Education

What is Knowledge Management and Its Benefits?

Defining knowledge management

Knowledge management (KM) is the management of information within an organisation so that its intended users can effectively use it.

KM tools help organisations collect, store, share and use knowledge to support their goals. KM is a process that begins at the point of information creation and continues throughout its life cycle.

What is knowledge?

Knowledge is a complex and multi-dimensional construct, and KM solutions come in many flavours, ranging from collaborative tools to social software. But as it relates to business, people, and organisational processes. It is about sharing and organising business knowledge — that is, all the tacit knowledge about what you do and why you do it.

Knowledge includes the storage, organisation, and use of information and implementing policies and procedures to support knowledge management. Knowledge can be considered a body of information that a company can use to improve its operations. Organisations must have a system to manage this information if they want to stay ahead of their competition.

what is knowledge management

Types of knowledge

Knowledge management (KM) refers to organising, managing, and using knowledge within an organisation. It can be broken down into five main areas: discovery, capture, curation, sharing, and exploitation. Discovery is the process of recognising relevant knowledge within an organisation. Capture refers to the process of capturing this knowledge in a form usable by the organisation. Curation refers to selecting and organising captured knowledge for use by the organisation; sharing refers to distributing this curated knowledge within the organisation or used by its members.

How is knowledge created?

Knowledge management is creating, using, and sharing knowledge to improve organisational performance. It encompasses everything from creating a centralised depository for all know-how to developing effective communication and collaboration tools to ensure everyone in an organisation has access to the right information at the right time. Knowledge management is essential for organisations that want to keep up with changes in their industry and make informed decisions about where to allocate resources.

The benefits of knowledge management

Most people think knowledge management is about collecting and putting information into a library. While these are important knowledge management functions, information and intellectual property management are also key parts of a knowledge management system.

OrOrganisingananalysingnd and sharing knowledge allows you to take advantage of the latest advances in your profession or organisation. You can do what you do better because you have better information and knowledge about what you do.

Knowledge is the basis for innovation. Innovations happen when organisations make mistakes. And by sharing mistakes and successes to understand the problem better and create solutions, learning is enhanced.

Conclusion

Knowledge management is transforming existing knowledge into usable information and improving the ability to learn and teach (knowledge creation and transfer). Knowledge management (or KM) is an increasingly accepted concept in various industries. Businesses who have realised the benefits of knowledge management realise there is a direct connection between knowledge management and increased productivity, efficiency and customer service.

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