To understand knowledge management we must first define the term knowledge and its importance in the workplace.
In this information age it is no secret that there is an ever increasing trend toward acquiring knowledge.
Technological advancements have placed more pressure on businesses to keep up with consumer demands and global competition. For this reason knowledge has become a valuable commodity.
Knowledge can refer to facts or information or it can simply be defined as an awareness.
In a business setting it can be seen as the skills that are acquired through education or experience.
Knowledgeable people or experts are those who posses an in-depth understanding of a particular subject.
For example, “In order to put out a fire you need a fire-fighter who knows exactly what needs to be performed based on the situation.” An accountant or doctor can not help in this scenario.
Knowledge management is about ensuring that organisations have appropriately skilled people at the right time, ready to make the right decisions. In other words it is the 'appropriate use of knowledge'.
Essentially the goal of knowledge management is to improve decision making by ensuring access to relevant, reliable and secure information.
This enables the business to be 95% more effective and enables staff to have a “clear and common understanding”.
This 5 minute video explains the concept of knowledge management and its role in modern business.