Discover the latest business management method known as Knowledge Management. Examine a range of strategies and practices used in an organization to …
Knowledge is your most valuable resource. Knowledge is power! Knowledge is a vital resource that is ultimately responsible for the failur.
Knowledge Management (KM) and Information Management (IM) are two different terms. People may tend to treat these two as the same, but merely reviewing the basic definitions of knowledge and information will show the distinction, as definition of information may tend to be far more uniform and less complex than the definition of knowledge.
Information is usually defined as an organized data, interpreted data or data provided with purpose and relevance. This clearly indicates human participation in the purposeful organization of data. On the other hand, is derived from the Greek word episteme, which means absolute truth. Therefore, knowledge can be a true and justified belief. Knowledge may come from experience, intuition or reflection based on a set of individual or collective beliefs. This just goes to show that knowledge can be acquired without the influence of humans.
From a management perspective, information is much more easily defined and organized as compared to knowledge that resides on one’s mind. Hence, knowledge management is essentially limited to the creation of right conditions for individuals to learn and apply it to the benefit of the organization. The application of one’s knowledge can subsequently turn into useful information once shared and used by others.
In addition, KM systems are more human-centric than IM initiatives that are not usually concerned with the actual process of knowledge formation and innovation. Thus, KM is all about supporting conversations and a humanistic perspective of work. It represents a shift from a focus on information to a focus on people that implement change and create knowledge. To maximize KM efforts, there is a need to develop a more coherent and systematic approach that takes into consideration organization strategy, human capital, IT infrastructure and values.