Knowledge Management Definition
Knowledge management is the process of making the best use of knowledge by getting it to the right person at the right time. It refers to an approach of using the available knowledge to achieve objectives in an organization. The objectives include improved performance, advantage over the competition, innovation and continuous growth of the organization. Knowledge management is the systematic management of an organization’s knowledge assets for creating value and meeting tactical and strategic requirements. It consists of corporate strategy, organizational culture, management, leadership, and technology of the organization.
There are various knowledge management strategies employed by organizations to improve performance. One strategy involves actively managing knowledge (push strategy) where individuals attempt to encode their acquired knowledge into a shared database, also retrieving knowledge from the same database which others have supplied (codification). Another strategy involves individuals asking for knowledge from experts associated with the particular subject on a temporary basis (pull strategy).
Knowledge management involves discovery of information (patterns in large data sets) and providing it to the users. The goal of the management system is to provide managers with the ability to organize and locate content relevant to address specific business tasks and projects. The difficulty of choosing a knowledge management system is finding software that complies with the organization’s business goals and encourages employees to use the system to share information. Knowledge management is about managing people, work culture, and organizational practices and structures. An effective knowledge management tool provides support, facilitates interaction, promotes the exchange of ideas and stores knowledge.
Knowledge management emerged as a scientific discipline in the early 1990s, leading to the creation of an organizational position referred to as chief knowledge officer. The duty of the chief knowledge officer is to ensure that the organization maximizes the returns on investment in knowledge, exploit their intangible assets, improve innovation and share best practices.
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