Knowledge management is the process of acquiring, organizing, storing, sharing, and using knowledge to achieve optimal business performance. It is necessary in a society with an excess of information. Improved information technology plays a valuable role in data processing, but knowledge management requires people to convert information into knowledge and share it within the organization.
In simple terms, knowledge management refers to the process of acquiring, organizing, storing, sharing and using knowledge by organizations. Knowledge management is a branch of management that aims to achieve optimal business performance through the synergy of people, processes and technologies in creating and sharing relevant knowledge.
Sufficient knowledge is required to be successful in any enterprise, including business. Knowledge management has become necessary as we have moved from a society where information was scarce to a society where there is an excess of information. The problem today is generally not one of obtaining information but of deciding what information to use. Organizations should be careful in acquiring relevant data and processing that in an ever-changing business landscape. It is equally important for companies to purge outdated information and acquire the latest information to survive and remain competitive.
Because computer technology has programmed logic, it cannot sort through and re-interpret data; it can only help organize, store and transfer data. Improved information technology plays a valuable role in data processing, but has a limited scope when it comes to developing insights from the available data. In other words, information technology cannot convert data and information into knowledge. Simply having great technology doesn’t produce the best results in the absence of knowledge.
Executives and managers often determine what information is useful and vital to an organization and convert it into knowledge. This knowledge, which also includes external data, is then shared with different sections of the organization. Sharing the created knowledge is the basic requirement of knowledge management. Knowing what you know and profiting from it is a working definition of knowledge management.
The whole process of identifying relevant data and information, transforming it into knowledge and making that knowledge accessible to people within the organization is what knowledge management is all about. For knowledge management to be successful for an organization, it is essential that the people who capture and disseminate knowledge work in tandem.
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