Definition of Knowledge Management

Knowledge Management

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Definition of Knowledge Management

Introduction

In today’s competitive business environment Knowledge MaImage result for Knowledge Managementnagement (KM) plays a pivotal role in tackling the challenging situations that arise due to various uncertain events. At the moment KM is emerging as the most important function of Human Resource Department in every organization. From HR perspective the definition of KM is the process by which the organization generates wealth from its intellectual or knowledge-based assets. Human Resource Development (HRD) has a key responsibility in strengthening and nurturing KM through cultural change initiatives, learning initiatives and employees’ competency development. KM helps in organizing visible knowledge sharing events and by establishing all necessary monitoring systems.
Knowledge Management (KM) plays a pivotal role to tackle challenging situations that arise due to various uncertain events. KM is about survival in today’s competitive business world. At the moment KM is emerging as the most important function of Human Resource department in every organization. HR department has a crucial role to play in involving each individual in KM movement as a key competency because talent management and KM are closely interrelated. Talent management focuses on individual level like recruitment, selection, induction/training, individual skills and competencies development and career planning but ‘knowledge management’ will have focus on collective level as how to influence the collective knowledge of the enterprise through mentoring; collaborative team work and knowledge sharing. To strengthen KM activities in organization HR department needs to introduce a system of rewards and recognition.
Knowledge (experience-based know-how) is a key resource in any organisation. The more you know, the better you perform. Knowledge Management is about systematically and routinely making use of the knowledge in the organisation, and applying it to key activities; tapping into ‘What you collectively know’ to help deliver your goals, objectives and mission. It aims towards never making the same mistake twice, and making every decision in the light of the full knowledge base of the organisation. This lesson will make you understand about the overview, evolution and drivers of knowledge management.

Knowledge Management

Can knowledge be managed? The words management and knowledge at first sight appear uneasy bedfellows. Knowledge is largely cognitive and highly personal, while management involves organisational processes. Many knowledge workers do not like to be managed in the traditional sense. However, knowledge is increasingly recognized as a crucial organisational resource that gives market leverage.

What is Knowledge Management?

Knowledge management is the explicit and systematic management of vital knowledge and its associated processes of creating, gathering, organizing, diffusion, use and exploitation. It requires turning personal knowledge into corporate knowledge than can be widely shared throughout an organization and appropriately applied.
There are generally two broad thrusts in applying knowledge management:
Sharing existing knowledge better: Making implicit knowledge more explicit and putting in place mechanisms to move it more rapidly to where it is needed;
Innovation: Making the transition from ideas to commercialization more effective.
Knowledge management programmes typically have one or more of the following activities:
 Appointment of a knowledge leader: to promote the agenda, develop a framework
 Creation of knowledge teams: people from all disciplines to develop the methods and skills
 Development of knowledge bases: best practices, expertise directories, market intelligence etc.
 Enterprise intranet portal: a ‘one-stop-shop’ that gives access to explicit knowledge as well as connections to experts
 Knowledge centers: focal points for knowledge skills and facilitating knowledge flow
 Knowledge sharing mechanisms: such as facilitated events that encourage greater sharing of knowledge than would normally take place
 Intellectual asset management: methods to identify and account for intellectual capital.