Knowledge Management Strategy
Knowledge management is the recognition, optimization and effective handling of intellectual assets to build value, enhance productivity, and achieve and maintain competitive advantage. This comprises of the summarization, combination, dissemination and utilization of knowledge in an organization. Thus the management of knowledge comprises of various tasks and functions. The generation of a knowledge management strategy includes an inspection of a range of interconnected notions and aspects. For this first the understanding of what is knowledge is required.
Meaning of Knowledge
An awareness of what composes knowledge is decisive to its valuable management. For instance, when knowledge is deliberated to be identical with information the concentration will move towards the management of information systems as a substitute for knowledge management. The different descriptions of knowledge indicate that it has much more meaning than information. There are efforts to differentiate among data, information and knowledge. Knowledge is developed from data, which is primarily processed into information. This information can form knowledge when it becomes an input to a system and when it is confirmed as an applicable, appropriate and functional part of knowledge.
A strategic framework for knowledge management should be relevant for an organization targeting to sustain competitive advantage. The framework should assist an organization to create a clear association between the competitive circumstance and a knowledge management strategy. It should support the organization to institute its competitive advantage. Even as each organization will locate its own distinctive connection between knowledge and strategy, any such competitive knowledge can be categorized on a degree of innovation comparative to the remaining of the particular industry into three groups as below:
- Core knowledge- It is the fundamental degree of knowledge needed by all members of a specific industry. It does not stand for a competitive advantage. On the other hand it is merely the knowledge required to be capable to be active in that domain of work.
- Advanced knowledge- It provides an organization a competitive upper hand. It is specialized knowledge which distinguishes an organization from its competitors. It can be achieved by being more knowledgeable than a competitor or by harnessing knowledge in diverse methods.
- Innovative knowledge- It is the knowledge that can facilitate an organization to be a market leader. It permits an organization to modify the working approach of an industry. It stands for a noteworthy differentiating feature from other organizations.
After recognizing the competitive knowledge position of the organization it is required to do a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) to ascertain the strategic gaps in an organization's knowledge.
This permits the organization to recognize where it has knowledge that it can take advantage of and where it needs to build up knowledge to sustain or expand its competitive position. This is accomplished by examining the organization's knowledge position in two dimensions:
- Exploration and Exploitation- This is the level to which the organization requires to enhance its knowledge in a definite subject against the prospect it can have to leverage available but not fully exploited knowledge resources.
- Internal and. External Knowledge- This has reference to whether the knowledge is principally residing within or outside the organization. Certain organizations are largely outwardly oriented, depending on researches, consultants and customers. Other organizations are more inside oriented which will develop distinctive know-how and experience which is arduous for competitors to emulate.
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