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Knowledge Management

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Introduction

Knowledge Management Definition In order to be able to fully understand the concept of knowledge management, it is important that we start with the basics. First we have to define the word knowledge. Knowledge, according to dictionary definitions is an acquaintance with or understanding of facts, actions, ideas, etc. Psychologists, on the other hand, have defined knowledge as the result of perception and learning and reasoning. Knowledge has always been an intangible concept. We know that it is the pillar of strength of every individual as well as the core of every political society. It is a complex concept that all activities and every human development are attributed to it. Even the vastness of scientific fields is rooted to the concept of basic human knowledge. In the past centuries, people have recognized the indispensability of knowledge. We even accepted the principle that knowledge itself is power. It is the fuel, which runs the engine of human interaction and organization. However, intangible as it is, it was considered as a mere idea that exists like the air that we breathe. Humans deemed it to be always there when the need arises, thus, notwithstanding its importance; it was never a subject of a closer scrutiny as compared to the attention given to the sciences that emanated from it. During the turn of the millennium and the emergence of the global economy, organizations, especially the financial institutions, have formulated a systematic manner of handling this knowledge power. Knowledge remains to be the primary asset of companies- a leading indicator is the extent to which they invest on human capital development. ...read more.

Middle

This is particularly applicable to organizations operating internationally. The approach to knowledge management from the perspective of the human resource management can be considered as the universal approach. That is, this can be applied to any industry, organization and company. Knowledge management through the human resources managers deals with self-governing teams, co-operation, motivation and stimulation of (natural) leadership to learn people in organizations to adjust and to change. In this approach, the human resource managers who are the most experienced when it comes to managing people are the major players. Since the people involved in the organization determine knowledge, it is a good practice that knowledge management is practiced together with human resources management. What makes the strategic approach different from all the other approaches is that it has a concrete basis. Although all the others have their basis too, the strategic approach is more objective and scientific. Its main objective is to develop a method for analyzing key knowledge. The strategic approach holds on the idea that knowledge is key if it distinguishes an organisation from competitors. The approach believes that key knowledge should be recognized, sometimes be spread, secured and should always be locked. Several issues play a role in the strategic approach, these include; what's the right reasoning about knowledge, defining key knowledge in a theoretical perspective, tracing and prescribing key knowledge and taking right decisions on key knowledge. Organizations may choose to adopt any one of these approaches or combine several approaches that are applicable for their company. ...read more.

Conclusion

1. creating a management in the form of partnership 2. having designated a specific work for each staff and all the other people involved in the firm 3. moving into a new office wherein they can be together 4. providing each staff with a personal computer connected to the internet What is lacking in the Newcastle's knowledge management program is the initiative of the management as well as all the other staff to make knowledge management more efficient, effective and successful. The most important thing that the firm has to consider is how they could make knowledge management really effective. Since they already have started to implement a knowledge management program, it is necessary that they review their process and evaluate the program. At this stage the strategic approach is the most applicable for the law firm. After their evaluation, the factors that lead to the failure of the program will be identified. Based on this, they can supplement their knowledge management approach with other approach that would be necessary for the achievement of the firm's goals. Reference Han, Frances. (2001). Understanding Knowledge Management. The Public Manager. Vol. 30, 2. p34. Hauschild, S., Licht, T., & Stein, W. (2001). Creating a Knowledge Culture. McKinsey Quarterly, No.4. Scarborough, H. (1999). Knowledge Management: A Literature Review. Institute of Personnel and Development. Senge, P.M. (1994). The fifth discipline: The art and practice of the learning organization. New York: Currency Doubleday. Skyrme, David J. (2002). Knowledge Management: Approaches and Policies. Available at: www.kmadvantage.com. Retrieved May 8, 2004. Stonehouse, G.H., Pemberton, J.D., & Barber, C.E. (2001). The role of knowledge facilitators and inhibitors: Lessons from airline reservations systems. Long Range Planning, 34 (2), 115-138. www.aiai.ed.ac.uk ...read more.

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