Key Factors in Knowledge Management

Abstract

This paper presents the Key Factors in Knowledge Management. It is a need of the hour to big, medium, and small and all kind of organizations to cope with the challenges of management in the new century. This paper aims to identify the critical success factors and best practices of codification for management through analyzing the experiences of several organisations. The paper starts by defining what is meant by and knowledge management, and follows on by presenting the processes which are at the basis of management practices. The study assumes that to evaluate the success of a Knowledge Management, are the Key Success Factors (KSFs) on the quality and quantity of the contributions to the system from the employees. Factors such as strategy, culture, information technology, people and organizational structure have arisen as key dimensions to be considered in Knowledge Management System implementation. This paper argues that a comprehensive KMS implementation framework that incorporates factors which focus on issues of strategy, structure, people and IT can benefit research, in terms of highlighting areas for further study, and practice in formulating KM strategies and in implementing KMS. In today‟s business climate, competitive pressures are greater than ever. Organizations must leverage any competitive advantage to gain or maintain an edge. Or, in the midst of a shrinking economy, there is always a need to do more with less. Recently, many organizations have turned to management (KM) systems like SharePoint to create new knowledge. Some experts consider to be perhaps the only sustainable competitive advantage. With come better decisions, more efficient teams, and a commitment to learning. However, the high risk of failure is well documented which compels us to study why and then define critical success factors that are found within successful implementations.