Wednesday, October 10, 2007

Knowledge Management

Description Knowledge Management develops systems and processes to acquire and share intellectual assets. It increases the generation of useful, actionable and meaningful information and seeks to increase both individual and team learning. In addition, it can maximize the value of an organization's intellectual base across diverse functions and disparate locations. Knowledge Management maintains that successful businesses are a collection not of products but of distinctive knowledge bases. This intellectual capital is the key that will give the company a competitive advantage with its targeted customers. Knowledge Management seeks to accumulate intellectual capital that will create unique core competencies and lead to superior results.Methodology Knowledge Management requires managers to:
Catalog and evaluate the organization's current knowledge base;
Determine which competencies will be key to future success and what base of knowledge is needed to build a sustainable leadership position therein;
Invest in systems and processes to accelerate the accumulation of knowledge;
Assess the impact of such systems on leadership, culture, and hiring practices;
Codify new knowledge and turn it into tools and information that will improve both product innovation and overall profitability. Common uses Companies use Knowledge Management to:
Improve the cost and quality of existing products or services;
Strengthen and extend current competencies through intellectual asset management;
Improve and accelerate the dissemination of knowledge throughout the organization;
Apply new knowledge to improve behaviors;
Encourage faster and even more profitable innovation of new products.

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