Use Of Knowledge Management ( Km ) And Innovation

In order to manage knowledge successfully, it is essential to clarify the essence of knowledge before identifying the importance of knowledge management. The perception of knowledge has been varied broadly; however, one of the generally accepted defintion is from Davenport and Prusak (1998). According to their points of view, knowledge is defined as a set of experience and values, it either comes from individuals ' mind or roots in the organisation, which can be found in the documents, routines, practices and norms, and is assumed to flow between individuals through various networks, being used to assess and embody new

This chapter describes what is knowledge management in details as well as what is the factors of implementing knowledge management which are implementing best practices, network expansion, systematic information system infrastructure, good organizational culture, senior management leadership and commitment and trustworthiness of teamwork.

The superior capabilities of knowledge management systems provide an opportunity for the business to engage the most effective components and recognize the importance of communication to make informed, accurate decisions (McGrath, 2001). This system can organize the company’s knowledge resources, knowledge obtaining, organizing, and applying to make a sound routine the will enforce effectiveness (Niu, 2008). The dynamic function of knowledge management to create, capture, and apply knowledge to achieve an organization’s objective will allow them to be more profitable and successful (Zucker, 1986). In addition to increasing profits, the system can be also used to reduce costs and enhance research and development (DeTienne & Jackson, 2001). With all of these advantages, it would be wasteful for a company to not employ knowledge management. As seen in the Discovery Communications, Inc. example, the company can attribute their new productivity levels and increase in ease of securing documents to the knowledge management system that put into place by Carefree Technology. Like Discovery Communications, Inc., knowledge management is so popular today because companies can collect, process and share knowledge to ignite employees ' creativity which in turn will make the business grow. Wenhong and Jianhua (2009) explained the core of knowledge management is to convert company’s knowledge resources into an increased company

(1) KM strategy, the objective is to manage, share, and create relevant knowledge assets that will help meet tactical and strategic requirements (2) Organizational culture, influences the way people interact, the context within which knowledge is created, the resistance they will have towards certain changes, and ultimately the way they share knowledge (3) Organizational processes, the right processes, environment, & systems that enable KM to be implemented in the organization (4) Management & Leadership, the roles and dynamics of needs/ solutions required at various levels (5) Technology, the systems, tools, and technologies that fit the organization requirements- properly designed & implemented (6) Politics- the long term support to implement and sustain initiatives that involve virtually all organization functions (Frost,

While Knowledge Management (KM) is important in any business however, there is no real agreed upon definition. KM is a concept that includes the

The problem for this dissertation study test the challenges associated with creating, capturing and sharing knowledge. Doda (2017) describes this method as knowledge management. This method uses a critical goal of improving learning and performance in an organizational framework. Knowledge management as theory and a model was improved by Dalkir in 2005 (Atieh & Somayeh, 2017).

Knowledge can refer to a theoretical or practical understanding of a subject. It can be tacit (as with practical skill or expertise) or explicit (as with the theoretical understanding of a subject); it can be more or less formal or systematic. Botha et al (2008) pointed out that tacit and explicit knowledge should be seen as a spectrum rather than as definitive points. Therefore, in practice, all knowledge is a mixture of tacit and explicit elements rather than being one or the other. The most important distinction within KM is between explicit and tacit knowledge. The overload of data is making knowledge management increasingly more important as it facilitates decision-making capabilities; builds learning organizations by making learning routine, and stimulates cultural change and innovation.

KM is significantly important for organizations in modern economic system, it is also a form of expertise management to administer and incorporate subjective information such as thoughts, insights, ideas and experiences in order to enhance individual knowledge as well as organizational value and corporate culture. (StudyMode, 1999)

Each person brings particular expertise and experience – which although subjective, is the part why KM is so important and why reliance on people are needed. According to Davenport and Prusak (1998), knowledge embodies experience, values, and expert insights that provide a framework for evaluating and incorporating new experiences and information (Davenport, 1998)

Knowledge management often involves isolating and planning intellectual assets within an organization, producing new knowledge for competitive advantages within the organization, making vast amounts of corporate information accessible. Knowledge management can be hard to interpret or explain. How would a nurse or doctor define “health care” succinctly? How would a CEO explain “management”? Each of these areas is very complex, with many sub-areas of specialization. This in turn leads to the question “What is Knowledge Management Strategy & Metrics”?

Abstract - knowledge management is a discipline that seeks to improve the performance of individuals and organizations by maintaining and influencing the present and future value of knowledge resources. It is an amalgamation of plentiful endeavors and fields of study. This paper provides a framework for distinguishing the various tools like methods, practices and technologies available to knowledge management practitioners. It includes a summary of a number of key terms and concepts, illustrates the framework, imparting examples of how to use it and searching a variety of prospective areas.

Organisational learning can be seen as the goal of knowledge management and may be obtained by good knowledge management strategies and processes. By motivating the creation, dissemination and application of knowledge, KM initiatives pay off by helping the organization embed knowledge into organisational processes so that it can continuously improve its practices and behaviours and pursue the achievement of its goals.

It has been argued that within the short space of time between defining knowledge management and it becoming a common phrase, many organisations stated one of their main aims as ‘leveraging organisational knowledge’ (Ruggles, 1998). It is with this in mind that organisations must be aware of their knowledge workers, the information they hold and any potential knowledge based changes that may need to be implemented to help their success, or even, survival.

In order to understand knowledge management, it is important to start by defining what knowledge is. Knowledge is the full utilization of information and data, coupled with the potential of people's skills, competencies, ideas, intuitions, commitments and motivations. In today’s dynamic and complex business environment, the desire for knowledge has increased even more with the scope and content changed dramatically, often spreading outside the organization.

Knowledge Management is an organization’s methodology of making their intellectual assets as fully functional, or effective as possible. This is a systematic approach organized to enhance understanding. It’s the managing of information in a way that provides an organization with a competitive advantage.