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Knowledge management.

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Introduction

KNOWLEDGE MANAGEMENT The fact that fortune-500 companies have invested heavily in knowledge management activities indicates its importance in business. These companies are aware of the fact that investment in knowledge will pay them best interest. it is a long-term investment, which will give returns, to improve their bottom line. The time, energy and money spend on knowledge building and managing activities constitute the investment and the return on it is huge, but unfortunately it cannot be measured. Similarly because there is no accounting rules which enable us to measure return on investment in knowledge. The outset it will be convenient to clearly distinguish between knowledge, information and data. in practice, the three terms are often confused. Knowledge builds on information extracted from date. Date is discrimination between physical states that neither may or may nor convey information to an agent. Whether it does so or not depends upon the agents prior stock of knowledge. whereas data can be characterized as a property of things, knowledge is the property of agents predisposing them to act in a particular ways. Information is that subset of data residing in things that activate an agent. Information established a relationship between things and their properties. Knowledge provides companies is sustainable advantage. Those firms which compete with these fortune companies are always trying to match their products quality and prices with them, but by the time that happens, fortune firms move on to a new level of quality or efficiency, because of their ability to create knowledge and manage it effectively, which gives them an upper hand. This Knowledge advantage is sustainable because it generates increasing returns and continuing advantages Therefore for business managers, it is essential that they no longer give undue stress on documentation but also support discussion activities, informal chatting and also encourage team building. During these activities individuals share information, which they get during their day-to-day activities within and outside the organization. ...read more.

Middle

It is extremely necessary because institution is really created not by individuals but by relationship between them. All the interaction and forces among group members have to be such that they support the idea of knowledge building and sharing. A PRACTICAL APPROACH TO KM SYSTEMS We live in a post-industrial society where knowledge is being increasingly recognized as a primary source of wealth. Today, economies that can efficiently exploit its knowledge resources are increasingly doing better than those that have abundant natural resources but lack in such skills. But in broad terms, it is a complex task to compare it with conventionally better understood physical sources of wealth. The immense changes in the social and economic environment caused by technology and globalization have enforced organizations worldwide to make overwhelming changes relative to thei9r purpose, strategies, even structures in order to adapt, survive and succeed in the 21st century. Organizations need to become ot only wired, retooled and networked; they also need to change both the extrinsic elements of the company-products activities or structures-and their basic intrinsic way of operating-values, mindset, even their purpose. Organization must learn very fast in order to adapt to rapid environmental changes or they simply will die. Today's organizations have little choice but to become 'learning' institutions since one of their principal purposes will have to be expansion of knowledge that comes to reside at the core of what it means to be productive. In the words of Zuboff, learning is the new form of labor. Learning must take place as an ongoing by product of people doing their work. An organization should have the powerful capacity to collect, store and transfer knowledge and thus continuously transform itself for corporate success. Technology can be well utilized to optimize both learning and productivity. The knowledge subsystem involves the acquisition, creation, storage, transfer and utilization of knowledge. These components are briefly described as follows. ...read more.

Conclusion

A well-developed knowledge system allows the company to put its best people in the front line while still keeping their expertise available to the entire organization. The application results into the following advantages: * Cost savings. * Ability to tap more easily into colleagues' knowledge. * Maps corporate brainpower. * Allows coping with growth and staff turnover. * Helps global operations. TECHNOLOGICAL ASPECTS An examination of the five-stage model of knowledge management above convinces us of the prime role that technology can play in this process. Beckman suggests four stages in assuring that knowledge is collected stored and shared. A networked IT platform should be installed to support the knowledge systems. Powerful system navigation and information exploration tools that use hypermedia, dynamic visual querying and tree maps should be available. it should be ensured that employees are free to communicate with each other and share data and information freely across the organization. organization wide relational and object models as well as data dictionaries should be created and regulated. Online data should be reformatted before being inserted into the company wide databases.The knowledge should include software to translate media into text. With the assistance of electronic systems, all operation should be automated within the organization. In the last stage, centers of expertise should be formed that would be responsible for collecting, storing, analyzing and distributing knowledge. These centers would train workers in their specialties and provide qualified workers and consulting services. The centers have several roles namely: * Creating and managing the knowledge repository. * Setting and enforcing standards, method and practices. * Assessing workforce competency and performance. * Providing training and constancy services. * Identifying gaps to remedy deficiencies in the content and process of the knowledge repository. The greatest challenge is to create an organization that can redistribute its knowledge. Knowledge is useless it moves. By finding ways to make knowledge move, an organization can create a value network - not just a value chain. The ability to intelligently manage knowledge is absolutely essential for an organizations success. ...read more.

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