Knowledge Management (KM) is a strategic approach to creating, sharing, using, and managing the knowledge and information of an organization. It refers to a multidisciplinary approach to achieve organizational objectives by making the best use of knowledge. KM involves the identification and analysis of available and required knowledge, and the subsequent planning and control of actions to develop knowledge assets that enable an organization to generate value.
KM is used in various sectors such as IT, business, and education. It can be applied to improve organizational processes, develop employee skills, increase profitability, and foster innovation. KM is often associated with the idea of the 'learning organization', where the organization itself learns and adapts. In the context of a business, KM can help in strategic planning, decision making, and problem-solving.
There are two main types of KM: Tacit and Explicit. Tacit knowledge is personal, context-specific, and hard to formalize. Explicit knowledge, on the other hand, can be easily communicated, stored, and distributed in the form of data, procedures, and universal principles.
KM helps an organization to leverage its knowledge to be more competitive. It promotes a collaborative and learning culture, improves efficiency, and reduces knowledge loss due to employee turnover.
Software like Microsoft SharePoint, Confluence, and KnowledgeOwl are commonly used for KM. These tools help organizations to create, store, share, and manage their knowledge efficiently.
KM can provide numerous benefits such as improved decision making, increased efficiency, innovation, employee skill development, and competitive advantage. It can also help in reducing costs by minimizing duplication of efforts and reducing operational errors.
In conclusion, KM is a crucial aspect of modern organizations. It helps them to leverage their collective wisdom to achieve their objectives. With the right strategy and tools, KM can provide significant benefits to an organization.