Discover the latest business management method known as Knowledge Management. Examine a range of strategies and practices used in an organization to …
Knowledge Management is usually seen within the context of the DIKW structure seen below.
Data is a set of discrete facts. Most organizations capture significant amounts of data every day. Knowledge Management activities seek to improve the capabilities for capturing, analyzing, synthesizing data and transforming it into information.
Information comes from providing context to data. This usually requires capturing various sources of data and applying some meaning or relevance to the set of facts. Knowledge Management focuses on measures for capturing, finding and reusing information so that work is not duplicated.
Knowledge is composed of the experiences, ideas, insights and judgments from individuals and from their peers’. This usually requires the analysis of information, and is applied in such a way to facilitate decision making.
The ultimate discernment of the material and having the application and contextual awareness to provide a strong common sense judgment. The use of wisdom ultimately enables an organization to direct its strategy and growth in competitive market spaces.
We can use tools and databases to capture Data, Information and Knowledge, but Wisdom cannot be captured this way, as Wisdom is a concept relating to abilities to use knowledge to make correct judgments and decisions.