Knowledge management is the process of acquiring, organizing, storing, sharing, and using knowledge to achieve optimal business performance. It is necessary in today’s society of information overload, and involves identifying relevant data and information, turning it into knowledge, and making it accessible to people throughout 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 technology in creating and sharing relevant knowledge.
To be successful in any undertaking including business ventures, sufficient knowledge is required. Knowledge management has become necessary as we move from a society where information was scarce to a society where there is an excess of information. Currently, the problem is usually not about acquiring information, but about deciding which information to use. Organizations must be careful when acquiring relevant data and processing it in an ever-changing business landscape. It is equally important for companies to discard outdated information and acquire the latest information to survive and remain competitive.
Since information technology has programmed logic, it cannot select and reinterpret data; it can only help organize, store and transfer data. Improved information technology plays a valuable role in data processing, but it has a limited scope when it comes to developing information from available data. In other words, information technology cannot convert data and information into knowledge. Simply having great technology does not produce better results in the absence of knowledge.
Executives and management often determine what information is useful and vital to an organization and convert it into knowledge. This knowledge, which also includes external data, is shared with different sections of the organization. Sharing 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 entire process of identifying relevant data and information, turning it into knowledge, and making that knowledge accessible to people throughout the organization is the essence of knowledge management. For knowledge management to be a success for an organization, it is essential that the people who capture and disseminate knowledge work together.
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