KNOWLEDGE MANAGEMENT-not a new concept; often overlooked in the World of Management!

Knowledge Management is one of the hottest topic today in both Industrial world and the Information Research world- Most of the software companies have been contributing to KM.

Knowledge Management is something many companies are sure they need; if only they knew what it was.?

Knowledge is power but has little value unless it can be easily assessed and put into practice. The essence of management is to make knowledge productive. Knowledge has to be improved challenged and increased constantly or it vanishes. Knowledge sharing creates the culture of learning

“Knowledge Management refers to the multi disciplined approach to achieving organizational objectives by making the best use of knowledge.”

“Knowledge management is retrieving the right information, for the right people, at the right time.”

Knowledge and expertise of employees and their learning from organizational operations is a crucial asset for the company.There are numerous scenarios in day to day functioning and among them are few cases which needs a special mention exceptional cases which could be defined as an “Experience of how to manage that situation”. However, companies cannot take complete advantage of this knowledge if it is not reported, documented and managed ,the continuity within the teams and functions suffer specially during the employees leaving the organization and therefore documenting such incidents or learning will protect the company’s intellectual property. 

Benefits of Knowledge Management :

  • Collaboration and effective exchange of Ideas
  • Improved and faster decision making
  • Enhancing customer experience
  • Improving prospects for the company
  • Promoting Innovation in the organization
  • Enhances operational efficiency
  • Elimination of replication of efforts

The organization is better equipped with to face challenges as they benefit from the learning of its team members’ existing skills and expertise dealing with a crisis and for their ultimate growth and benefit .

Key Features (viewed in terms of):

PEOPLEPROCESSESTECHNOLOGY
How do you increase the ability of an individual in organization to influence others with their knowledgeIts approach varies from organization
to organization as there is no limit on
number of processes
It needs to be chosen only
after all the requirements of KM
initiative have been established.
KM viewed

Knowledge Management focuses on processes:

1.IDENTIFYING THE KNOWLEDGE
The knowledge discovered must be:
·         Unique & undocumented AND
·         Will help organization meet its objectives
2.DOCUMENTING THE KNOWLEDGE
In most accurate form:
·         All steps of the case study
3.ORGANIZING & STORING THE KNOWLEDGE
·         Right storage standards for each knowledge type to be structured and ready for access. 
4.SHARING THE KNOWLEDGE
·         Crux of KM strategy
·         By Authorized people in set structured format
·         With teams who should & can use to meet the organizational goals
·         Through creating platform to make learning accessible
·         Involves training to make informed decisions
5.UTILIZING THE KNOWLEDGE
Putting the acquired knowledge to good use so that any employee be:
·         Able to access based on:
·         Access
·         Security
·         Utilize to make quick decisions

In our daily life, we deal with huge amount of data and information. Data and information is not knowledge until we know how to get the value out of it. The success of a knowledge management initiative depends on how well the employees working in the organization adopts it and that is possible once the benefits are clearly communicated to them, the chances of adoption, and success of the knowledge management initiative increase manifold. 

 

It is highly recommended to initiate this journey in your esteemed organization and the time is right now…..

If you are A STUDENT or AN ASPIRANT or AN EXECUTIVE or as AN ORGANIZATION then we have relevant topics of your interest in the website PROFESSIONAL VIBES (an educational platform)

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