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Capturing knowledge wealth
Knowledge management is the systematic management of an organization’s knowledge assets for the purpose of creating value and meeting tactical and strategic requirements. It consists of the processes, strategies, and systems that sustain and enhance the creation, storage, and sharing of knowledge. There is a staggering increase in the price tag for data, and it is expected to grow further. It is evident that Big Data is going to alter the way business is done in the very near future. Furthermore, the collection and analysis of data have the potential to allow businesses to make better and more strategic decisions. Hence, the collection, storage, and transformation of information into knowledge are the key pre-requisites to data analytics.
Building a knowledge management system allows the practice of identifying, creating, communicating, socializing, measuring, and improving internal knowledge to support strategic objectives (Hislop et al., 2018). An organization is able to respond quickly to market trends and demands without having to wait for the lead time or to negotiate with a third party for the ideal data. Furthermore, there is specific information that an organization wishes to capture and use to create strategic value, and they may not want their competitors to know this through a third party. Having a knowledge management system enables an organization to using strategic know-how effectively for competitive advantage in the global knowledge economy. Additionally, an organization can capitalize on knowledge flows generated through systematic approaches of managing know-how, best practices, and standard operating procedures.
People matters
A learning organization comprises humans, knowledge, and...