Knowledgement management in action
- 2005
- p.326-36.
- Oct
Business the world over are recognizing the importance of knowledge as a means to gain or sustain competitive advantage. Many businesses are primarily knowledge-focussed. They obtain data and information and produce either a product or service. In this process, they use their own, and other's knowledge and information. Much of the knowledge in an enterprise is grounded in the minds of employees. Past experience and internal learning create processes, insights, methodologies, know-how and understanding that represent what the business is and how it adds value. Since knowledge is the most basic of all competencies, its recognition, creation, application and management should be a critical success factor for attainment of competitive advantage. The awareness of the value of knowledge to a business, coupled with its management, acts as an integrator that improves cross-functional communication and co-operation. Shared knowledge not only makes for a more effective, efficient and agile business, but creates a common perspective and culture that produces a natural consistency of successful decisions and actions. The present paper discusses the key essentials of managing knowledge for business improvement and success. - Reproduced.