No one holds a complete knowledge of everything except God. Therefore, even as owners or managers of a particular firm, you still cannot claim that you know everything of what is going on. You may have knowledge of what they are but not how things were done. Of the so many things that transpire during the day, you may have a hard time as well of recalling how things were two or three years ago or longer. As prospective or current customers, you would like to know more of the performance and achievements that a company is to offer.
To provide this information is to have a Knowledge Based Management within an organization. Not all information can be classified as knowledge nor it can be considered as valuable. Knowledge Based Management is an organization’s compilation of techniques used as to methodical compilation, transfer, security and management of information. It is about people’s knowledge, how such knowledge supports business and goals of the organization. Knowledge Based management is more on the organizations capabilities of bringing human creativity, innovation, motivation, intuition, ideas and competence.
A Knowledge Based Management is considered as a tool that can be used for distribution or use for creation of new knowledge. It seeks to improve customer service as response time is streamlined. It values employee’s knowledge and rewards them in return. It streamlines operations and reduces costs through the elimination of redundant or unnecessary processes.
With Knowledge Based Management, an organization is assured that valuable information towards its continued growth is in placed.