Concept of knowledge management
Knowledge management (K M) involves the identification and analysis of available andrequired knowledge assets and knowledge assets related processes, and the subsequentplanning and control of action to develop both the assets and the processes so as to fulfillorganizational objectivesKnowledge management is the management of an environment where peoplegenerate tacit knowledge, render it into explicit knowledge and feed it back to theorganization. This forms the base for more tacit knowledge, which keeps the cycle goingin an intelligent, learning organization. It is the process of creating, institutionalizing anddistributing information and best practices to solve business problems rather thancontinually reinventing the wheel.
Data, Information and Knowledge
Data represent observation or facts having no context and are not immediately or directlyuseful. Information results from placing data within some meaningful context, often inthe form of a message. Knowledge is that which a person comes to believe and value onthe basis of the systematic organized accumulation of information through experience,communication, or inference
Data information knowledge expertiseData arranged in a meaningful sequence is what is called as “information” and capabilityand experience of using information to make judgments and the ability to link them todecisions or actions is said to be “knowledge”. When knowledge is applied to specificsubject or discipline, for an extended period of time, then it is defined as “expertise”Knowledge is highly contextual and depends largely on the mental models,experience, values and beliefs of individuals and organizations.
Importance of knowledge management
For a company operating in the uncertain global environment, source of lastingcompetitive advantage is knowledge. When markets shifts, technologies proliferate,competitors multiply and products become obsolete virtually overnight; successfulcompanies are t hose that are consistently create new knowledge, disseminate it widelythroughout the organization and quickly embody it in new technologies and products.