Knowledge Management Flashcards, test questions and answers

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What is Knowledge Management?

Knowledge Management (KM) is the process of creating, sharing, using and managing the knowledge and information within an organization. It involves both technology and people to ensure that all stakeholders are able to access the right information at the right time in order to make informed decisions. KM can help organizations improve their performance by capturing, organizing and leveraging existing knowledge resources.KM has become increasingly important as organizations strive for competitive advantage in a constantly changing global environment. As businesses become more complex and interconnected, they need effective methods to capture knowledge from different sources such as employees, partners and customers; store it in an easily accessible form; make it available for reuse in various ways; create new knowledge through collaboration; share expertise across departments or divisions; automate processes for faster decision making; monitor trends for better forecasting; reduce costs associated with training personnel on specific topics or skillsets; encourage innovation through shared ideas; increase employee engagement in problem solving activities etc. In order to achieve these goals organisations must have a strong KM strategy which outlines how they will manage their intellectual assets, identify relevant sources of data/information/knowledge, determine who should be responsible for what tasks, develop clear policies regarding retention of documents/data etc., implement suitable technologies such as databases or search engines that allow easy retrieval of content etc. Once implemented effectively this strategy will enable them to unlock hidden potentials within their organisation leading to improved efficiency & productivity while reducing cost at the same time.