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Knowledge Management

Knowledge Management (KM) is the art and science of turning an organization’s data and information into actionable knowledge. This knowledge, when properly circulated and applied, leads to improved performance, competitive advantage, and innovation.

Why is Knowledge Management Important?

  • Enhanced Decision-Making: With easy access to relevant information, organizations can make informed decisions quickly.
  • Increased Efficiency: By reducing the need to rediscover knowledge, KM streamlines operations and reduces costs.
  • Fostering Innovation: Sharing and collaboration can lead to new ideas and innovative solutions.
  • Preserving Organizational Knowledge: KM ensures that valuable knowledge is retained even when employees leave or retire.

What are the 3 main areas of knowledge management?

  • Knowledge Acquisition: Gathering insights from various sources, including experts, documentation, and external research.
  • Knowledge Organization: Categorizing and storing knowledge in a manner that’s easily retrievable.
  • Knowledge Application: Utilizing the stored knowledge in decision-making, problem-solving, and innovation.

What are the 4 types of knowledge management?

  • Explicit Knowledge: Clearly articulated knowledge, such as written documents, videos, or audio.
  • Tacit Knowledge: Personal experiences or insights that haven’t been documented, like a craftsman’s skills.
  • Embedded Knowledge: Knowledge that’s integrated into business processes, products, or services.
  • Embrained Knowledge: Cognitive abilities or thought processes, such as critical thinking or problem-solving skills.

How is Knowledge Management Implemented?

  • Capture & Creation: Documenting processes, best practices, and lessons learned.
  • Storage: Using databases, wikis, or other tools to store and organize knowledge.
  • Sharing: Promoting collaboration through workshops, meetings, and digital platforms.
  • Application: Ensuring that knowledge is used in processes, decision-making, and problem-solving.