Strategic Knowledge Management
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Why Knowledge Management

Why Knowledge Management | Strategic Knowledge Management | Scoop.it

1. KM helps avoid unnecessary work duplication, expensive reinvention of the wheel and repetition of mistakes. In other words, KM improves productivity.


2. KM softens the blow when talented people leave the firms, by ensuring that most, if not all of their knowledge is captured in the company’s systems and processes.


3. KM improves the agility of the firm by helping it to understand and react to the environment better.


4. KM can compress delivery schedules and reduce cycle time, by reuse of components.

 

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What is Knowledge Management

Knowledge is the full utilization of information and data, coupled with the potential of people's skills, competencies, ideas, intuitions, commitments and motivations.
In today's economy, knowledge is people, money, leverage, learning, flexibility, power, and competitive advantage. Knowledge is more relevant to sustained business than capital, labor or land. Nevertheless, it remains the most neglected asset. It is more than justified true belief and is essential for action, performance and adaption. Knowledge provides the ability to respond to novel situations.

 

A holistic view considers knowledge to be present in ideas, judgments, talents, root causes, relationships, perspectives and concepts. Knowledge is stored in the individual brain or encoded in organizational processes, documents, products, services, facilities and systems.

 

Knowledge is the basis for, and the driver of, our post-industrial economy. Knowledge is the result of learning which provides the only sustainable competitive advantage. Knowledge is the next paradigm shift in computing following data processing 1945-1965 and information management 1966-1995. Knowledge is action, focused innovation, pooled expertise, special relationships and alliances. Knowledge is value-added behavior and activities. For knowledge to be of value it must be focused, current, tested and shared.

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