The benefits of knowledge management are-
ü KM helps the organization to provide quality of services to users.
ü KM also ensures customer satisfaction and establish strong customer-relation with organization.
ü KM helps the organization to diagnose problems in the system by reducing time parameter.
ü KM also helps to improve team communication strategy.
ü With the help of KM, the reputational value of organization in the market will get enhanced.
The disadvantages of Knowledge Management are-
ü KM does not facilitate organization to share proper knowledge with the employees and it in return adversely affects the operational performance of the organization.
ü KM systems are complex so extra training must be provided by the organization to the employees thus it will be costly for the organization.
ü Sometimes KM system will not able to fully utilize the information that it collects
ü KM systems are vulnerable to cyber-attacks attacker can hack the KM system and can use data for illegal purpose.
Knowledge management in an organization is an integrated approach to identify, capture, share, retrieve, and evaluate information assets. Knowledge is gathered from databases, documents, procedures, policies, and even extract from previous experienced of experts and individuals. Knowledge management helps to meet tactic and strategical requirements of an organization. Knowledge management provides information of organization needs, methods to promote learning, sharing, and knowledge creation.
It is useful:
· to know about organizational needs.
· helps organization to learn from past experience by processing knowledge stored in the knowledge management.
· To develop right competencies, and skills and remove obsolete knowledge.
· Storing knowledge for use make organization enable to protect its important knowledge and confidential information from being lost or copied.
· With the help of knowledge management, knowledge from past process can be modify into a new solution.
Disadvantages of knowledge management:
· The main disadvantage of the knowledge management is extracting information from previous experienced and interpret others views in a structured way.
· Knowledge management intends to share information among organizational resources, but it is difficult to share the knowledge among all employees
· Extracting knowledge may sometimes become lengthy and consumes too much time.
· There is no exact implementation method for knowledge management, make it difficult to use in real world effectively.
· Sometimes people do not agree to share, reuse their experience.
Knowledge management (KM), system enhance the robustness by adding the relationship data and context in order to store the documents. The six steps of knowledge management involve storing, indexing, analysing, capturing, creating and disseminating information. Thus, by adding information to the documents, either through semantic or tags and topic ontologies. The term used to represent and describe an area of knowledge users can identify the complete answers in an efficient manner.
Business Intelligence (BI): Business intelligence personnel gather information from number of sources to understand the competitors, customer, and marketplace. Part of the business analyst job requires distributing timely information for the decision makers.
Project management: Many aspects of the project management advantages from lesson learnt and experience on the past projects that includes problem solving, risk management and cost estimating.
There are few disadvantages such as:
· It is observed that extracting information is tiring.
· In order to get into the brain of the workers, it is complex.
· Issues associated with the organization related to the information sharing.
Typically, knowledge management have several benefits and drawbacks of knowledge management are as stated below:
Benefits of knowledge management.
Ø Improved organizational agility.
Ø Faster and effective decision making.
Ø Higher problem solving.
Ø Increased innovation rate.
Ø Supported employee’s overall growth and development.
Ø Better communication.
Ø Improved business processes.
Ø Better strategic processes.
Ø Increased knowledge inventory.
Ø Improved operational processes.
Drawbacks of knowledge management.
Ø Make information and resources complex to find.
Ø Knowledge alignment becomes more difficult.
Ø Integrating knowledge management into existing processes and information systems.
Choosing and implementing knowledge management technology becomes very complex