Knowledge Management is a discipline to systematically leverage information and expertise to improve organizational responsiveness, innovation, competency, efficiency and corporate knowledge. Corporate Knowledge is an aggregated body of experience and understanding of an organization's processes for managing both planned and unplanned situations to achieve the process whereby knowledge seekers are linked with knowledge sources, and knowledge is transferred to attain Knowledge Management.
Knowledge is understandings of the cognitive system possesses. It is a construct that is not directly observable. It is specific to and not residing outside the cognitive system that created it. Given the importance of knowledge in virtually all areas, 5 knowledge-related aspects are vital for viability and success at any level:
- Knowledge assets perspective- to be applied or exploited, must be nurtured, preserved, and used to the largest extent possible by both individuals and organizations.
- Knowledge-related processes perspective- to create, compile, organize, transform, transfer, pool, apply, and safeguard knowledge, must be carefully and explicitly managed in all affected areas.
- Business Perspective- focusing on why, where, and to what extent the organization must invest in or exploit knowledge. Strategies, products and services, alliances, acquisitions, or divestments should be considered from knowledge-related points of view.
- Management Perspective- focusing on determining, organizing, directing, facilitating, and monitoring knowledge-related practices and activities required to achieve the desired business strategies and objectives.
- Hands-On Operational Perspective- focusing on applying the expertise to conduct explicit knowledge-related work and tasks.
Today, Knowledge management is of vital importance for all companies as, Knowledge management is a framework within which the organization views all its processes as knowledge processes. In this view, all business processes involve creation, dissemination, renewal, and application of knowledge toward organizational sustenance and survival. This concept embodies a transition from 'information value chain' to a 'knowledge value chain.'
In a knowledge based society the knowledge workers also need to be facile in the applications of new technologies to their business contexts. Such a perceptive is necessary so that they can delegate 'programmable' tasks to technologies to concentrate their time and efforts on value-adding activities that demand creativity and innovation. More importantly, they should have the capability of judging if the organization's 'best practices' are aligned with the dynamics of the business environment. Such knowledge workers are the critical elements of the double loop learning and unlearning cycle that should be designed within the organizational business processes. "Knowledge is nothing without action. Nothing changes until you do something. What you do will directly determine what you learn." - James A. Belasco & Ralph C. Stayer, Flight of the Buffalo
In the present time, KM helps to deliver the latest and most-up-to-date answers and information across the enterprise, because knowledge sharing and replication ensures that all captured knowledge is current and available. KM is as much a mindset as it is a set of tools and related information. It is concerned with the entire process of discovery and creation of knowledge, dissemination of knowledge, and the utilization of knowledge. In knowledge Management the 'reflection time' is also of prime importance. It's very hard to share knowledge if we do not have enough time to reflect on what we know or what you need to learn. Most companies have squeezed almost all of the reflection time out of their business processes as yesterday values and principles are of no importance in today's dynamic business environment. A quote form Abraham Lincoln "The dogmas of the quiet past are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise to the occasion. As our case is new, so we must think anew and act anew."
[Robin C. Trehan is an industry consultant in the field of mergers and acquisitions of real estate & development companies. He is also vice president and managing director at CBK Business and National Hotel Exchange.]
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