Knowledge Management (KM)

 What is Knowledge Management……….?

Knowledge has two basic definitions. The first is relevant to a defined body of information. Depending on the definition, the body of information might consist of facts, opinions, ideas, theories, principles, and models, etc. other categories are also possible, subject matters (e.g. physics, mathematics, etc.) is just one possibility.

Knowledge also refers to a person’s state of being with respect to some body of information. These articulate the need to manage knowledge seems obvious. Implementations of "knowledge management" may range from technology-driven

 methods of accessing, controlling, and delivering information to massive efforts to change corporate culture including ignorance, awareness, familiarity, understanding, facility, and so on.

There are two kinds of knowledge, which are respectively the explicit knowledge (sometimes referred to as formal knowledge), which can be articulated in language and transmitted among individuals, and the tacit knowledge (also, informal knowledge), personal knowledge rooted in individual experience and involving personal belief, perspective, and values

Knowledge Management(KM): Knowledge management is hard to define precisely and simply , but in practice, knowledge management often encompasses identifying and mapping intellectual assets within the organization, generating new knowledge for competitive advantage within the organization, making vast amounts of corporate information accessible, sharing of best practices, and technology that enables all of the above.

That covers a lot of ground. And it should, because applying knowledge to work is integral to most business activities.

KM comprises a range of practices used in an organization to identify, create, represent, distribute and enable adoption of insights and experiences. Such insights and experiences comprise knowledge, either embodied in individuals or embedded in organizational processes or practice.

KM efforts;

a.  typically focus on organizational objectives such as improved performance, competitive advantage, innovation, the sharing of lessons learned, and continuous improvement of the organization.

b.  overlap with Organizational Learning, and may be distinguished from that by a greater focus on the management of knowledge as a strategic asset and a focus on encouraging the sharing of knowledge.

c.  can help individuals and groups to share valuable organizational insights, to reduce redundant work, to avoid reinventing the wheel per se, to reduce training time for new employees, to retain intellectual capital as employees turnover in an organization, and to adapt to changing environments and markets

The data can be viewed as an abundant, vital and necessary resource for management. With enough preparation, we should be able to tap into that reservoir and ride the wave, by utilizing new ways to channel raw data into meaningful information. That information, in turn, can then become the knowledge that leads to wisdom. So, in summary the following associations can reasonably be made:

a.  Information relates to description, definition, or perspective (what, who, when, where).

b.  Knowledge comprises strategy, practice, method, or approach (how).

c.  Wisdom embodies principle, insight, moral, or archetype (why).

Why we need knowledge management ………….?

a.  Market is highly competitive and the rate of innovation is rising.

b.  Reductions in staffing create a need to replace informal knowledge with formal methods.

c.  Competitive pressures reduce the size of the work force that holds valuable business knowledge.

d.  The quantum of time available to experience and acquire knowledge has limited.

e.  Early retirements and increasing mobility of the work force lead to loss of knowledge.

f.  There is a need to manage increasing complexity as small operating companies

g.  Changes in strategic direction may result in the loss of knowledge in a specific area

h.  Most of the work is information based.

i.  Organizations compete on the basis of knowledge.

j.  Products and services are increasingly complicated, and deal with significant information

k. The need for life-long learning is an inevitable reality.

Knowledge Management Approaches

The term "knowledge management" is now in widespread use, having appeared in the titles of many new books about knowledge management as a business strategy, as well as in articles in many business publications. There are many ways to slice up the multi-faceted world of knowledge management. However, it’s often useful to categorize them.

     Management of Information: To researchers in this field, something that can be identified and   handled in   information systems

     Management of People: To researchers and practitioners in this field, knowledge consists of processes, a complex set of dynamic skills, know-how…, etc., that is constantly changing.

Three parts of categorization have been identified:

( 1 ).Mechanistic approaches to knowledge management

Mechanistic approaches to knowledge management are characterized by the application of technology and resources to do more of the same better. Better accessibility to information is a key, including enhanced methods of access and reuse of documents 

( 2 ).Cultural/behavioral approaches to knowledge management

Cultural/behavioral approaches, with substantial roots in process re-engineering and change management, tend to view the "knowledge problem" as a management issue. Technology, though ultimately essential for managing explicit knowledge resources is not the solution. These approaches tend to focus more on innovation and creativity than on leveraging existing explicit resources or making working knowledge explicit.

( 3 ).Systematic approaches to knowledge management

Systematic approaches to knowledge management retain the traditional faith in rational analysis of the knowledge problem: the problem can be solved, but new thinking of many kinds is required.

In brief, knowledge and information have become the medium in which business problems occur. As a result, managing knowledge represents the primary opportunity for achieving substantial savings, significant improvements in human performance, and competitive advantage.

A lot of books have been published in this regards, better to refer to good book and be knowledgeable on it.

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