MANAGING KNOWLEDGE

Managing Knowledge

Managing Knowledge

Introduction

With the increase in globalization and with the increase in technological advancements, the need of appropriate and complete knowledge and information in the organization has increased. The complete and appropriate knowledge is one of the key factors that contribute to the success of the organizations. Knowledge and information have great importance in the companies because knowledge is the basis of companies' value creations. Acquiring the complete and exact information is always a challenge for the organizations but at the same time managing the received knowledge and information is also a challenge for the companies.

One of the biggest challenges in the companies is the distribution of knowledge among the departments that are dependent upon the knowledge to be provided by other departments. When there is proper flow of information among the relative departments, this enables the managements in the departments to function properly according to the received information. Knowledge regarding the external environments of the companies is difficult to access. However, integrating the knowledge and information with the companies is also difficult. In the internal environment of the companies, the managing of knowledge involves managing the relationships within the companies.

Knowledge management has become an essential management tool that allows the companies and organizations to track, gauge, calculate, share and make use of the essential knowledge and information throughout the companies. Effective knowledge management allows the companies to deal effectively and efficiently in the situation of crisis. Knowledge also provides the companies with the competitive advantage among the competitors. When the company is fully aware of the important knowledge regarding the market situations and then fully implement that knowledge in the company's management and the business operations, it ensures the company's success and provides the competitive advantage. Companies and organizations use many knowledge management tools in order to manage the knowledge. Some of the tools used are computer based and information technology oriented, while other tools are related to telecommunication. These tools are used to combine and integrate the information and knowledge that revolves around the internal of the companies. These tools involves the intranets, data warehouses, expert systems, the integrated ERP (enterprise resource systems) etc.

Managing the knowledge in the companies is becoming the increased consideration of the employers and the managers. Many companies and organizations are utilizing new management techniques and methods that commonly call the companies as project-based companies. Some of the companies are developing the knowledge maps by analyzing the requirements of the essential knowledge and information and then by analyzing what sort of information needs to be transferred among the departments in order to support the departmental activities. The knowledge maps that are developed contain the coded information that can be retrieved through the information intelligence systems. Besides the development of knowledge models and methods, many companies use internet technologies as a research tool that generates the pool of required information for the companies. Most of the companies develop the research and management department within the companies in order to search and attain ...