Knowledge Management Cycle

In today’s business scenario where there is lot of competition, only source of lasting is Knowledge. It is argued that knowledge management is a necessity due to changes in the environment such as increasing globalization of competition, speed of information and knowledge aging, dynamics of both product and process innovations, and competition through buyer markets. Knowledge management promises to help companies to be faster, more efficient, or more innovative than the competition. Also, the term ‘‘management” implies that knowledge management deals with the interactions between the organization and the environment and the ability of the organization to react and act

Various researchers then gave the various definitions on Knowledge Management and still it’s the buzzword today. Knowledge management is the process through which we can manage human centered assets efficiently and effectively. The function of knowledge management is to guard and grow knowledge owned by individuals, and where possible, transfer the asset into a form where it can be more readily shared by other employees in the company. KM refers to activities aimed at enhancing knowledge processing. These activities are interventions designed to affect how knowledge processing is done. The tools, techniques, and strategies to retain, analyze, organize, improve, and share business expertise. Knowledge management promotes an integrated approach to identifying, capturing, retrieving, sharing and evaluating enterprise information assets. These information assets may include database, policies, procedures and documents and as well as uncaptured tacit expertise and experience stored in the heads of individual workers.

Knowledge management is the information having some intent that can be interpreted and made available.… Read the rest