Knowledge Management – A Road Map for Winning Organization

Abstract

In this Information era, success depends critically on the quality and effective management of knowledge which becomes the life blood of an organization. Knowledge Management (KM) has blossomed into a strategically important area for most organizations to gain competitive advantage. According to Gartner report says, from 2006 to 2010, organizations will continue to invest in KM as one of the critical competencies in high-performance workplace (HPW) initiatives. A survey by Reuters found that 90 per cent of companies that deploy a Knowledge Management (KM) solution benefit from better decision-making, while 81 per cent say they notice increased productivity. This paper discusses how to manage knowledge effectively. In its introduction part, it gives light on the differences among data, information and knowledge with suitable examples. These three terms are misrepresented interchangeably in a wide manner in the Knowledge Management scenario. In the literature of knowledge Management, it is often discussed that it is more significant to distinguish between data, information and knowledge with examples. Then it deals with discussing the definitions and different types of knowledge. Knowledge can be widely classified into two type tacit knowledge and explicit knowledge. Tacit knowledge is the cumulative store of experiences, insights, expertise, know-how, trade secrets, understanding and learning. Explicit knowledge is the policies, procedural guides, reports, strategies etc of the enterprise that has been codified and can be distributed. The success of knowledge Management practices depends on its ability in extracting and disseminating the tacit knowledge. The paper gives light on 4 C’s framework of Knowledge Management. It concludes with suggesting road map for managing the knowledge effectively by identifying key success factors for knowledge Management.