What is Knowledge Management

In today’s date, advancements in technology and the way we retrieve and share data has changed completely. Knowledge management includes data mining and a few methods of operations.

There are two practices which can be used to tactic knowledge. Joint-Problem solving and shadowing are best practices for transferring tacit knowledge within an organization. In shadowing, subordinate staff observes their superior staff in their actions to learn how their superior approaches towards their work. Another classic approach that was recommended by Swift and Leonard is joint problem-solving by novice and expert. Most often, people are unaware of how they should approach problems or how they should do their work, which results in failure of generating step-by-step directions for doing their work. Allowing them to work together on one project, spots the light on the expert approach. The main difference between joint problem solving and shadowing is that shadowing is more inactive. In joint problem-solving, the novice and the expert work together on a task.

There are few benefits of Knowledge Management associate directly to bottom-line savings. In today’s economy, companies are uncovering their opportunities and ultimately deriving values from intellectual instead of physical assets. In order to get the value from a company’s intellectual assets, Knowledge Management practitioner’s conserves that knowledge should be serve as the base for collaboration and it should be shared. However, better collaboration is not an end in itself; without an overarching business context, Knowledge Management is meaningless and harmful. Therefore, an effective Knowledge Management program allows a company to do different things. By encouraging different ideas company can foster innovation. Company can streamline the response time in order to improve customer service. Company can boost revenues. It can enhance the employee retention rates. It can streamline operations. An imaginative approach to knowledge management can result in increased revenues, improved efficiency and higher productivity.

Starting with small approach is less risky than taking a big approach. In smaller projects, you would have more command over the outcome, and small-scale loses won’t affect your whole effort. In addition, getting funds for smaller projects is much more feasible than getting funds for wide initiative. Starting with small projects also allows you to build on your accomplishments.  When emplaning on a Knowledge Management strategy, you must define the value you want to accomplish from your Knowledge Management initiative and establish metrics, which will prove your achievements. Without a compact business case, KM is a hopeless exercise.

The major challenge that appears in Knowledge Management usually happens because companies ignore their culture and people issues. In a surrounding where an individual’s knowledge is rewarded and valued, accomplishes a culture that identifies tacit knowledge and motivates employees to share, is very critical. The need to sell the Knowledge Management concept to employees should not be underestimated.