The paper 'Importance of Knowledge Management - Steve Paul Jobs " is a good example of a management case study. According to Business-Dictionary (2010) and Yogesh (1998, p. 125), Knowledge management is the strategies and processes that are designed capture, value, identify, influence, structure, and also share intellectual assets of the organization in order to enhance competitiveness and performance. Knowledge management is based on two critical activities which included capturing and documentation of individual tactic knowledge and individual explicit. It is also based on its dissemination within the organization.
Knowledge management is a set of tools that aims at creating, storing, sharing, acquiring, processing and utilizing the flow of knowledge within an organization. Ikujiro (1991, p. 100) maintains that Knowledge management also involves a process whereby organizations produce value from employees’ , customers’ and partners’ knowledge. It involves sharing of that information among employees, other companies as well as departments in order to improve the performance of organizations. Knowledge is crucial towards adaption, survival, and competence of the organization in a continuous change of the business environment. Organizations should utilize the existing human knowledge within an organization.
Knowledge management is crucial towards innovation in an organization so as to improve its performance efficiency. Leonard-Barton (1995) argues that Knowledge has in the recent past become a main strategic asset, and therefore, it is crucial for organizations to invest in knowledge in order to be able to succeed in its functions. Importance of Knowledge Management According to Eugene, F. and James (2004, p. 123), Effective use of knowledge resources ensures the organization is able to react to the shifts of the marketplace in a more flexible and faster way.
The learning ability of both the organization and employees ensures that the organization is able to adapt to increasing market pressure. It is important for knowledge to be distributed throughout the organization to ensure improved performance. Knowledge management has in a great extent assisted organizations towards the establishment and achievement of its strategies and goals. Knowledge has enabled organizations to add value to their operation processes as they try to meet their overacting goals. The added values need to be specific as well as measurable in order to meet organization goals and other achievements.
Morey, D, Maybury, M & Thuraisingham (2002, p. 178) argues that Exploitation and coordination of the organization’ s knowledge are crucial towards gaining an advantage in competition and other benefits in business management. It is important to share knowledge throughout the organization; this assists in achieving targeted goals while creating more knowledge from the basis of existing knowledge. Knowledge management assists in a great extent the utilization of both tactic and explicit knowledge towards creation and fortification of competitive core-competencies. According to De Geus (1997, p.
56) and Dixit (1995, p. 105), Knowledge management comprises of deliberate activities that aim at maximizing the performance of an organization as well as finding other new opportunities and possibilities of expanding operations. Knowledge management emphasizes more on people management rather than communication and information technologies. Knowledge management insists on sharing knowledge while adapting and promoting the creation of more knowledge among the workers in organizations. Knowledge management aims at managing and controlling intangible assets and human capital. Knowledge management is a key aim towards raising competitiveness ability of an organization.
It assists to a great extent in achieving the overall objectives of organizations as well as achieving high efficiency and productivity. It is crucial for management to encourage employees to share the knowledge they have towards the improvement of the organization. They need to be encouraged towards making initiatives in their organizations’ departments as well as knowledge sharing with their colleagues and management. Knowledge-Management-online (2009) maintains that Knowledge management focuses on organizational goals including sharing of learned lessons, integration and continuous organization improvement, improved competitive advantage, performance and innovations.
Knowledge management assists in the reduction of redundant work, retaining intellectual capital as an organization’ s employees turn over as well as reducing time for training new employees. It also assists in adapting to changing markets and business environments.
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