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Organization, creation, use, and sharing of shared information within an organization is known as Knowledge Management (KM). The information must be kept in a location that is simple to obtain in order to be managed effectively.

Knowledge management is one of the very few programs that can actually change how a company runs.

There are three primary subfields of knowledge management:

• Accumulating knowledge

• Storing knowledge

• Sharing knowledge

Companies preserve what has made them successful in the past by accumulating and storing the knowledge of their workers. The team is also made aware of previous methods that have improved performance or better informed future initiatives by disseminating this knowledge throughout the firm.

Companies must support and foster a culture of learning and growth if they are to accomplish the aim of knowledge management. This environment must encourage employees to share knowledge in order to improve the workforce as a whole. 

Types of knowledge 

It is useful to think about the many forms of information and how they might be shared within an organization when talking about knowledge management.

The three primary categories of knowledge management information are as follows:

Explicit knowledge:

Mathematical equations and how to change the toner in a printer are examples of explicit knowledge, which can be simply codified and taught.

Implicit knowledge :

Understanding that demonstrates the most effective way to use explicit knowledge is known as implicit knowledge. Consider talking through a task with a knowledgeable colleague, for instance. In order to execute the task, they could offer detailed instructions. But, they could also utilize what they know about the issue to weigh the pros and disadvantages of several possibilities and choose the best course of action for your particular set of circumstances. In order to enhance team performance, seasoned employee makes use of and imparts their implicit knowledge.

Tacit knowledge : 

Knowledge acquired via experience is referred to as tacit knowledge. As a result, it is easier to understand and more challenging to share with others. Tactic knowledge includes things like "know-hows," creative thinking, and interpreting nonverbal cues.

Even though it might be challenging to execute knowledge management for implicit and tacit knowledge, with the right procedures in place, you can make sure that all pertinent information is disseminated throughout the organization and kept as employees depart or retire.

Benefits of knowledge management

Knowledge management has a wide range of advantages for businesses, including:

Better decision-making: Organizations may make better, more informed decisions by gathering, organizing, and evaluating knowledge and information.

Enhanced innovation: By offering a forum for exchanging and collaborating on knowledge and insights, knowledge management may assist firms in developing fresh ideas and innovating.

Improved employee productivity and efficiency: Companies may increase employee productivity and efficiency by giving them access to pertinent knowledge and information, which allows them to operate more efficiently and with fewer errors.

Improved customer service:  Knowledge management may help businesses provide better customer service by giving staff members easy access to the data they need to address issues and inquiries from clients.

Knowledge management cycle 

Effective knowledge management implementation necessitates the adoption of several new procedures and proactive techniques. Businesses must identify the knowledge that is already available to them, comprehend how to share this knowledge to create more value, and plan how this will be implemented.

Knowledge Creation: At this phase, new knowledge must be found and created inside the company. This might entail testing, study, or even just the documentation of prior information.

Knowledge Capture: In this step, knowledge that already exists in the company is recorded, whether it takes the form of written materials, digital information, or employee-held tacit knowledge.

Knowledge Sharing: At this stage, knowledge is shared throughout all levels of the company through a variety of venues, including meetings, training sessions, and knowledge management platforms.

Application of Knowledge: In this phase, knowledge is put to use in order to solve issues or develop new goods, methods, or services.

Knowledge Evaluation: At this point, the knowledge management procedure is assessed for efficacy and any required adjustments are made. 

Knowledge Preservation: At this level, knowledge is preserved for future use via either archiving it or adding it to organizational memory.

In summary, Organizations must create a culture that values and encourages information sharing, invest in the technology and tools that enable knowledge management, and offer staff training and development to help them grow their knowledge management abilities if they are to be successful in this field. By doing this, businesses may gain a competitive edge and develop a structure that is more effective, efficient, and robust.

References: 

Frisby, K. (2019) What is Knowledge Management in HR?, Dovetail HR Service Delivery Employee Experience Blog. DOVETAIL SOFTWARE. Available at: https://blog.dovetailsoftware.com/hr/what-is-knowledge-management [Accessed date 05 April 2023]

Valamis (2023) Knowledge management: Importance, benefits, examples [2023], Valamis. Valamis. Available at: https://www.valamis.com/hub/knowledge-management#in-practice [Accessed date 05 April 2023]

Knowledge management (online) What is Knowledge Management? The 2022 Guide. Available at: https://www.getguru.com/reference/what-is-knowledge-management [Accessed date 07 April 2023]

Knowledge management (no date) What is Knowledge Management? The 2022 Guide. Available at: https://www.getguru.com/reference/what-is-knowledge-management#:~:text=Knowledge%20management%20(KM)%20is%20the,it%20is%20easy%20to%20access. [Accessed date 07 April 2023]