Knowledge management is a management philosophy that unites the procedures for the organization’s core business. It acts as the support for the rational utilization of existing knowledge in the organization aimed for the creation of new knowledge.
This knowledge is used efficiently to realize the organizational vision and business goals of the company to create value and efficiency to increase capital. In the age of knowledge, managers experience new and unfamiliar experiences throughout their career. They experience the need to manage people, it is an ideal resource for a Human Resource manager and the skill they need to learn and use.
Knowledge management is the systematic management of an organization’s knowledge assets for the purpose of creating value and meeting tactical & strategic requirements; it consists of the initiatives, processes, strategies, and systems that sustain and enhance the storage, assessment, sharing, refinement, and creation of knowledge.
It implies a strong tie to organizational goals and strategy, and it involves the management of knowledge that is useful for some purpose and which creates value for the organization.
On the other hand, employees experience something new every time during their career. They learn important knowledge by interacting with their colleagues and mentors. Employee, over time, learn to clear away their differences to work together as a team.
Knowledge and Cultures:
This expression of ‘knowledge management’ is not particularly successful, especially because it is difficult to connect ‘management’ with ‘knowledge’. However, when it became clear to organizations and technology infrastructure providers that the essence of knowledge management is the integration of culture, processes, and infrastructures. Once all these elements are combined, it becomes evident that this is a process rather than a one-time ad hoc activity. Major IT companies consider data management as knowledge management.
Knowledge in the organization is an asset that supports the organization’s efforts to lead them in their field of business. Knowledge management plays an important role in sharing information within the company effectively. Through an effective knowledge sharing system, employees are able to share different information with each other.
It is important for companies to have a solution for their particular problems, speeding up troubleshooting for different organizational issues is possible when the company has a culture of knowledge gathering and sharing. This is why companies, today, are focused on innovative technologies that promote knowledge sharing across the organization. Knowledge management will help the company to:
• Solve different problems that must be resolved when they occur
• Have a precise information collection system and communication must be done using proper communication channels
• The decision-making process is enhanced
• Embrace the process of knowledge creation
• All the collected knowledge must be shared
• Integrated solutions must be provided for different issues
• Knowledge management helps teams perform better and in a more elaborate and effective manner
• The culture of the organization is focused on continuous improvement