**No less than 400 words*** 2.Although there is no universally accepted definiti
ID: 385073 • Letter: #
Question
**No less than 400 words***
2.Although there is no universally accepted definition of knowledge management (KM), it can be defined as the process through which organizations generate value from their intellectual and knowledge-based assets. It is a concept in which an enterprise gathers, organizes, shares, and analyzes the knowledge of individuals and groups across the organization in ways that directly affect performance. The concept of knowledge is multifaceted: knowledge is either tacit (residing in the minds of personnel), or explicit (meaning it can be captured in some physical and communicable form). It is knowledge in products - "intelligent or "smart" products can command premium prices and be more beneficial to users, or knowledge in people - presumably the industry's most valuable asset. KM, however, also presents challenges, including getting employees on board, allowing technology to dictate KM not having a specific business goal, recognizing that KM is not static, and that not all information is knowledge. Utilizing the textbook for guidance and the LIRN database for research, identify the major problems encountered in applying KM and strategies that may assist organizations in their efforts for successful implementation. (Lesson 21)Explanation / Answer
Answer:-
Knowledge Management or knowledge from process, business situation, business decision making are part of organisation level skill set or capability developed over time generated while building business, increasing market share, creating operation effectiveness as well as for strategic management.
Organisation with help of various process tries to preserve knowledge to help executives to take informed decisions in particular situation or help in doing tactical management. This process helps in capturing, storing and retrieval of knowledge from knowledge database. The usage of such knowledge is also measured to check the effectiveness.
Challenges faced in knowledge management is not all knowledge is captured due to which it lacks completeness. Few knowledge management gap is due to process ineffectiveness, resource not understanding the importance of recording learnings in knowledge system as well as brain drain with resource leaving organisation without registering learned knowledge in knowledge system.
Learning retrieval from knowledge database is another challenge. Huge database and wrong algorithm engines or engines programming is not effective in knowledge retrials, keeps resources away from its utilisation as well as resource resists to update knowledge database. .
Knowledge database increasing storage need is another challenge faced by organisation as it requires incremental investment in storage, database, data retrials, etc.
This could be overcome by application usage, templates that eases the data input in knowledge database. Structuring knowledge database, Assigning keywords for fast data retrials as well as recording the usage. Making mandatory for data recording in required template for scenario faced by executive and decision taken .
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