yees to effectively share information in ways which allow them to learn from one another as well as diminishing the number of mistakes made. According to Jeffrey Tan, the organization that is able to effectively manage knowledge “Will gain tremendous competitive advantage” (12).
Within knowledge management is a cyclical process that involves the creation and sharing of information, often referred to as intellectual assets. This process explains the “how” of creating and sharing knowledge. The five stages in the KM Cycle are listed below:
For knowledge management to lead to better performance, a knowledge management framework must be incorporated into the organization’s strategies, policies, and practices at all levels. Knowledge acquisition is the first and one of the most significant aspects of effective KM. Better performance can be had by those who benefit from such intellectual asset acquisition. For example, if an employee attends a seminar and documents the knowledge learned while there, even if the employee leaves the firm others employees are able to take advantage of what is now a company asset – intellectual information. Storing and organizing knowledge are also crucial to effective KM, as well as distribution of knowledge. Technology is often employed by companies as a means of making information accessible and useful to employees at all levels of the organization. Even though these steps are crucial to effective KM, perhaps knowledge application is the most significant aspect of KM because done effectively it enables management and employees to bridge the gaps between “theory and practice” and “knowing and doing”. As noted by Tim Fielden (47):
Knowledge can only truly be judged by its effectiveness and usefulness. Each piece of information builds upon another toward mastery, and you should apply knowledge to your organization accordingly. For example, by taking knowledge gleaned fro...