A guide to knowledge management strategy

Effective knowledge management holds the key to becoming true leaders in an organisation. Unfortunately, most managers are yet to understand this concept and believe this to be tantamount to systematic recording of the information available. However, in order to assess the strategic importance of following knowledge management systems and using various knowledge management strategies and tools to encourage the process of creation and sharing of knowledge within an organisation, keep reading.

What is knowledge management?

Definition of knowledge management It is the assortment of all the processes that are related to creation, propagation and use of knowledge within an organisation. In today’s world of cut-throat competition, intellectual capital is of utmost importance for any organisation and it plays a vital role in decision-making at every managerial level. With an effective knowledge management strategy in place, an organisation can make sound business decision and effectively combine the expertise and experience of its human resources with key market data or information available to get an edge in the market.

What are the key knowledge management strategies?

In order to achieve effective dissemination and utilisation of knowledge within an organisation, some key knowledge management strategies need to be used. These can include the push and pull strategy. While the first strategy requires employees to create a database of knowledge and placing the same in a shared knowledge repository that can be accessed by all, the second strategy involves passing on requisite knowledge from one individual to another on a personal level.

What are some basic knowledge management tools that organisations use?

Whether a company adopts a push or a pull model of knowledge management, it needs to employ some basic tools to ensure the creation and transfer of knowledge. Methods Some common methods to achieve the same include providing rewards to motivate knowledge sharing, holding cross-project learning sessions, mandating project completion reviews, preparing a map of knowledge repositories, assessing the manager and trainee relationship and creating an online social platform for employee interaction and knowledge sharing through blogs, social bookmarking and so on. Many organisations also hold storytelling sessions to transfer tacit knowledge to the employees. To sum up In view of the opportunities that can open up with effective knowledge management, more and more companies are waking up to the need of this and adopting various strategies to ensure the same. Efficient knowledge management can help to deal with information explosion and use relevant data to create value within the organisation.