Answer To: Teams of 4-5 persons are required to write a report of 2000 words. The students have to choose one...
Rudrakshi answered on Mar 31 2022
Running Head: KNOWLEDGE MANAGEMENT 1
KNOWLEDGE MANAGEMENT 3
KNOWLEDGE MANAGEMENT
TOPIC: LEVERAGING KNOWLEDGE
SUBTOPIC: KNOWLEDGE MANAGEMENT STRATEGY
Table of Contents
Introduction 3
Concept of Knowledge Management 3
Understanding Knowledge Management Theory 4
Knowledge Management Capabilities 5
Dimension of Organisational Capabilities 5
Impact of Poor or Ineffective Knowledge Management 6
Knowledge Management Strategy Leveraging Business 7
Conclusion 8
References 9
Introduction
Knowledge Management (KM) is widely regarded as a critical aspect of a strategic planning process and as a critical success element in achieving a significant advantage. The organisation's knowledge management skills are critical to the group's development and serve as a differentiation in the marketplace. It may be challenging to manage intellectual assets in coalitions; this is one of the primary reasons for the increase dropout rate associated with knowledge base partnerships. The partnership has a less than 50 percent chance of getting, which has been established in leadership literature. The diverse roles of Alliance groups account for the majority of the variances in knowledge management.
Firms who had a comprehensive and efficient collaboration procedure, as well as those that consistently acquired partnership and associate knowledge, outperformed their counterparts who did not have knowledge management skills. It is critical for managements to comprehend how a knowledge management strategy may be executed in order to transform knowledge into assets. An effective knowledge management strategy helps executives to recognise, manage and govern their company's knowledge sources, resulting in a considerable improvement in the performance of their organisation. The current study will demonstrate the understanding of leveraging knowledge and knowledge management strategies in the workplace.
Concept of Knowledge Management
Knowledge management is the process of developing, recognising, retrieving, storing, disseminating and implementing knowledge in an organisational setting. It is also known as information management or information retrieval. As per the opinions of Martins et al. (2019), the first recorded effort to define knowledge may be traced back to great Greek philosophers such as Aristotle and Plato, among others. Among early academics, the interpretation of Plato's knowledge as a warranted genuine belief proved to be the most widely accepted, but various variants have evolved throughout the ages. Another argument is that knowledge has a sense of depth that encompasses the significant cultural elements of the subject matter under consideration.
Even if all of these reasons were sound, the majority of academics concluded that existing knowledge could not be divorced from its human origins. In business, knowledge management (KM) is the process, through which a corporation organises in economically productive from its cognitive and understanding products (Di Vaio, Palladino, Pezzi & Kalisz, 2021). In this category of assets, it include intelligence and expertise that has been accumulated, generated, or combined by workers, consumers and business relationships during many years of service to the firm.
Knowledge management is one of the most difficult problems, which the Knowledge Management programme has to deal with. In their improvised collective knowledge, individuals and groups tend to store information. Clearly, everything is kept in a centralised repository, as indicated by this concept of storage. Information management solutions (such as corporate content management systems) must enable departments and users to construct their own information spaces inside the repository (Ferreira, Mueller & Papa, 2018).
Their organisation's knowledge retention policy governs how long information is kept on file. Knowledge Health Check Criteria, which have been defined, may be used to control retention. If they have information that is outdated and unattributed, for example, then may lessen its amount.
Themes such as knowledge management in connection to corporate culture, computer technology and networks of practise were less prevalent.
Understanding Knowledge Management Theory
A contributing factor to the difficulty in developing a specific KM theory is the multidisciplinary nature of the field of knowledge management. Since its inception, WM academics have not relied on any specific WM theory and the majority of the 1999-2003 WM did not mention the theory at all (Bootz, Durance & Monti, 2019). When a review of the literature on organisational knowledge generation was conducted, the theory of organisational knowledge generation emerged as one of the most dominant theories. Based on the few papers, it was inferred that referred to the theory in the context and made the same decision as the WM review the SECI model was concerned with the change effort involved with translating tacit information into knowledge acquisition using a variety of techniques, which was the...