Knowledge Management is: Definition, Objectives, Benefits for Business

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Knowledge Management is: Definition, Objectives, Benefits for Business

Knowledge Management is Definition Objectives Benefits for Business

Knowledge Management is a theory of management of science that is very important and very useful for anyone who wants to start a business.

This is very important because every beginner or a new person to start a business requires a lot of insight and knowledge. The knowledge that has been obtained must be able to be managed properly so that the business can develop.

So, what is the real understanding of knowledge management? Find the answer by reading the article about Knowledge Management.

Understanding knowledge management is

We can interpret the knowledge management or management of this knowledge as a series of tools, strategies and methods to maintain, analyze, organize, distribute and also improve the information contained in a company.

In general, the purpose of Knowledge Management is to improve the efficiency of the company and also store the knowledge contained within the company itself. With this knowledge management, all parts contained in the company are expected to be able to gain knowledge and insight related to business or operations in more depth.

The beginning of the introduction of the concept of Knowledge Management was in 1990 an academics named Nonaka, Takeuchi, and Davenport. Then, they further developed the idea of ‚Äč‚Äčthis new scientific discipline.

Why is Knowledge Management important?

Knowledge Management is very much needed for the entire scale of the company, both large or small-scale companies. At least, there are five reasons that make Knowledge Management very important to do.

1. The process efficiency in decision making will increase

The decision-making process carried out by the company’s management will be easier and also effective by using knowledge management. Concepts like this will help them obtain access to opinions and also different experiences, so the perspectives they will present in the process of making more decisions will be more.

Thus, the decisions to be elected will be more effective and will affect better in the company and also in all interested parties.

2. Access to information and knowledge is easier

The presence of Knowledge Management will facilitate information search or find people who have information that is being needed by the company.

It is able to increase productivity to everyone in the company, so staff can work more effectively.

3. Efficiency of each operational unit is better

Ease and also the speed of access to new information on all parts of the organization will make each staff able to work faster. In addition, the existence of social collaboration technology is also able to improve company performance in general.

4. Creation of innovation and changes that are getting faster

Providing information to all company elements is needed so that innovation and change is faster. Later, this will have a positive impact on the development of the company and help them to be able to pursue changes in the business world.

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5. Customer satisfaction will increase

If every stadd and all individuals contained in the company are able to provide information quickly, the value that will be offered by the company will also increase.

Every individual can provide a faster answer, so that it will be able to shorten the time needed to improve the product or service provided by the company.

The main element in Knowledge Management

There are at least four very important elements in Knowledge Management. The four elements are as follows.

  • The most important element is to have discrete properties, which has no meaning if not processed, including the type of data, such as words, numbers, code, tables, to certain databases.
  • The second element is data that has been processed, by connecting one element with another element, so it will mean. This information can be a concept, ideas, ideas, sentences, or stories that are very simple.
  • The third element is a series of organized information related to a special field that is easier to understand. This knowledge includes a conceptual framework, facts, complex stories, theories, and axioms.
  • The last element is applied results from knowledge that can be used as a basis for making decisions, such as paradigms, books, traditions, systems, philosophy, principles, and truth.

Types of knowledge

The most important aspect that is the subject in knowledge management is the knowledge or knowledge itself. Generally, there are two types of knowledge you have to know, namely:

1. Tacit (know-how)

This type of knowledge is still in the form of thoughts contained in the human brain. Tacit includes a very difficult part to understand, communicated and interpreted in other forms that are more structured. This is due to the tacit taken from the source, namely intuition, personal experience, and also a context that tends to be uncertain.

2. Explicit (know-what)

The opposite of tacit, explicit is a form of knowledge that is easier to understand, communicated and also interpreted in other forms that are more structured. Knowledge This type is also easily described in certain media, so it can be managed with a knowledge management system.

Advantages of Implementing Knowledge Management

Knowledge Management is a very important tool for any company that wants to improve the skills of the workers. The following are some knowledge management that can be obtained by the company in implementing Knowledge Management.

  • Working place will be more efficient
  • Efforts to make a decision will become faster and more effective
  • Increasing collaboration between each staff in the company.
  • The existence of optimization in the exercise process.
  • The increasing retention and happiness of employees due to increased science, training, and innovation.
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So, overall knowledge management is able to make the whole process and activities carried out by a company to become more effective. The form of communication in each employee and the boss will also be better because of the distribution of knowledge that is more adally and thoroughly.

Later, all the benefits contained in Knowledge Management will help companies in terms of.

  • Creating a variety of better products or services
  • Develop a more effective strategy
  • Increase company profits
  • Maximize the use of skills and also existing skills already exist
  • Improve operational efficiency and productivity of company staff
  • Know the market trend early and can be one step ahead than other competitors.

The form of collaboration based on insight will be able to provide views and more diverse opinions from various experiences that can be applied in an effort to take a decision.

So, every decision chosen by the company will be based on expertise and also a collective experience.

Knowledge Losses Apply Management

In the process of implementing Knowledge Management, each company must also understand the weaknesses and losses that can potentially arise. Some challenges that can be present in implementing knowledge management are as follows.

  • It’s hard to find an efficient way in recording knowledge about business.
  • All information and related sources will be easier to find by others
  • Encourage each individual to divide, use, and also applying existing knowledge to be more difficult.
  • It will be difficult to integrate knowledge management with all goals and company business strategies
  • Choosing and implementing knowledge management technology will be a challenge for the company.
  • It requires a time of integration of knowledge management into the process and also the information system that previously exists.

Conclusion

Thus the explanation of us about knowledge management. Based on the explanation above, we can draw the conclusion that Knowledge Management is a series of tools, strategies and methods to maintain, analyze, organize, distribute and also improve the information contained in a company.

In general, the purpose of Knowledge Management is to improve the efficiency of the company and also store the knowledge contained within the company itself.

Knowledge Management in the company does not escape from distributing financial reports and all data in it must be translated with language that is easy to understand by others.

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