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There is the claim that businesses are no longer seen from the industrial perspective but the knowledge perspective. Those organizations that succeed in the global information society are those that can identify, evaluate, create, and also evolve their knowledge assets. The information and communication technologies tend to support managing of knowledge and without some degree of automation, none of the knowledge management systems can succeed. Knowledge links to the capability to perform effective actions. The topic of knowledge management is of growing interest to large organizations and comprise of activities focused on the organization acquiring knowledge from different sources.
According to Hitt et al. (2003), knowledge management refers to the deliberate and systematic coordination of organization’s people, processes, technology, and organizational structure so as to add value through innovation and reuse. The coordination is possible through creating, sharing, and applying the knowledge and also through feeding valuable lessons learned and best practices in the corporate memory so as to foster continued organizational learning. Knowledge management is the formal management of knowledge for facilitating creation, access, and the reuse of knowledge typically using advanced technology. Knowledge management involves the process of converting knowledge from sources accessible to the organization and connecting people with that knowledge.
Knowledge management offers benefits to individual employees, communities of practice, and the organization itself. For individuals, KM help people do their jobs and save time through the better decision-making and problem-solving, help people to stay up to date and provides the challenges and opportunities to contribute (Hitt et al. 2003). To the community practice, KM develops professional skill, common language, and the professional code of ethics that members follow. The role of the organization helps drive strategy, solve problems, build organizational memory, diffuse best practices, and also enable organizations to stay ahead of competition better. KM technology should be supportive, and the management needs to commit itself to putting into place appropriate rewards and incentives for KN activities.
Management of knowledge
Today’s business world is characterized by dynamic changing markets and continuous technological advance. So as to cope with the trends, organizations need to become more flexible.
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