Knowledge Management and its Advantages in Business - Research Paper Example

Comments (1) Cite this document
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.1% of users find it useful
Knowledge Management and its Advantages in Business
Read TextPreview

Extract of sample "Knowledge Management and its Advantages in Business"

Download file to see previous pages 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 ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Knowledge Management and its Advantages in Business Research Paper”, n.d.)
Retrieved de
(Knowledge Management and Its Advantages in Business Research Paper)
“Knowledge Management and Its Advantages in Business Research Paper”, n.d.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
rolandokassulke added comment 1 year ago
Student rated this paper as
The topic of "Knowledge Management and its Advantages in Business" is quite often seen among the assignments in college. Still, this paper opens a brand new perspective of seeing the question. I’ll use the manner for my own sample.

CHECK THESE SAMPLES OF Knowledge Management and its Advantages in Business

Knowledge Management

...? Word count (2994 words) Introduction: This paper discusses in detail the importance of knowledge management and how the success of implementing knowledge management hinges on the organizational culture. For some knowledge management is a new concept, although it has been around for years just not yet formalized. Knowledge management helps in securing the most important asset of an organization: the knowledge its human resource possess. The knowledge is stored, used and shared for numerous advantages that last for decades. The...
12 Pages(3000 words)Coursework

Knowledge management

...?Running Head: Knowledge Management Knowledge Management [Institute’s Knowledge Management Introduction and Executive Summary The main purpose of this paper is to present the main advantages and uses of knowledge management, when applied to the world of business and corporations. 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...
10 Pages(2500 words)Research Paper

Knowledge Management Foundations of IT Systems HW

...into modernization (infoRouter, 1998), (TechTarget, 1998) and (Bellinger, 2004). This paper discusses some novel aspects of knowledge management (KM) discipline for organizational innovation. In this paper I will analyze some of the prime areas of KM system for our organization. I will discuss some advantages along with significant factors regarding this new technology application at different levels of our corporation. CURRENT PROBLEMS WITH ORGANIZATION With current business practice at the corporation we are facing some critical problems regarding corporate operational arrangement. In this scenario the major issue is due to the traditional and inflexible working...
3 Pages(750 words)Research Paper

Business case to successfully justify a suitable Knowledge Management System (KMS) for managing its tacit knowledge

..., and structural design that the enterprise can implement will come under evaluation in conjunction with the knowledge assessment of the company’s tacit knowledge, and will identify the necessary and existing gaps. Based on the assessments and the gap analysis, a framework and collection of possible approaches comes under proposal and recommendation that can better understand the needs of the talked about enterprise, reduce and shrink the threats involved in a Knowledge management system, and eventually facilitate the company in its development and growth. Furthermore, the discussion of the paper will also highlight and accentuate the...
12 Pages(3000 words)Essay

Recommendation: its advantages and disadvantages

...for provision for depreciation would help to reduce the likely uncertainties of the company. Though the company still subtracts the accumulated provisions, it will benefit by reducing any possible losses (Bebbington, Gray & Laughlin, 2001, P. 187). Advantages and Disadvantages of the Recommendations Every accounting principle applied in any business unit has its own advantages and disadvantages, and depreciation is no exception. However, most companies have realized that the advantages indeed outdo the disadvantages. Advantages Increased accuracy in accounting for business assets; though depreciation is mostly termed as...
4 Pages(1000 words)Essay

Knowledge Management and Business Intelligence

...Introduction According to David Derbyshire, “Scientists have worked out how much data is sent to a typical person in the of a year- the equivalent of every person in the world reading 174 newspapers every single day” ( Derbyshire, 2011). This signifies a quantitative analysis of data, the importance of knowledge and its management. Managing knowledge is a key factor for a company’s success. The main reasons for this being, improved decision making capabilities, building a potential for organisational learning, instigating cultural changes and innovation (Quast, 2012). Implications of collective knowledge can be analysed from, the...
28 Pages(7000 words)Assignment

Collge Sports, its advantages (good)

...Advantages of College Sports Sports are one of the most dominant extra curriculum activities that in colleges have amandate to participate. As such, all college administrators and the federal government at large ensure that colleges have the necessary resources and facilities to support college sports. Indeed, in most colleges, participation in college sports is not only mandatory but also contributes in the final academic grade that a student gets. Hence, students derive pleasure, fun, and academic points from engaging in college sports. However, this comes at a cost, which the students or their guardians must meet. Notably, sporting coaches ensure the success of students in college sports. Nevertheless, the type of...
4 Pages(1000 words)Research Paper

Knowledge Management business and economy

...How Metadata Repositories and Data Mining are Used in Knowledge Management by [Insert s s Insert Identification information here] [Insert Professors name here] [Insert Submission date here] [Insert Names of Author(s)] [Insert Course Identification information here] [Insert Professors name here] [Insert Submission date here] How Metadata Repositories and Data Mining are Used in Knowledge Management Notes According to Thangarathinam, et al., (2004), metadata management contributes in the understanding of the information, its location, and the value it provides to users. Metadata is information about data. It answers the who, what, when,...
5 Pages(1250 words)Essay

Knowledge Management - managing knowledge

...UNDERSTANDING OF STRATEGY IN PRACTICE BY VIRTUE OF THE DIFFERENCE BETWEEN TACIT AND EXPLICT FORMS OF ORGANIZATIONAL KNOWLEDGE The modern day management is faced by many challenges and those in the helm of company's management are faced with many dilemmas when it comes to designing and implementing company strategy. Many managerial consultant firms are also faced with the same dilemma since their consultancy seems incomplete, inconsistent and contradictory to the outcomes. There is lack of coherence in the field of management and the problem seems to be growing day by day. According to Sanchez Ron (1997), organization management is a task that involves clear understanding of the organization and its components. Knowledge management... in the...
8 Pages(2000 words)Essay

Knowledge Management & Business

...). The managing director also has the task of ensuring that the staff is made aware of the advantages of retaining and transferring knowledge and the impact it has on the success of a business. He is also tasked with the responsibility of ensuring that the staff members understands the importance of learning from experienced individuals; because this is also a form of a job security. The implementation of the KRT or the Knowledge retention and transfer program would be the most effective strategy in reducing risks and knowledge loss. The program has a systematic approach of dealing with knowledge loss issues. The first...
5 Pages(1250 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Knowledge Management and its Advantages in Business for FREE!

Contact Us