Knowledge management refers to collecting and processing of data, information and knowledge in an attempt to continually improve on organizational and human performance, and create an environment of learning and growth. In the information driven and competitive business environment today, knowledge management plays a critical role in enhancing sustainable competitive advantage…
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Knowledge management can either contribute to the corporation or harm it in the attainment of the corporate goals. Thus, in order to assess its effect upon the organization, knowledge management must be considered as one of the business processes of the organization. This way, it can be determined whether the organization is moving closer or farther from the goals and objectives. Measuring KM effectiveness can be attained by measuring its impact upon the other business processes, the goals and benefits.
Knowledge is an intangible asset and therefore cannot be observed. In recent times, management of knowledge has gained a lot of focus in organization management. Essentially, it has become one of the most important assets in business today. Knowledge management can be defined as the continual and persistent interaction among players in a system that leads to enhancement and maintenance of the systems knowledge base. The system or organization produces knowledge by gathering and organizing information and integrating the information in its strategies, goals and objectives to ensure adaptability and sustainable growth. In other words, an organization utilizing knowledge management continually compares existing knowledge with new information and adds up its knowledge base to improve on its method of production, strategies in an attempt to ensure that its targets and goals are attained. (Firestone, 1998). In a business setting, knowledge has three main building blocks, namely: a) data which is raw, and without context; b) data is then transformed into information which is usable; and c) lastly, information is interpreted and combined to beget knowledge. There are two main types of knowledge, tacit knowledge and explicit knowledge. Tacit knowledge is derived from experience, and refers to expertise or knowledge that is difficult to transfer orally or through writing. For example, mechanical expertise can, to an extent be classified as tacit because it is acquired in time through experience and practice. On the other hand, explicit knowledge can be documented and taught through classroom learning. Explicit knowledge can easily be shared without necessarily having to practice or train (Marquard, 1996). Statement of the problem In the corporate environment, multiple factors that have emerged in the recent past have continually changed the approach and way of conducting profitable and sustainable businesses globally. Increased competition due to global economic development, liberalization of international markets, advancement in technology and global integration has significantly changed the competitive landscape. Moreover, increased information access and globalization has not only increased consumer choice but also shifted power from producers to consumers. Traditionally, critical success factors such as product leadership, capital
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Knowledge management can be recognized as a collection of methods that seeks to alter an organization’s present framework of knowledge processing to improve the work method of the organization along with its outcome.
It will in presentation in the form of an executive report, which will first address why corporate world, especially companies, which are operating in competitive industries might need to make use of this resource. It will first present a small summary of the concept of knowledge management (Stary, 2007).
In this scenario, the knowledge management is the precise management of important corporate and business knowledge and information so that it could be successfully circulated and used by others in the business. Thus, through efficient sharing of business consistent resources, organizational information and knowledge has to be proficiently transformed into business intelligence or competence.
At the present, the decisive new technologies are perceived to be communication and collaboration technologies which comprise web structure designed for internet and its adoption, enhanced portable technologies for instance Personal Digital Assistants (PDAs), videoconferencing, Personal Computers and telephone.
Interplay of KM and HRM 12 6. Role of HRM strategies in effective KM 16 6.1 Selection process and KM 17 6.2 Training and Knowledge Management 18 6.3 Performance management and KM 18 6.4 Rewards and KM 19 9. Knowledge worker and Talent Management in learning Organisation 21 10.
Most of the study conducted indicates that although a tested and friendly organizational culture can enhance the knowledge management practices within an organization; it has been very difficult for organizations to strike the ideal balance between the ideal organizational cultures which maximizes the benefits of knowledge management.
The modern business environment is very dynamic and competitive as a result of technological advancements, increased number of competitors, and increased expectations among customers and shareholders. It is against this background that this research will seek to find out how knowledge management can benefit businesses and help them to survive in the competitive and volatile environment.
It may be simply defined as the procedure by which one can attain maximum out of the same resources (Fernandez & Sabherwal, 2010). Knowledge is a combination of context, reflection, interpretation and information. For decision taking and action building process, knowledge is utilized intensely because it is highly valued while accessing any sort of application.
iv. Need to make the guidelines valid by making sure that the guidelines are accurate and reflect one’s experience and knowledge. 3. d) All of the above 4. False 5. i) Planning of Policy guidelines is to control or give direction to the system performance to follow the required way but the system performance is not to be monitored via the planning of the policy.
More companies are increasingly relying on information technology (IT) to carry out their daily operations. For example, in business, IT is used to access large market research databases to hunt for customers by using the Internet as their platform. With the rapidly growing technology, the cost of IT maintenance and development has exploded.
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