Strategic knowledge management aims to provide quality information to support management in making strategic decisions, particularly in areas such as mergers and acquisitions. The system filters out unnecessary data and provides concise explanations to enable quick and informed decision-making. It should not replace management’s decision-making ability but support it, leading to faster decision-making and greater acceptance of innovation.
Strategic knowledge management is a process that aims to increase the quality of knowledge available to management team members when making strategic decisions, especially on topics such as mergers and acquisitions. Decisions on such matters tend not to be needed on a regular basis, so managers may not be able to draw on personal experience to tell them how to handle a situation. The goal of strategic knowledge management is to support management in making decisions by providing sound information and excluding unnecessary data. The insights provided by such a system should be sufficient to provide a greater understanding of the issues that need to be resolved without overwhelming leaders having too much information. The greater understanding achieved by strategic knowledge management should lead to greater acceptance of new ideas and a more innovative approach by management.
Although day-to-day tactical decisions within a company can be made with the support of knowledge management systems based on the acquisition, evaluation and distribution of knowledge within the organization, strategic decisions can require a higher quality of knowledge . A strategic knowledge management system attempts to support management with greater understanding of issues gleaned from quality information and knowledge. The system should be efficient enough to identify information relevant to strategic decision making and filter out extraneous information that does not contribute to greater understanding of the problems.
A strategic knowledge management system can differ from tactical knowledge management due to the greater role of human resources in filtering information and creating useful knowledge. Management decisions must be supported by reasonable explanations of the issues supported by knowledge gained from past experience or analysis of current data. This should be encapsulated in a form that is concise enough to enable management to gain a greater understanding of the issues in the shortest time possible and make a quick and informed decision. A strategic knowledge management system should aim to achieve a greater understanding of the issues without actually steering the direction towards a particular decision. The system aims to support management rather than replace their decision-making ability.
The greater understanding of the current situation provided by strategic knowledge management allows for faster decision making and faster translation of decisions into actions. Where knowledge is incomplete, management may postpone decisions until further knowledge is available. Strategic knowledge management systems should dispense with this requirement. The quality information available to manage from the system should also lead to greater acceptance of the innovation, as the effects of decisions can be predicted more accurately. The quality knowledge available should eliminate the doubts that often lead management to hesitate in introducing innovative products and processes resulting from fear of the unknown.
Protect your devices with Threat Protection by NordVPN
