Management is a very wide concept and there are various types of management which helps an individuals and companies to manage day to day activity effectively. Management is everywhere and in everything no matter if that’s small or big but management in is everything and ignoring the management is little difficult.
One of the concept of management is Knowledge Management, tough it’s not a very old concept but it’s very effective and important for company. Let’s take a look at what is knowledge management.
What is Knowledge Management?
Knowledge Management is a process of generating, sharing, using and managing the knowledge and information of the organization is knowledge management. Knowledge Management helps the organization to achieve the organizational goals by using the knowledge in the best possible way.
Knowledge Management is a bridge between the organizational goals and the strategy and management of knowledge is such a way that it creates the value to the organization. Mckinsey was the first company to use the term knowledge management to study their knowledge handing and after that it becomes popular in the corporate world. Knowledge Management helps in creating the place where the employees share and transfer what they know which will leads to create new knowledge, it also helps in providing the right type of knowledge to the right person.
Knowledge is always an important part of any company and how company is using their knowledge for the growth of the company is managing the knowledge and it helps in improves the efficiently of the organizations and the efficiency of the employees also.
Types of Knowledge Management
Knowledge Management has of 4 types, lets take a look at each one o f them
- · Explicit Knowledge
Explicit knowledge is a very basic form of knowledge management, it is very easy to pass or share as it is written and easily accessible, when the data is organized, processed and interpreted that outcome will be explicit knowledge. In a very layman knowledge which is ways to share is explicit knowledge. White papers, research reports are the example for explicit knowledge.
- · Tacit Knowledge
Knowledge which we gained on the basis of individual actions and experiences, this is very hard to example and hard to write down in any form, in a very layman language tacit knowledge is hard to convert into tangible form, is a collection of those things which we know very well but it’s hard to explain or hard to express. Ideas, values, emotion are the best example of tacit knowledge. We can say that it’s the most difficult type of knowledge but at the same time it’s very much valuable also and if that is used properly than results will be always in our favor.
Advantages of Knowledge Management
Effective knowledge management helps in improving the efficient and reduces the cost, let’s take a look at some of its advantages
- · Less Mistakes
In business mistakes happens when there is no sharing of the knowledge and this can go against the growth of the company however if the knowledge is shared properly then less mistake takes pace as knowledge is shared and it is accessible to everyone.
- · Informed Decision
When knowledge is shared on the single platform within the company than its easy to make the accurate decisions as the shared knowledge is accessible to everyone and while making the decision the knowledge can be from various points and making decision is little easy.
- · Easy to Find Relevant Information
When you have to solve the customers query, access the reports, understand the competition and have to make the plan and strategy for all these things you will look for the information and if the knowledge is shared effectively then it’s easy to complete the complicated task in a very simple manner.
- · Growth and Innovation
After specific time its very difficult to get the same growth as per expectation due to maturity of the industry and the increasing in the completion, creating new knowledge through effective knowledge sharing innovation is much more easier and if company innovates new concept then growth will follow automatically.
- · Knowledge for Customers Benefit
In a very competitive business world staying ached fro the competition shows to the customers that you are different and has potential as compared to others and this can happen when the knowledge is shared effectively, this will help in convincing the customers to continue or start the business with us.
Creating and sharing and managing the knowledge is always beneficial for the organizations, it helps in improving the efficiency of the employees and company as well. Knowledge Management is such a great tool to achieve the desired growth and innovate new idea for the growth of the company.
If knowledge management is implemented effectively in the organization then any new and beneficial things will take place in the company such as new ideas, accurate decision making and all this leads to the competitive advantage of the company and organization will always stay ahead in the market.