Information Systems & Financial Modeling - Strategies & Benefits of Implementing Knowledge Management

Knowledge management was defined as the turning of information into actionable knowledge which can be accessed by people who can apply it. Robbins (2003) gives a time perspective in his definition of knowledge management. He mentions as part of knowledge management the distribution of the right information to the right people at the right time. Lytras et al (2002) gives a definition of knowledge management which emphasises the purpose of knowledge management. In the definition creation of new capabilities, enablement for superior performance, encouraging innovation and enhancement of customer value were mentioned. For the purpose of this study the researcher summarised knowledge management as the intentional process of coordinating people, technology and systems to optimise creation and sharing of intellectual

The superior capabilities of knowledge management systems provide an opportunity for the business to engage the most effective components and recognize the importance of communication to make informed, accurate decisions (McGrath, 2001). This system can organize the company’s knowledge resources, knowledge obtaining, organizing, and applying to make a sound routine the will enforce effectiveness (Niu, 2008). The dynamic function of knowledge management to create, capture, and apply knowledge to achieve an organization’s objective will allow them to be more profitable and successful (Zucker, 1986). In addition to increasing profits, the system can be also used to reduce costs and enhance research and development (DeTienne & Jackson, 2001). With all of these advantages, it would be wasteful for a company to not employ knowledge management. As seen in the Discovery Communications, Inc. example, the company can attribute their new productivity levels and increase in ease of securing documents to the knowledge management system that put into place by Carefree Technology. Like Discovery Communications, Inc., knowledge management is so popular today because companies can collect, process and share knowledge to ignite employees ' creativity which in turn will make the business grow. Wenhong and Jianhua (2009) explained the core of knowledge management is to convert company’s knowledge resources into an increased company

Knowledge Management can make a significant difference between ongoing or successful ventures of any organization in a world of accelerating change. Knowledge Management provides the ability to connect and cooperate complex ideas efficiently and can be beneficial even to expand when using strategic alliances. To make Knowledge Management work in an

A report has been written describing the knowledge management systems and reviewed based on various aspects which was used to determine whether or not the system considered could be used for managing knowledge. It was through researching journals, articles and other reliable sources from the internet this review was written which led to me finding out more on the topic of knowledge management which has considerably increased my understanding of the topic

Organisational learning can be seen as the goal of knowledge management and may be obtained by good knowledge management strategies and processes. By motivating the creation, dissemination and application of knowledge, KM initiatives pay off by helping the organization embed knowledge into organisational processes so that it can continuously improve its practices and behaviours and pursue the achievement of its goals.

Knowledge Management (KM) is described as a systematic process of sharing, reusing and managing the knowledge only when it is made available and recorded (Jashapara, 2005). This helps an organization to gain insight and understanding for own experience (Remus, 2012). Most of the KM activities

KM is a discipline that promotes an integrated approach for identification, capture, retrieval, distribution, sharing, use and reuse of information and knowledge assets. Through this discipline, staff, processes and technologies will be aligned to drive the realisable value and benefits of the information provided and knowledge assets and contribute to the organisational efficiency, effectiveness and innovation. Despite

Knowledge management is defined as the productive handling of information and resources within a firm for best decision-making process (Jashapara 2010). The main objective of knowledge management within an organisation is to enhance performance by empowering personnel to obtain, share and employ their collective information in order for them to make the right decisions when required (Sokhanvar, et al., 2014). Knowledge management entails more than technologies used for tracking or sharing information, it is also about creation of practice, developing trusted content and forming networks within and outside the organisation. In order to understand about an organisation’s knowledge management practice, one needs to understand the organisational structure in which it is found. Some organisation’s culture dictate the manner in which people interact and collaborate as regards to information is handled for the success of the organisation. Such organisations indoctrinate their employees on the value of knowledge and the significance of collaborating with each other. In addition, such organisations have support structures that facilitate this process such as mentorship programs. On the contrary, that do not act on their resources and information because they do not have mechanisms that support networking, collaboration and sharing of information. This consequently leads to a situation of negligence by the employees and to the detriment of the organisation. The paper

