitive resource for sustenance of the organisation (Zack, 1999). It can be compared to the strategic resource that can be used and applied in various frames of the organisation. Experienced managers in the organisations believe that company can receive strategic advantage through knowledge and not the strategies or actions implemented by competitors. Knowledge can be regarded as a strong approach that opens numerous ways of success. It is that weapon that help organisation to evaluate solutions in financial and other professional difficulties.

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 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

That knowledge that is most difficult to duplicate. We acquire Tacit knowledge over time via our life experiences and via our ways of learning. Often called Implied knowledge because it is not expressed openly in the normal course of doing business. Tacit knowledge is costly to acquire and more difficult to maintain.

There is the need for the organisation to acquire knowledge from outside environment and build its knowledge base and also contribute by sharing knowledge with its business partners; these constitute the seventh and eight step. Finally, as the organisation continues in its learning process, there is the need to build an organisational memory so that learning can be constantly upgraded and to avoid loss. This is also consistent with the seminal work by Huber (1991) who elaborates four constructs linked to organisational learning-knowledge acquisition (the process by which knowledge is obtained), information distribution (process by which information from different sources is shared and thereby leads to new information or understanding), information interpretation (process by which information that has been distributed is commonly understood) and organisation memory (means by which knowledge is stored for future use).

Behaviors are fairly different and are free from social infuluence, where shared knowledge will hahve no impact on personal knoewledge. Personal knowledge is all defined by personal experiences and thoughts. However, these thoughts usually occur because of shared knowledge. It can further be argued that shared knowledge will always play a larger role in impacting personal knowledge. This idea will be explored through Natural Sciences and the Arts. Further investigations will be taken to prove how shared knowledge shapes personal knowledge. The knowledge question is to what extent can shared knowledge shape personal knowledge? Shared knowledge is influenced by society, rather than individiual thought. As individuals if we accept shared knowledge are we also accepting an external objective reality? This question will also be explored through the two areas of

According to Polanyi (1967), tacit knowledge is knowing more than everyone can tell, or knowing how to do something without thinking about it, like riding a bicycle. Tacit knowledge is practical, action-oriented knowledge or ‘‘know-how’’ based on practice, acquired by personal experience, seldom expressed openly, often resembles intuition. He also described it as a local knowledge and one cannot found it in manuals, books, databases or files. Tacit knowledge is technical or cognitive and is made up of mental models, values, beliefs,

Knowledge is increasingly significant as a major source of wealth at all stages of an economy. These knowledge assets collect from different options such as: Knowledge based database, internal interface and users. This study tries to present the relation between Knowledge Management and Knowledge Economy. An organization's capability to quickly tap into wisdom gives it a competitive framework in the marketplace. Knowledge economy is displacing capital, natural resources, and labor as the basic economic resources. This Paper emphasizes the major principles of knowledge of society and their consequences that give the better impact on the movement to paradigm to knowledge economy. Further, we discussed organization competitiveness represent as a critical success factor for modern organizations. At last in this paper we

Tacit knowledge collects all those things that we know how to do but perhaps do not know how to explain (at least symbolically). The term “tacit knowledge” comes to us courtesy of Michael Polyani, a chemical engineer turned philosopher of science. Tacit knowledge is messy, difficult to study, regarded as being of negligible epistemic worth.

Knowledge is an intangible asset for any organization, composed of both a tacit and explicit aspects that are developed in a continuum throughout the life of a organization (Nonaka, Krogh, 2009). This process can serve as; a competitive advantage, creator a superior financial value, enhancer of creativity, developer of novel products or techniques, or functioning as a transformational vector inside a corporation. Being a collective and individual activity working through socialization, externalization, combination, and internalization (Nonaka, Takeuchi, 1999), tacit and explicit knowledge are merging and interacting in the development of organizational knowledge creation (Nonaka and Krogh, 2009). This process is crucial for the improvement

At the present time, organizations do not compete merely on the grounds of financial resources and tangible assets, rather knowledge is the new competitive advantage in business. According to Omotayo (2015), there is popular saying that knowledge is power. depending on this claim, it can be said that knowledge management is the key to power.

Knowledge is the primary resource in every organization. If that knowledge is lost, the impact to an organization is unknown. Knowledge loss occurs in organizations because they allow highly skilled workers to walk out the door without a process to capture their knowledge. One study believes if organization create a learning organization where knowledge is spread across all employees, knowledge loss would be at a minimum (Shanker, Mittal, Rabinowitz, Baveja, & Acharia, 2013). However, Joe, Yoong, and Patel (2013) do not believe that all workers that leave the company are highly skilled, they posited that leaders need to check to see if these workers possess the key knowledge that would hinder production. Dewah (2013) understood the importance of finding the subject matter experts within an organization. In his study on three broadcasting station, the results showed that if the subject matter experts left the company, their

This critical analysis will discuss a quantitative study regarding the knowledge process and management’s role. This investigation views knowledge sharing as related to its application. The authors are interested in determining if and how management’s influence effects the knowledge sharing process. This paper will examine the study, providing criticism on the problem statement, academic justification, literature review, research questions, methodological choice, and the findings.

Human being has a general tendency for learning and it can also be instigated. The mind and prior knowledge or previous knowledge plays an important role in learning.