The world of knowledge is very vast and with the increasing role of the internet it has become really tough to manage the flow of knowledge and find relevant information and knowledge. Knowledge plays a very crucial role in the growth of the organization. Knowledge management is all about getting the maximum benefits from the insight and the experiences. Knowledge is nothing but helps identify, create, represent, distribute and enable adoption of insight and experience. Knowledge management enables individuals and organizations to utilize the available information and gain maximum benefit from the available sources.
Leading companies are giving topmost priority to knowledge management as they have become an integral part of business strategy, information technology and human resource management. A separate department is created to manage the available information. The utility of knowledge can be measured by the changes that knowledge can introduce in an organization. Changes that take place in an organization due to influence of knowledge cause consequential impact on the organization. ‘Knowledge management’ program or policy is the significance of the changes these initiatives bring about.
Information technology plays a crucial role in knowledge management, with IT, it is easy to capture, store and distributes available information and utilize it for the better growth and the future. Consider a few points before implementing KM in an organization successfully.
- Work out a KM strategy
- Implement knowledge sharing tools for both tacit and explicit knowledge
- Map all the available knowledge in the organization
- Develop knowledge sharing policy of the organization
Knowledge management is more about people rather than technology. Technology only plays a supportive role in enhancing KM. It is the human resource that makes the best use of knowledge. KM is the continuous process taking place in an organization in the form of testing, updating and revision.
KEY PRINCIPLES AND STRATEGIES OF KNOWLEDGE MANAGEMENT:
The success of KM is largely decided by the leaders and managers of the organization. Follow these 10 principles and make KM effective and successful. These principles are:
- Find complexity
- Focus on changes
- Deliver visible benefits
- Set priority depending on business needs
- Future planning
- Build strong leadership
- Lower the risk
- Effective communication
- Deliver flawless user experience
Strategies for developing successful knowledge management processes in organizations:
- Define need of knowledge management: It is important to decide the level of knowledge and innovation in an organization to stay ahead in the competition from the competitors.
- Prepare your intellectual resource: to get the most from the knowledge management it is important to prepare a strong human capital. Invest in human resource wisely for better return on investment.
- Support from senior executives: Knowledge sharing begins from the top of the management; the task of the top management is to study the requirement of KM in an organization. It is the task of top management to study the effect of knowledge management and how it will bring significant positive changes in the performance of the employees.
- Balance approach: Knowledge is everywhere; the value of KM is multiplied by its reach. Expand your KM and connect it to other agencies, customers and stakeholders.
- Budget smartly: For the successful KM allocate 75% on KM IT budget and use the rest of the 25% for a strategy to support future KM phases.
Knowledge is the key to success. All the industries gain benefit from the proper utilization of knowledge. The world of modern business is very dynamic and to remain in the limelight it is very important for the organization to support a flexible approach. Thus “knowledge” becomes an essential organizational driver and a key factor in value creation. KM plays a crucial role in achieving organizational goals.
Knowledge plays crucial role in the success of an organization. KM guides Companies to think rationally and decide intelligently for better results and high productivity.
KM is essential for procurement as well as marketing. The concerned manager should be familiar with international scenario. This will help the concerned manager to equip himself in buying negotiations or selling his products. Few corporates spend lakhs of rupees annually for getting the information through the internet and bulletins. There is also an information cell in the company to classify and segregate the information so that it can be retrieved when it is required.
Even for school children it has become easier to get and download the data from the Internet for their work. Even college students including post graduate students obtain the information from the Internet on management and other subjects. Lastly the more knowledgeable you are the more it helps you professionally and personally.