KNOWLEDGE MANAGEMENT

Knowledge management is how we manage our knowledge. This includes our creativity, skills, leadership and competencies. The management of our knowledge is commonly referred to as knowledge management. In the business world, the definition of knowledge management also includes the maintenance of a knowledge base or portal where specific knowledge related to the company is housed. Only a few initiatives are able to truly transform how an organization operates, and knowledge management is one of them.

Types of knowledge management:

The types include,

  • Explicit knowledge management
  • Implicit knowledge management
  • Tacit knowledge management

Explicit knowledge management: Explicit knowledge means the knowledge which covers topics that are easy to systematically document, and share out at scale: what we think of as structured information. Explicit knowledge includes things like frequently asked questions (FAQs), instructions, raw data and related reports, diagrams, one-sheets.

Implicit knowledge management: Implicit knowledge is what is gained when you learn the best way to something. You can then take that experience and synthesize it with other learned information in order to solve an entirely new problem. This is very much different from the explicit management. Generally implicit knowledge management is been excluded from traditional because it is very much difficult.

Tacit knowledge management: Tacit knowledge is intangible information that can be difficult to explain in a straightforward way, such as things that are often “understood” without necessarily being said, and are often personal or cultural. Tact knowledge is very informal and is applied only for a specific situation. Knowledge which is gained from personal experience and is more difficult to express.

Knowledge life cycle:

There are 4 stages in knowledge life cycle, they include

  • Creation
  • Mobilization
  • Diffusion
  • Commoditization

Creation: The first stage in knowledge life cycle is creation. It is about creating the knowledge, how it is going to be applied.  In fact, no one can fully understand the idea or emerging knowledge, even if person creating it. In doing business, the suitable strategy in this early stage is to test the idea on its commercial viability.

Mobilization: It is the improved state of creation, the value of knowledge will be more creative in mobilization stage.  In fact, no one can fully understand the idea or emerging knowledge, even if person creating it. In doing business, the suitable strategy in this early stage is to test the idea on its commercial viability.

Diffusion: Diffusion is the third stage in knowledge life cycle. The organizations will accept the leakage of knowledge, and no longer try to keep the knowledge under wraps. They will spread out the knowledge by selling it to outsiders.

Commoditization: The last stage in knowledge creation life cycle is the commoditization stage. The organizations concentrate on managing knowledge that is already well known. The basic knowledge has been completely diffused. However, there are many opportunities to extract value from current knowledge to generate one in this stage