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What is knowledge management and why is it important? Knowledge Management is the process and the various practices used in an organization for the CREATION, UTILIZATION & DISPERSION of Knowledge to gain experience e in various field of activities.. Before that we should know what knowledge is. Knowledge is the confident acquiring of skills, facts orr information informatio by individuals.. It helps them gain expertise experti and awareness about their area of operation. operation Knowledge about ones domain of operation is a must before embarking any activity in the same. Coming back to knowledge management management, knowledge management has been recognized re as an essential component that contributes to the success or failure of a business business. It helps the business by providing insights and experiences of reality. Knowledge management treats knowledge as an explicit concern for business. It helps the business by helping it identify important sources of knowledge and transfer of the same to individuals.. It helps create an organizational structure which provides positive results for the business. It helps develop intellectual knowledge to grow and prevents stagnation of knowledge. Knowledge management in an organizational structure is very important. It helps by:
Developing a competitive advantage over o other firms Development of technology Enhancing future decisions Analyze the workforce
Expert and advanced knowledge simplifies decision making at the same time leading to better work quality. Not onlyy PRESENT operations but also FUTURE decisions make continuous acquisition and distribution of knowledge among workforce essential to survive in n this era of endless competition. Knowledge helps forecast future changes and empowers the company to meet the challenges and changes. They are not caught off guard and are well prepared to meet the situation at hand. According to Andrew Carnegie, “the only nly irreplaceable capital an organization possesses is the knowledge and ability of its people. The productivity of that capital depends on how effectively people share their competence with those who can use it.� Knowledge management thus helps develop efficiency ef of the people. It equips the workforce to complete the tasks at hand much better than they would have otherwise. otherwise Also in the competitive economy as of today, the best profiting knowledge wins. Complexity is increasing in organizations. organizations For example,, AT&T's knowledge management system provides instant access for customer service representatives, allowing them to solve a customer's problem in a matter of minutes. It is important for organizations to include knowledge building among the many other daily dai tasks. On the face of it, it might seem to be an unproductive activity but this is not at all true. It delivers benefits in ways which will leave even the top bosses astonished. To Know More about Knowledge Management Solutions, Visit www.bizvirtuoso.com
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