• Knowledge Management

    Knowledge management is an important part of Human Resource Management which aims at sharing knowledge, skills and expertise among all the employees. In the competitive market, it has been very much necessary for all the employees to be updated with the latest knowledge and skills; knowledge management facilitates the same.

    Knowledge-based organization

    Knowledge-based in an organization which believes

    • Knowledge/skills is an asset to the company
    • Growth of the organization mainly depends on the knowledge and skill set of all its employees
    • Knowledge sharing is vital in increasing productivity
    • Maintaining a knowledge bank is necessary for smooth work and functioning of the organization

    These kinds of organizations emphasize the importance of knowledge sharing and re utilization of the existing processes or ideas.

    Importance of Knowledge Management

    An organization’s success increasingly depends on the knowledge, skills, and abilities of employees, particularly as they help establish a set of core competencies. Sustainable competitive advantage can be gained through proper skill sets and talents.

    In the current world economy, greater knowledge and skill is growing rapidly along with the rapid changes in technologies and new inventions. Every individual has some skills that are unique. These skills have to be identified and made known to others so that others can get benefited. Similarly an employee can get information about something which is new and not known through proper knowledge management and knowledge sharing.

    The main goals of Knowledge management are as follows

    • Ensure that knowledge sharing is done from one part to another part of an organization
    • Ensure proper knowledge sharing to make the best possible use of past experiences
    • Provide opportunities and incentives for experimentation and new learning
    • Increases client satisfaction and confidence level through the use of latest knowledge
    • Reduce cost and increases productivity
    • Increases flexibility in project planning
    • Motivate employees to share knowledge and learn extra easily
    • Becomes more sustainable and efficient during downturns through the use of latest technology and skills

    Benefits to the employees

    • Easier to find solutions of daily problems faced
    • Reduce time in learning something new and increases productivity
    • Enables collaboration among different employees to share new knowledge and skills
    • Enables learning of new technologies and skills easily
    • Easily adapt themselves with new technology and skill sets
    • Helps to achieve continuous learning for better career growth

    The main drawbacks of knowledge management are that we cannot have all the knowledge required for everyone in a common place at any point of time and repetition becomes an issue most of the time. Sometimes the quality of knowledge is compromised and copyrights are violated to achieve individual submission targets.

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