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(PDF) Knowledge management: Practices and challenges

   

Added on  2021-05-31

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Professional Development
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Running head: KNOWLEDGE MANAGEMENT 11Knowledge ManagementNameInstitutionsProfessorCourseDate
(PDF) Knowledge management: Practices and challenges_1

KNOWLEDGE MANAGEMENT2Knowledge ManagementKnowledge management refers to the process of converting tacit knowledge into theexplicit one then sharing it with organizations for value generation. Knowledge management hasbecome a very critical component of organizations. In turn, knowledge is gaining footing as astrategic imperative for corporate organizations. The outstanding paradigm on the same is thatknowledge is power. This means that people have to hoard it and keep to themselves to maintainthe advantage (McInerney & Koenig, 2011, p.1-2). The notable universal attitude of mostindividuals is that knowledge is what makes people assets in organizations from the work. Evento date, knowledge is considered a powerful tool and an enormous one at that. Be that as it may,the perspective of knowledge has changed given the dynamics in the corporate world. Within theperspective of the corporate world, the paradigm has shifted to mean that knowledge is a toolthat must be shared among individuals if it has to grow (Ragsdale, 2014, p.89). It must also bedemonstrated that organizations that share knowledge amongst its staff and management growseven stronger and becomes competitive at a neck-breaking speed. This is the basis of knowledgemanagement in organizations, sharing knowledge. Understandingof Knowledge from the organizational contextTo have full comprehension of knowledge, it is vital to understand its concept. That is, itsdefinition, how knowledge itself is different from information, and how it is different from data.Firstly, data refers to the letters, numbers or words without any context. Such forms of data aredeemed meaningless and described as mere data since it has no information (Albino, Reinhard,& Santana, 2010, p.280). The data does not make to be information because there is norelationship between the data pieces. When information is processed further, it gets the capacity
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KNOWLEDGE MANAGEMENT3to qualify as knowledge. It is useful to take note of the fact that when information is processedfurther; one finds a certaincriterion that relates to information and data. When one comes to therealization as well as an understanding of the patterns and their implications, then it becomesapparent to conclude that such information is knowledge (Martínez, 2010, p.11). Put morestraightforward, the patterns that represent knowledge tend self-contextualizing. This makesthem complete and dynamic (McInerney, & Koenig, 2011, p.12). When perfectly understood, thepatterns present a high degree of reliability and predictability, making it presentsa pattern thatundergoes an evolution or changes over time. KM initiative underway for the organizationKnowledge assessment has been established as an initiative that that knowledge in themodern economy can harness the competitive advantage of an organization (Whyte, 2008, p.56).The competitive advantage is achieved through the full use of the data and information coupledwith leveraging of ideas and skills in people plus their motivations and commitments. Whenlooked at from the context of the corporate world, knowledge is regarded as a product of anorganization as well as systematic reasoning that is applied to information and data (Martínez-Martínez, et al, 2018, p.276). This means that the outcome of learning is what provides a suitablecompetitive advantage for the organization. As such, knowledge is a vital asset that is even moreimportant than land, capital or labor as resources.
(PDF) Knowledge management: Practices and challenges_3

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