| Considering the dimensions of Knowledge | | | | Necessity |
| Management within an organization - it is not | | | | |
| surprising at all to read of different ways | | | | Knowledge management is a framework within |
| of defining Knowledge Management or KM as it | | | | which an organization views all its processes |
| is referred to. | | | | as knowledge processes. In this view, all |
| | | | business processes involve creating, |
| Before proceeding, it would be imperative to | | | | disseminating, renewing, and applying |
| define the word "knowledge" within itself. | | | | knowledge toward organizational sustenance |
| Knowledge basically refers to "a collection/ | | | | and survival. In essence, it means that |
| or a body of information". This could mean | | | | Knowledge management focuses on 'doing the |
| that the information is embedded in the form | | | | right thing' instead of 'doing things right'. |
| of theories, processes, and systems, or it | | | | The underlying premise is that 'best |
| could be voiced in form of opinions, theories | | | | practices' of yesterday may not be taken for |
| and analysis. | | | | granted as 'best practices' of today or |
| | | | tomorrow. Hence, double loop learning, |
| When discussing Knowledge Management within | | | | unlearning and relearning processes need to |
| an organizational context - it would mean | | | | be designed into the organizational business |
| managing the collective information expertise | | | | processes Knowledge management is necessary |
| in the form of employees and the | | | | for companies because what worked yesterday |
| organizational processes. This would | | | | may or may not work tomorrow. To remain |
| encompass knowledge as an explicit business | | | | aligned with the dynamically changing needs |
| activity that reflects in the organization's | | | | of the business environment, organizations |
| business strategy, policy and practice at all | | | | need to continuously re-assess their internal |
| the levels. | | | | procedures of business for ongoing |
| | | | effectiveness. |
| Keeping in view the aforementioned, we define | | | | |
| Knowledge Management as business activity | | | | Importance of Knowledge Management |
| that attempts to build a direct connection | | | | |
| between an organization's intellectual assets | | | | Considering the management dynamics today - |
| - be they in the form of employees (tacit) or | | | | the onus of managing knowledge requires |
| in the form of record (explicit). Thus, | | | | utmost focus as most of the work is |
| Knowledge Management caters to the critical | | | | information based. Secondly, it is an |
| issues of an organization trying to adapt | | | | undisputed fact that organizations compete on |
| itself, survive and competence in face of | | | | the basis of knowledge, since products and |
| increasingly sporadic environmental changes. | | | | services are becoming increasingly complex. |
| Essentially, it means encompassing | | | | Hence the requirement for a life-long |
| organizational processes that seek a synergy | | | | learning has become an unavoidable reality |
| among a combination of data and information | | | | and thus Knowledge Management has become |
| processing capacity of information | | | | important because; |
| technologies ( ), and the creative and | | | | |
| innovative capacity of it employees. | | | | - Marketplaces are increasingly competitive |
| | | | and the rate of innovation is rising |
| Hence in practice, Knowledge Management | | | | |
| covers identifying and mapping intellectual | | | | - Downsizing staff creates a need to replace |
| assets within an organization, generating | | | | informal knowledge with formal methods. |
| up-to-date expertise for competitive | | | | |
| advantage, making vast amounts of corporate | | | | - Competitive pressures reduce the size of |
| information accessible, sharing of best | | | | the work force that holds valuable business |
| practices, and technology that enables | | | | knowledge. |
| managing all of the above including groupware | | | | |
| and intranets. All this is crucial, because | | | | - The amount of time available to experience |
| one of the most integral business activities | | | | and acquire knowledge has diminished. |
| is that of applying knowledge management at | | | | |
| work. | | | | - Early retirements and increasing mobility |
| | | | of the work force lead to loss of knowledge. |
| Exploring Knowledge Management | | | | |
| | | | - There is a need to manage increasing |
| As we further progress with the facets of | | | | complexity as small operating companies are |
| Knowledge Management, highlighting a few well | | | | trans-national sourcing operations. |
| known management strategies serves as a | | | | |
| better comprehending factor; | | | | - Changes in strategic direction may result |
| | | | in the loss of knowledge in a specific area. |
| - Business Process Reengineering | | | | |
| | | | In brief, knowledge and information have |
| - Change Management | | | | become the medium in which business problems |
| | | | occur. As a result, managing knowledge |
| - Benchmarking | | | | represents the primary opportunity for |
| | | | achieving substantial savings, significant |
| - Risk Management | | | | improvements in human performance, and |
| | | | competitive advantage. |
| - Employee Recommitment Management | | | | |
| | | | Organizational Responsibility: Ensuring |
| There seems to be a common thread among these | | | | Knowledge Management |
| and many other recent business strategies and | | | | |
| an acknowledgment that information and | | | | Organizations that are competitively |
| knowledge are corporate assets, and that the | | | | conscious need to effectively implement |
| businesses need strategies, policies, and | | | | knowledge management systems. This includes |
| tools to manage those assets. The need to | | | | enforcing a linkage between the archived |
| manage knowledge is obvious, as discussions | | | | organizational 'best practices' and the |
| on intellectual capital have burgeoned. | | | | actions taken by organizational members based |
| | | | on that information. Parallel to this also |
| Because knowledge has become the single most | | | | includes unraveling linkage between actions |
| important factor of production and survival, | | | | taken by organizational members that serve as |
| managing intellectual assets has become the | | | | a continuous check and balance for renewing |
| single most important task of business. | | | | the archived 'best practices.' This is where |
| | | | the intellectual organizational creativity |
| Knowledge Management: An Organizational | | | | and innovation comes into the picture. |