Knowledge management is an approach that is used to achieve the objectives of organization by making the best use of existing knowledge. The main purpose of knowledge management is to utilize existing knowledge in order to provide information to right individual at right time. KM enables the service providers to improve and deliver quality of services to the customers. The efficient management of information within the organization is referred as “Knowledge Management”. The three main variables involved in Knowledge Management are- raw data, information, and knowledge. The steps such as- collection of data, organizing data into particular hierarchical format, summarize data to form information, analyzing information, synthesize information and decision making process are followed to transform data into knowledge.
Knowledge management is basically a process that helps the organization to identify, extract, select, and transform data into meaningful information for decision making purpose. knowledge management cycle is a process of extracting knowledge from raw data. The steps involved in knowledge management cycle are create knowledge by doing innovative things, extract usable knowledge, place and store knowledge in repository, make availability of knowledge to every individual.
Knowledge management is a systematic management of an knowledge assets and information of an organization for the purpose of meeting strategic and tactical requirements and creating values, which includes processes, initiatives, systems and strategies, which enhance and sustain the refinement, sharing, assessment, storage and creation of knowledge. Therefore, KM (Knowledge Management) implies a strong tie for the organizational strategy and goals. Further, includes the knowledge management, which is useful for some of the propose and that creates the value of the organization. Therefore, the knowledge management provide and creates the appropriate knowledge, structures, people, teams, culture etc. thus, as to improves the learning must store the knowledge and make it often available for the people, whenever they need it. further, it must repeatedly remove, assess, refine, and apply organizational knowledge in the conjunction with concrete short and long term factors. The knowledge management depends upon the knowledge of organizational management conversion and creation mechanism, retrieval facilities and organizational memory, organizational culture and organizational knowledge. The terms Knowledge management comes from the consulting community of an organization. Therefore, the knowledge management be seen as the undertaking indeed and replicate in order to create the environment of information is known to be organize the successful and Research and Development (R&D).
Most of the time knowledge treated very similar to information but have some difference. In technical words, knowledge can be defined as “information that has purpose or use” or information about information” and implies know-how and understanding of the knowledge. Thus Knowledge management used to the access right knowledge at right time. Knowledge management does not mean to manage knowledge, rather crate value and leverage and refine the knowledge to achieve specific goals. Knowledge management is all about making the right knowledge available to the right people so that easily retrieved and use. Organization use knowledge management to coordinate and exploit organizational knowledge in order to create benefits and competitive advantages. Knowledge management is basically focus on the enhancement of the knowledge based assets, so that organizations can resolve their issues related to information at right time and increase their productivity. Knowledge management includes:
ü Structured and unstructured knowledge
ü Focus on people, processes, knowledge and intelligence.
ü Is about know-how, why, and who
ü Defines how knowledge is created and shared
ü Create and locate knowledge, enables to understand processes and perception includes in knowledge management.
Knowledge management is defined as the systematic approach of an organization’s knowledge assets in order to creating values and meeting that is very tactful for strategic requirements. Knowledge management is considered as a collection of systematic approach that is very advantageous for the organization so that they can help the organization’s to gather information and knowledge flow between right individuals at the right time. This may lead to creation of organizational value effectively and efficiently. Typically, a knowledge management consists of several activities named as initiatives, processes, strategies and systems that are used to enhance the overall assessment, sharing, storage along with creation of knowledge. At last, knowledge management is a process of managing an organization with a great focus on knowledge.
Knowledge management has following types that are outlined below:
Ø Knowledge psychology.
Ø Declarative knowledge.
Ø Explicit knowledge.
Ø Tacit knowledge.
Ø Individual knowledge.
Ø Collective knowledge.
Knowledge psychology- Knowledge psychology is differentiating declarative knowledge and procedural knowledge. Procedural knowledge is referring as the process that carries the way of related processes and actions executed. Procedural knowledge is also defined as process knowledge and is used in order to build the structure on knowledge basis. Declarative knowledge is prescribed as knowledge of knowing something.
Explicit knowledge- Explicit knowledge refers as a process of knowledge that are understand and can be expressed in certain ways.
Individual knowledge- Individual is the knowledge that is described by individuals. It is not depending upon certain circumstances.
Collective knowledge- Collective knowledge is defined as a process of knowledge that is applied in a certain environment such as companies and clubs etc. It is sort of group knowledge that is applied by individuals so that effective organization can be developed. This process can be illustrated via following example, a single person cannot able to establish a co-operation. A group of talented persons have to combine their knowledge inventory in order to develop a co-operation. It is sort of a group knowledge.