How important is Knowledge Management for businesses?
Knowledge is a philosophical concept defined by Plato as a belief supported by an account or an explanation (Blair, 2002). Under the context of knowledge-view of an organization, the definition suggests that knowledge comes from firm’s increased ability to make use and sense of available information to create value for the shareholders (Leiponen, 2006). There has been a significant growth in the knowledge-based school of thought, which suggests that generating and retention of knowledge can have positive effects on the firm’s performance (Di Mattia & Scott, 1999). To manage this intangible asset to leverage firms for benefits is considered to be its core capability. Knowledge management (KM) has been aimed at capturing, integrating and using existing organizational knowledge and consequently creating a knowledge asset that can be a source of sustained competitive advantage in the long run (Brooking, 1999; Havens & Knapp, 1999). The revolution in the KM came with the rise of technology and there has been a misconception of linking IT with KM although it just facilitates the process (Papers4you.com, 2006).
The literature has divided knowledge into two major categories depending upon its nature to be codified for the use in a KM system. The structured and systematic knowledge that can be described in formal language and easily communicated and shared through formal means qualify for the explicit knowledge type (Elizabeth, 2001). It has been established that such knowledge is easy to codify in the form of databases and is seen as a base resource because of its inherent nature of easy imitation by other organizations. The other form of knowledge which has gained tremendous importance is the automatic collective behavior and is called tacit knowledge (Richard et al, 2001). Tacit knowledge, according to Sajjad et al (2005), comprises of mental models, values, beliefs, assumptions and perceptions which are deeply entranced into the intellectual capital of an organization. It has been suggested that tacit knowledge is faced with an apparent dichotomy i.e. the feature of inimitability that make it a source of sustained competitive advantage also makes it hard to capture and share within the organization to gain the potential benefits.
Therefore it can be concluded that the elusive asset of knowledge, where provides an organization with capability to undermine competition also proves to be a challenge to leverage itself (Papers4you.com, 2006). Any organization should not only look at the ‘best practices’ in the field but should customize each approach to its own unique culture and requirements to be able to successfully use KM.
References:
Blair, D.C. (2002), “Knowledge management: hype, hope, or help?”, Journal of the American Society for Information Science and Technology 53(12), 1019-1028
BROOKING, Annie (1999), “Corporate Memory: Strategies for Knowledge Management”, Intellectual Capital Series London: International Thomson Business
Di Mattia, S. & Scott, I. A. (1999), “KM: hope, hype or harbinger?”, Library Journal, 15 September, 122(15), p. 33
Elizabeth A. Smith, (2001), “The role of tacit and explicit knowledge in the workplace”, Journal of Knowledge Management; Volume: 5 Issue: 4; 2001 Research Paper
Havens, C. & Knapp, E. (1999), “Easing into Knowledge Management, Strategy and Leadership”, 27(2), p. 4
Leiponen, Aija (2006), “Managing Knowledge for Innovation: The Case of Business-to-Business Services”, Journal of Product Innovation Management, May2006, Vol. 23 Issue 3, p238-258
Papers For You (2006) “P/M/440. Tools of knowledge management”, Available from http://www.coursework4you.co.uk/sprtmgt8.htm [22/06/2006]
Papers For You (2006) “P/M/325. Knowledge management: definition of the concept”, Available from Papers4you.com [21/06/2006]
Richard T. Herschel, Hamid Nemati, David Steiger (2001), “Tacit to explicit knowledge conversion: knowledge exchange protocols”, Journal of Knowledge Management; Volume: 5 Issue: 1; 2001 Research paper
Sajjad M. Jasimuddin, Jonathan H. Klein, Con Connell (2005), “The paradox of using tacit and explicit knowledge: Strategies to face dilemmas”, Management Decision; Volume: 43 Issue: 1; 2005 Conceptual paper
Watch the video related to Knowledge Management
Lotus Knowledge Management … Lotus Notes Domino IBM
Help answer the question about Knowledge Management
What is the difference between knowledge management and knowledge based management.?
