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KNOWLEDGE MANAGEMENT

TodayÆs large, global, decentralized organizations must rely on knowledge management to retain competitive advantage. According to Peter Drucker, when knowledge is applied to tasks it is called ôproductivityö and when knowledge is applied to new and different tasks it is called ôinnovationö (Hibbard, 1997, 46). Innovation is a major differentiator that enables companies to retain competitive advantage. Innovation is a differentiator that can be ongoing and continuous with sound knowledge management. As Hibbard (1997) notes, ôthe raw material of innovation is knowledgeö (p. 46).

Knowledge management is leveraging knowledge and information within the organization in a way that allows a company to differentiate itself from competitors. Whether the knowledge is locked in databases or employee minds, harnessing that knowledge and applying it where it will achieve the greatest outcome is what knowledge management is all about. According to Hibbard (1997) knowledge management is ôthe process of capturing a companyÆs collective expertise wherever it residesùin databases, on paper, or in peopleÆs headsùand distributing it to wherever it can help produce the biggest payoffö (p. 46). Managing knowledge includes making sure the right knowledge is disseminated to the right people at the right place and time so better decisions are made.

Knowledge management is becoming increasingly important in the global era of increased competition. Because it enables greater innovation, a key to competitive advantage, knowledge management is becoming big business in its own right. A survey conducted by Ernst & YoungÆs Center for Business Innovation and Business Intelligence reported that 94% of respondents believed they could ôleverage the knowledge in their organizations more effectively through deliberate managementö (Hibbard, 1997, p. 46). It is estimated that U.S. businesses paid $5 billion to knowledge managemen

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KNOWLEDGE MANAGEMENT. (1969, December 31). In LotsofEssays.com. Retrieved 05:26, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1709748.html