What is Knowledge Management and Why Is It Important. In particular, organizations that have a well-defined knowledge management process benefit in the following ways:. This is important because getting it right the first time is imperative now more than ever before. John has held KM-focused roles in many organizations including KANA, Microsoft, Lotus, Knova, Primus, and the Consortium for Service Innovation (CSI). By the early 1990's, knowledge management had been coined and was launched at a Boston conference. More effective strategic management thanks to the knowledge of the best strategies, techniques, practices and solutions. Make it real-time: Real-time knowledge … There are smart systems which store the knowledge with reference to the context so that we not only gain the knowledge but also understand the context. 1. Indeed is not a career or legal advisor and does not guarantee job interviews or offers. The advantages of knowledge management for you and your business can be far-reaching. Knowledge Management involves the people, process, culture, and enabling technologies necessary to Capture, Manage, Share, and Find information. Knowledge management is important because it boosts the efficiency of an organization’s decision-making ability. Efficiencies in content maintenance and management through metrics-driven processes. By analyzing this set of data, they can identify both individual problems and problems related to a large group. Related: Management Skills: Definition and Examples. According to Gartner, “Knowledge Management (KM) is a business process that formalizes the management and use of an enterprise’s intellectual assets. Knowledge management makes it easier to share expertise across dispersed locations. Sharing knowledge productively empowers individuals to grow and seek the knowledge they need to perform their jobs to the best of their ability. Companies that have invested in both knowledge management technology and adopted its best practices are currently realizing enormous value and well positioned for future success. Companies are increasingly investing in knowledge management projects. However, knowledge management has evolved to the point that it could help us understand under what context the decisions are made. There are several reasons why knowledge management is important. Knowledge Management is based on the theory that an organization’s most valuable resource is the knowledge of its people. Dealing with tons of information that changes daily, even hourly. It is about making sure that an organization can learn, and that it will be able to retrieve and use its knowledge assets in current applications as they are needed. Increased teamwork, innovation and the search for creative solutions. The knowledge management process identifies, assesses and continually improves information. If you believe you are seeing this message in error, Collaborate with other medical professionals while protecting doctor/patient confidentiality. Call us at (858) 674-5491 or we can call you. In particular, organizations that have a well-defined knowledge management process benefit in the following ways:. Stay current on the latest technology industry trends. Effective knowledge management supports the creation, dissemination and utilization of knowledge to help achieve an organization's objectives and goals. Why is knowledge management important? It is a well-known fact that a knowledge management environment can provide the basis for making good decisions. Grow and scale your Managed Services business. Before unfolding why knowledge management is paramount to succeed in 2020, let's discuss the beginnings of knowledge sharing to its paradigm and its logical conclusion. In the words of Peter Drucker it is "the coordination and exploitation of organizational knowledge resources, in order to create benefit and competitive advantage" (Drucker 1999). Facilitates decision-making capabilities, 2.) More effective strategic management thanks to the knowledge of the best strategies, techniques, practices and solutions. Learning management systems are part of knowledge management as a whole. Organisations will have realised this objective when they: correctly identify problems that need solving as they occur have … While there are many factors that can shape the view of knowledge management within an organization, those who have come to truly understand its value are reaping the rewards. WAYS TO DO PERSONAL KNOWLEDGE MANAGEMENT. All good KM should be associated with business outcomes, value to stakeholders, and return on investment. 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