Knowledge Management, then, is the process of transforming INFORMATION and INTELLECTUAL ASSETS into enduring VALUE.Knowledge Management involves connecting people with people and people with information. Unlike Information, Knowledge is not just a “thing” to be “managed”. It is a Capacity – of people and communities – to continuously generate and renew themselves to meet new challenges and opportunities; it is the collective knowledge of the organization.
Ok this was all about knowledge management now can u please distinguish it from knowledge based management.
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Copyright © 2006 Verena Veneeva. Professional Writer working for http://www.coursework4you.co.uk
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Wow, this is a really cool video about KM. May I use it for my presentation, could you advise me where I can download it? Thanx before.
Excelente video!…resulta inspirador y guía para hacer gestión de conocimiento..EXCELENTISISISIMO!
What made you change your major? It's not uncommon for freshmen to declare majors they don't know a lot about, but changing majors is usually triggered by exposure to the new field. Doesn't sound like you've had any.
Since your courses will expose you to plenty of textbooks, I'm not going to recommend any of those. Instead, I'd encourage you to hit the library and pull current issues of BusinessWeek, The Wall Street Journal, and The Economist and read whatever jumps out at you. In addition, check the New York Times best seller list for business-related books–lots of CEOs have written autobiographies, and there are some very practical how-to variety business books out there as well.
There are several things you can do (in no particular order)
First, don't go back to them.
Second, Tell your friends and family about your experiences.
Third, Write to the Better Business Bureau and the local Chamber of Commerce and complain about the business
Fourth, Tell the local media about it; they often have a segment on looking out for the consumer.
very good intro. helped me get an A+ in my knowledge management presentation
It really explain well the KM concept. Can I have your permission to use it as my prologue on my KM presentation. Please, this video is like a bridge for people who are learning KM for the first time. Thank you so much.
Start on the ground level. I play in a band and our manager got into by getting into the local music scene. Going to local shows, meeting local bands, hanging flyers for bands he liked…eventually he caught the eye of a local record label who hired him to pack CD's for mail orders…there he began to meet contacts all over the industry including local show promoters. From there he started booking his own shows pairing local acts he thought would do well together. But the key factor was learning the business by being into "real" music. The type of executives that work in big music all started by working with small time talent and musicians they believed in. This industry is loaded with idiots who are fresh out of the music program from some community college that have a bunch of ideas and no idea how it all really works. Go out and seek local talent in your town. Go to local venues and "network". Meet people and make friends. Offer to flyer shows and do whatever is needed to support. There is a independant whole industry is DIY. And all of us started out volunteering work for free. Thats how you learn…with that you eventually learn how to make money. From there its all up to foresight and luck.
Email me with any other questions…I should be able to help…Ive been in music for a while and actually as a sound guy I have mixed alot of bands in small venues here in Denver shortly before they hit it big.
It is wonderful. May I use it as my opening of a presentation in a conference? Thank you.
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female, 42, stay at home mom, you are welcome
Exceptional. I would love to use this to inspire learning in my GCSE pupils. Am I able to import it in to a PowerPoint presentation? May I have your permission to do so?
3345452425 male, 34, bus owner
What an awsome introduction to KM – can I use in my training class?
Quality certifications are good ideas but tough to keep implemented consistantly. in the certification process eventually u will be documenting all your processes and filing them. it is good but your real challenge will be to ensure that people on those processes are following them so to being with define clear numbers that will indicate if the process is being followed and giving the desired result.
i think it is a good idea as in a small set up things are very disorganized it will boost performance for sure.
can u share ur presentation please… Im currently doing one in KM.. thx.
At university, you go into far more topics, and in more depth, than you did as part of your IB program. I have many students who are currently working full time, and they tell me that they use what they learn in my class on their job immediately – it has immediate impact.
I think that your going to uni would be beneficial to your family business.
could you advice where to find that video, please?
can u share ur presentation please… Im currently diong one in KM
IT is a great idea.
so what exactly was the question you wanted answered or are ya just written a book? so confusing