Knowledge Management
“The only irreplaceable capital an organization possesses is the knowledge and ability of its people. The productivity of that capital depends on how effectively people share their competence with those who can use it.” – Andrew Carnegie
Most companies are focused on producing a product or service for customers. However, one of the most significant keys to value-creation comes from placing emphasis on producing knowledge. The production of knowledge needs to be a major part of the overall production strategy. Knowledge management is, thus, the hottest subject of the day. Knowledge management is applied today across the world, in all industry sectors, public and private organizations and humanitarian institutions and international charities. The term knowledge management was first introduced in a 1986 keynote address to a European management conference (American Productivity and Quality Center 1996). Knowledge Management is the name of a concept in which an enterprise consciously and comprehensively gathers, organizes, shares, and analyzes its knowledge in terms of resources, documents, and people skills.
Knowledge Management is often about managing relationships within the organization. Collaborative tools (intranets, balanced scorecards, data warehouses, customer relations management, expert systems, etc.) are often used to establish these relationships. Some companies have developed knowledge maps, identifying what must be shared, where can we find it, what information is needed to support an activity, etc. Knowledge maps codify information so that it becomes real knowledge; i.e. from data to intelligence.
Knowledge Management can transform your organization to new levels of effectiveness, efficiency, and scope of operation. Through advancements in technology, data and information are readily available. The modern business manager is able to discover and learn new measures, new technologies, and new opportunities, but this requires the ability to gather information in usable formats and disseminate knowledge to achieve the organization’s objectives.
Knowledge Management is continually discovering what an organization knows—codifying tacit knowledge, Data Mining, and Business Intelligence; continually increasing what the organization knows—organizational learning and communities of practice, and continually organizing and disseminating explicit knowledge for use throughout the organization.
The author of modern management, Peter Drucker, wrote, “The basic economic resource—the means of production—is no longer capital, nor natural resources, nor labor. It is and will be knowledge.”
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