As there is rapid growth in the business sector and information technology in the global market there are many factors which has to be managed and changed with the time in order keep up with the growing technology and knowledge management is one of those important factors. The term knowledge management throws light on the procedure of how knowledge is used in an organization. Thus it includes

Knowledge management is a term and a concept which began in the early 1990s. Despite the popular notion that knowledge management only began as a practice with the rise of technology, it has been around as a concept for around 15,000 years. At that time in history, merchants, artisans, doctors, and others first began writing down their knowledge for future generations. In Mesopotamia, roughly 5,000 years ago, people began to have difficulty keeping track of all the clay tablets on which information was written and created the first organized knowledge management solutions, the library (Bergeron 2003). Over the years, even as human advanced technologically, the idea of knowledge management remained. Since the idea of knowledge management arose as a management idea in the 1990s, it has undergone several changes in definition as ideas have changed. First, in 1994, it was defined as “the process of capturing, distributing, and effectively using knowledge.” While this was a very straight forward definition, it had the disadvantage of not including any mention of the human element. Thus, in 1998, the definition was changed to be “a discipline that promotes an integrated approach to identifying, capturing, evaluating, retrieving, and sharing all of an enterprise’s information assets, which may include databases, documents, policies, procedures, and previously un-captured expertise and experience in individual workers.” Finally, as technology has created more of an element of

Apart from the usual definitions, the most important definition of knowledge management is dependent on a comprehensive idea about the Knowledge management systems. According to Jennex (2008), the Knowledge Management systems (KMS) consists of the different components of IT/ICT, users, repositories, processes for using and generation of knowledge, culture for proper utilisation of knowledge, and the initiatives for the goals and measures related to the Knowledge management. The success of KM depends largely upon the success of KMS, as KMS has been regarded as the personification of KM (p.37).

Knowledge Management is an organization’s methodology of making their intellectual assets as fully functional, or effective as possible. This is a systematic approach organized to enhance understanding. It’s the managing of information in a way that provides an organization with a competitive advantage.

The process of collecting, transferring, storing and making information useful is also known as knowledge management. In this, the organization is enabled to grow, adapt to changes and meet customer demands. The information age has a most certain influence on how the organization manages knowledge. This is true of whether that knowledge is unique to the organization, or shared to external organizations. Today there are various ways to collect and compile data and turn that data into useful information; however, without the use of knowledge management, then data, information, and knowledge is lost or misused. Through the knowledge management process the organization has the ability to learn as an organization. This is

Knowledge management, which is defined according to Rastogi (2000) as a systematic process with “activities of acquiring, creating, storing, sharing, diffusing, developing, and deploying knowledge by individuals and groups in pursuit of major organizational goals”(p. 40). Furthermore, knowledge management provides a suitable platform for an organization to expand its information infrastructures (Thang Le & Fillion, 2007). With technological advances and the rising tech savvy consumers more and more organizations are implementing knowledge management systems from business firms to health care. However, in order to have an effective knowledge management system is dependent on various tangible as well as intangible factors such as on the type of manager, an administrator, the working staff, and technologies involved (Stromquist & Samoff, 2000).

Knowledge management is a large term and can mean a number of things. For the purpose of this paper, the definition of knowledge management that I will recognize is the creation, development, and sharing of knowledge and information within an organization. However the problem remains, as well as the topic of this paper, exactly how effective is knowledge management in an organization. Furthermore, the key question that I hope to answer in this paper is how the use and development of knowledge can be managed in an organization. Although there are countless pieces of literature on knowledge management itself, and there have been proposals that link knowledge management to a company’s performance, to this date there are very few papers that attempt to measure the effectiveness of knowledge management within an organization. Overall, my objective of this paper is to compare two separate companies and first, find out how to measure the value of knowledge management, and second, find out how beneficial it is to the organization.