Knowledge Management | Meaning and Definition

What is knowledge management?

Knowledge management (KM) is the practice of developing, accumulating, sharing, and putting that knowledge to good use to enhance an organization’s performance. It has been described as a “practice of managing knowledge as a strategic resource.” 

KM systems are designed to facilitate the capture, storage, retrieval, and reuse of knowledge within an organization. The goal of KM is to improve decision-making, innovation, competitiveness, and productivity. 

Importance of Knowledge Management in an organization

Knowledge Management is important in an organization because it allows for the sharing of information and ideas between employees, which leads to better communication and ultimately a more productive work environment. Additionally, Knowledge Management allows businesses to track and store important data, which can be used in the future to make strategic decisions. 

Benefits of Knowledge Management in an organization

Managing information and knowledge effectively can be the difference between success and failure in any organization. There are many benefits of knowledge management in an organization, but here are three key benefits: 

  • Improved decision-making: When decisions are made based on accurate and timely information, the organization can operate more efficiently and effectively. Knowledge management systems help to ensure that the right information is available to the right people at the right time.

  • Enhanced collaboration: Knowledge management systems facilitate collaboration by allowing team members to share information and ideas easily and efficiently. This helps to improve communication and teamwork, leading to a more productive workplace.

  • Increased competitiveness: By managing and sharing knowledge effectively, organizations can gain a competitive edge over their competitors. Knowledge management systems allow businesses to learn from their experiences and make better decisions.