August 12th, 2011
The Value Of Knowledge management
The Value Of Knowledge management
As the saying goes, “Knowledge is king”. This couldn’t be more true today’s fast moving business climate. Knowledge management is a key component in the information age for businesses to evaluate their Intellectual Capital and apply it properly innovate and compete with competitors.
What is knowledge management?
Knowledge management is the process that companies use to measure the value of intellectual worth of each employee in the company. In addition, it is a process that is used to evaluate and track key metrics related to intellectual assets the organization can use to create better services, products, and value to the shareholders of the corporation.
The tools used to manage information and knowledge vary between organizations, but more and more organizations are hiring knowledge managers to manage the process for the business stakeholders. These managers leverage knowledge management systems that track, store, and index these information assets for reference by business managers and employees. A simple example of this is perhaps a business manager is looking for a specific product development skill set. This manager may refer to the knowledge management system and research what employees might be a good fit or those that have worked on similar products. This allows companies to leverage internal resources quickly and helps spur the innovation and product development by finding the right resources, with the right skill for the job at hand.
How does knowledge management benefit new employees?
The existence of a knowledge management program can significantly accelerate the ability for new employees to get up to speed and become productive. Many organization leverage learning management systems, as well Wiki’s to help manage knowledge. In many cases, the new employees will logon to the internal intranet and access these online resources for online training, and knowledge about specific areas pertaining to their jobs on the internal Wiki or intranet. By having this knowledge managed in an organized format, new employees can get up to speed very quickly in their new role.