It is often said that achieving something is hard but managing the thing is much harder. These lines are so true and also apply to almost all sectors. Here we will be talking about the management of knowledge, what it is and how it is done. Knowledge management is the most recent branch of the management sector which has been added to observe some breakthrough performance in the business sector.
The main aim of knowledge management is to acquire the knowledge of the organization and use it to improve the growth of the organization. It deals with not only evolving the knowledge but also nourishing and refining it perfectly before making use of it for the development of the organization. Knowledge management is introduced so that we can always do the right things instead of making the things right later.
What is knowledge management?
Before diving right into the management of knowledge, you should first understand what management means because knowing the base is very important. So, management is defined as getting all the employees under an organization together in a way to accomplish the estimated goals. Management is not a narrow or limited concept rather it is more dynamic as well as universal. Management can also be called a systematic proposal that majorly includes the production of substantial things out of the whole system.
In a layman language, management is an effort that is made towards achieving the goals of the organization. It is also the way how an organization plans, organizes, staffs, leads, and directs the whole organization to achieve the organization's goals.
So, now since you have good knowledge of what management is, we can dive into the concept of knowledge management. Knowledge management is the latest concept of the management sector. Knowledge management includes a good range of strategies that involves creating and representing the implementation of the experiences. This is a way in which a company systematically manages its knowledge assets to create and promote values. Knowledge management involves many tactical as well as strategic requirements. Knowledge management can be a complicated term that will include the several initiatives, strategies and the system that will help in the creation of knowledge and along with it, it's storage, sharing and assessment as well.
Simplifying the definition of knowledge management simply means the process of collecting information about all the technologies used in the growth of the organization and the distribution of the knowledge of the employees in the organization. Knowledge management is divided further into three different levels i.e. explicit knowledge, tacit knowledge, and potential knowledge.
1.Explicit knowledge is known as knowledge from the written sources or book knowledge.
2.Tacit knowledge is not any kind of written or documented knowledge. It's the knowledge that remains inside the people of the company.
3.Potential knowledge by the name is clear that this is potential but not yet used. It is hidden in the Data that has to be extracted and made into use.
What is the Importance of Knowledge management?
Knowledge management has now become a more diversified sector and now it is being used all over the world. It is now used in almost all industries, sectors, private, and public organizations. Knowledge management has the prime goal of strategically improving the overall effectiveness of the organization and even improving the opportunity of the organization to lead the growth. The other major aim of knowledge management is to improve the ability of the organization to execute its primary goals. So, now here we will be learning about all the benefits of knowledge management towards achieving the goals of the company:
1.Awareness among the Employee
Knowledge management makes the employees responsible and aware of their tasks. It also helps them to save time and effort.
Knowledge management improves knowledge. This is the only thing that will be always available to you in your conditions which makes you responsive to the customers and other partners.
Acquiring knowledge also helps in the wastage of time since it is always available whenever we need it. This benefit is easily achieved when the people are truly interested.
4.Adapt organizational change
The next important thing is the adaptation of organizational change. Since from all the time the employees will develop, acquire, process and also retain all the knowledge.
5.Helps in decision-making
Grasping knowledge from different resources helps you to know the trend of the past few years. This will help the managers to make the right decision with the past experiences.
6.Transfer of Knowledge
Sharing of knowledge is very crucial for knowledge management among the employees. Such kind of sharing also promotes information sharing among the employees that will help each of them in proper development.
When the decisions are made considering all the knowledge and the information then it reduces the possibility of any kind of risk. This kind of information might be collected internally or externally.
If the knowledge is effectively managed then it will reduce the costs and simultaneously increase the speed of the response from the employees. More efficient employees will be able to achieve the goal within the estimated time even before it.
9.Availability of information
The information which was discussed before as tacit or explicit is all stored in the form of information. When such information is shared from person to person, the knowledge is also transferred from one to another employee. With the help of this suitable and sufficient information, several activities can be conducted.
Therefore, knowledge management means a strong tie to the company's goals and strategy. Knowledge management also focuses on the improvement and management of knowledge which is solely important for creating value for the company. It is also the best way to enable the resources of knowledge. Knowledge management is a practical concept that includes information management and organizational learning. So, this is the reason why knowledge management should be given great importance in organizations.