Knowledge Management

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Overview

Knowledge management refers to the wide range of practices that are used to identify, create, represent, distribute and enable adoption of insights and experience. All of these processes are collectively known as knowledge management and are embodied in all employees and processes of an organization.

Efficient ways of carrying out tasks or improvisation of corporate processes by an individual comprises knowledge, which when adopted companywide can improve the delivery rate and efficiency of a corporation. The responsibility of knowledge management lies with the top level of management, and when properly executed by them it enables a corporation to increase its productivity, delivery rate, employee satisfaction, and bottom line.

How It Works

Knowledge management is a process that has to be spread to all employees of a corporation to maximize its efficiency and impact. It can spread in a variety of ways as often does so without relegation. For instance, one person may find a more efficient way of completing a task, and if that employee shares the new process eventually the whole company will experience an increase in efficiency.

A company can also employ research and development teams to improve company processes and maximize productivity of employees. Sharing information and adopting the improvised process is what knowledge management is all about. Coordination and adaptability of employees and the steps taken by the management to spread knowledge are the factors that most affect knowledge management.

Benefits

Knowledge management, if properly and efficiently carried out, can improve the productivity and delivery rate of a business and also give it a competitive edge in the market. Increased employee satisfaction and process capacity are also possible with the efficient spread of knowledge.

Top level management can get helpful information from individual employees, the research and development department, competitors' strategies, or the global market. They can then use knowledge management to push their corporation further up the economic ladder.

Costs

The use of knowledge management systems can cost a lot of money depending on the size and needs of the corporation. One way to do it is to appoint chief knowledge officers or expertise locators who can help locate and select improvised corporate policies and processes. They can also train employees to use and adapt to these processes for which they charge a relevant fee. Additionally, knowledge management courses can be conducted for management to help in sharing methods of efficient knowledge management.

Timing

Courses which aim at imparting knowledge management strategies and methods can last from one day to several months, so it is important to plan your business accordingly. The extent of the course program and sessions determine the duration of the course, but you are sure to find one that suits your needs.

If your company plans to hire expertise locators, they will need time to analyze the business and may take anywhere between a few days to a few weeks for this purpose. After they have evaluated your business and made their recommendations, there really is no timetable for implementing their strategies because knowledge management is a continuous process that should remain active throughout a company's operation.

Last Updated: December 19, 2011
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