Strategic Knowledge Management

Strategic Knowledge Management

The current business community is witnessing an enhanced recognition within the knowledge management domain and the significance of these components has become a vital resource for the organization. This resource has conventionally been treated with an extent of the deliberate, systematic, and the explicit efforts that are being dedicated towards the management of material, human and financial resources in the business organizations. However, during the coming years, the organizations that rely upon the devices for the purpose of knowledge and information are likely to subject themselves to intense jeopardy. It is being believed by more and more researchers and practitioners that the knowledge resources matter more than the traditionally tended resources that comprise if labor, material, and capital. These resources need to be managed explicitly instead of being left to fend for it.

Knowledge Management

The concept of knowledge management is defined as a method that improves and simplifies creation, sharing, capturing, distribution and understanding the information and management knowledge within an organization. The context of knowledge management basically pertains to the organization, description, development and sharing of the information and knowledge in a firm. It refers to the management of activities that are knowledge-intensive and necessary to run the functions in organizations (Malhotra, Yogesh, 2000). Thus, the identification and leveraging of the organization's collective knowledge that helps the company to compete with its rivals is what the knowledge management is all about. It is a fundamental discipline that focuses primarily on the innovative practices, methods, and tools for the management of acquisition, generation, protection, exchange, distribution, and utilization of intellectual capital, knowledge, and intangible assets (Montana, 2000).

The basic purpose achieved by applying the principles and approaches of knowledge management encompasses the creation, sharing, and making use of the data and knowledge in the organization in an effective and efficient manner. An effective and efficient management of knowledge results into less work, lesser duplicity and resource wastage, fewer errors, more space for knowledge workers, and independence in time (Sanchez, 1996). All these factors ultimately lead to organizations experiencing, better decisions, fewer questions, improved customer relations, less reinventing of wheels, improved service and enhanced profitability. Through the application of knowledge management, organizations experience an improvement in both, responsiveness and innovation. There has been an emerging interest on the organizational knowledge recently that has prompted the matter of the management of knowledge to the benefits of the organizations (Alavi & Leidner, 2001).

The current business community is witnessing an enhanced recognition within the knowledge management domain and the significance of these components has become a vital resource for the organization. This resource has conventionally been treated with an extent of the deliberate, systematic, and the explicit efforts that are being dedicated towards the management of material, human and financial resources in the business organizations. Earl (2001) has formulated schools for knowledge management through the implied taxonomy and every school that is proposed ahs an ideal type and none of them has yet outperformed the others. They all are the representatives of the ...