Taking a Look at Knowledge Management

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 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

Knowledge management systems (KMS) refer to a class of Information systems applied to managing organizational knowledge. That is, they are IT-based systems developed to support and enhance the organizational processes of knowledge creation, storage/retrieval, transfer and application. While not all KM

Knowledge can refer to a theoretical or practical understanding of a subject. It can be tacit (as with practical skill or expertise) or explicit (as with the theoretical understanding of a subject); it can be more or less formal or systematic. Botha et al (2008) pointed out that tacit and explicit knowledge should be seen as a spectrum rather than as definitive points. Therefore, in practice, all knowledge is a mixture of tacit and explicit elements rather than being one or the other. The most important distinction within KM is between explicit and tacit knowledge. The overload of data is making knowledge management increasingly more important as it facilitates decision-making capabilities; builds learning organizations by making learning routine, and stimulates cultural change and innovation.

Knowledge management: It is the process of management techniques and tools disseminating knowledge with in an organization. There are two main types of knowledge.

Knowledge management (KM) is the name given to the set of systematic and regimented actions that an organization can take to attain the maximum value from the knowledge available to it. Effective knowledge management normally requires a proper amalgamation of organizational, social, and managerial initiatives along with exploitation of apposite technology.

Being challenged by the dynamic world of complex needs and expectations, organizations need to effectively and efficiently manage their internal base of resources. An essential organizational resource is knowledge (Choo, 2002). It is not only an essential resource itself but a facilitator and stimulator of new internal capabilities (Little, 2002).

* Improve the quality of products and services while reducing errors, rework, and cycle times.

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 is a concept that is widely known in many organizations but despite the concept being around for more than two decades, a universally accepted meaning of the term is yet to be outlined. Knowledge management is a concept that is concerned with the aspect of learning something before putting it into action. The concept is also involved with creating a platform which will allow exploration of new types of knowledge. The created knowledge may then be incepted in the minds of the employees to add value to the products or services they deliver. What is important to note is that as far as KM is concerned, it does not go beyond storing and manipulating data or information. Knowledge transfer to decision makers will need the development of a structured approach to ensure that it is available on demand. When considering the department of labor, you would appreciate the need for implementation of this strategy. Many departments hoard information thus making it tough to access

Knowledge management system normally acts as a future development planning of any organization (Neeharika, et al., 2013). It develops the system through which the information, knowledge, techniques and methods are shared with the external and internal stakeholders of any organization (Agrawal, 2014). This sharing of knowledge act as a base for the future development and progress of any organization (Gandini, et al., 2014).

(Clarke, 2008) Illustrates how knowledge management can be used by firms and the scope and methods that are used for knowledge management which can help knowledge managers create a KM system which fosters innovation. It also provides us with various perspectives on the management of knowledge and about the KM in different organizations as a critical thinking system. The researchers of the paper say that Knowledge Management is not just explicit, it is not about just recording the explicit knowledge or cannot be achieved by manipulating that knowledge but it must be rather implicit from which the firm can benefit in the long run. So the process of knowledge management is equally important as the content.

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.

Knowledge management is a large term and can mean a number of things. For the purpose of this paper, the definition of knowledge management that I will recognize is the creation, development, and sharing of knowledge and information within an organization. However the problem remains, as well as the topic of this paper, exactly how effective is knowledge management in an organization. Furthermore, the key question that I hope to answer in this paper is how the use and development of knowledge can be managed in an organization. Although there are countless pieces of literature on knowledge management itself, and there have been proposals that link knowledge management to a company’s performance, to this date there are very few papers that attempt to measure the effectiveness of knowledge management within an organization. Overall, my objective of this paper is to compare two separate companies and first, find out how to measure the value of knowledge management, and second, find out how beneficial it is to the organization.

Knowledge management is the ability of organizations to effectively utilize and maximize the expertise, knowledge and competencies of its employees considered assets