Knowledge is the optimum utilization of information and data, together with the people’s skills, competencies, idea, intuitions, commitments and motivations. In the current business scenario, knowledge – is people, money, leverage, learning, flexibility, power, and competitive advantage.
Hence, knowledge management plays a very critical role in organizational growth and development. It is an audit of “intellectual assets” that highlights sources, critical functions and potential road blocks which hinder knowledge flows to the point of use. It protects intellectual assets from decay, seeks opportunities to enhance decisions, services and products through adding intelligence, increasing value and providing flexibility.
It exists as a natural function in any organization is being done at all times in a formal/informal distributed way by all employee activities but lacks a structure.
Benefits:
- Reducing Cost & Risk
- Leveraging existing assets to reduce cost, risk & cycle time
- Improved Decision Making
- Improved Strategic Planning
- Faster Development of New Technical Approaches
- Faster &more Robust Problem Solving
- Reduced Cost of Employee Training
- Increased Versatility of the workforce
- Essential tools towards creating a Knowledge Management System
- Approaches towards designing a Knowledge Management System specific to business requirement
- Link Knowledge management System to other processes of the Organization