Firstly, I will be discussing about the concept of knowledge management defined by different authors. Myriad authors have different definition for knowledge management. According to King (2009), knowledge management is “the planning, organizing, motivating, and controlling of people, processes and systems in the organization to ensure that its knowledge-related assets are improved”. Similarly, Fernandez and Sabherwal (2015) defines knowledge management as “doing what is needed to get the most out of knowledge resources”. It is a collective and combined method to the formation, admittance, and usage of an organization’s intellectual assets (Grey 1996).
Secondly, to achieve competitive advantage, information technology (IT) might empower knowledge management. A firm’s competitive advantage depends more than anything on its knowledge (HR Magazine, 2009). As per the 2015 Knowledge Management Priorities Report, 61 percent have optimistically responded to the future of knowledge management programs and 93 percent of associations have budget allocated to knowledge management (Mao et al., 2016). The organizations today consider knowledge management to make effective decision making by enhancing the quality of working. It further helps the mangers to embrace change, encourage new ideas which often leads to innovation (Quast, 2017).
Third, the DIKW hierarchy or pyramid also known as data, information, knowledge, and wisdom hierarchy is one of the essential and extensively acknowledged models in the information and knowledge management. It is frequently utilized verifiably in meanings of information, data and learning in reading material in data administration, data frameworks and information administration. The pecking order is utilized to contextualize information, data, learning, and now and again astuteness, as for each other and to distinguish and depict the procedures engaged with the change of a substance at a lower level in the progressive system to an element at a more elevated amount in the pyramid. The implicit supposition is that information used to utilize to make data, data can be utilized to make learning, and learning can be utilized to make intelligence (Rowley, 2007).
Figure 1: DIWK Pyramid
Source: Khandelwal (2016)
Fourth, there are many classifications that require various kinds of knowledge. The most basic distinction is tacit and explicit knowledge. Tacit inhabits the minds of people and is interpretation of Polanyi’s definition either impossible or difficult to articulate. Most knowledge is tacit in nature. It is developed over a long period of time through trial and error. While making strategic decision making, tacit knowledge plays a primary role. Brockmann and Anthony (2002) assert that effective decisions take place when tacit knowledge is applied explicitly during strategic sessions. Tacit knowledge management is crucial in executing day-to-day job functions effectively and efficiently which will automatically enhance the performance of organizations (Muthuveloo et al., 2017).
Figure 2: Knowledge Management Hierarchy
Source: Bender and Fish (2009)
On the other hand, explicit knowledge consists of gathering facts, rules, or document management that can be stored and codified in electronic form or paper. It can also be shared without the need of discussion. Information systems are usually seen as playing a central role in facilitating the dissemination of explicit knowledge assets over company intranets or between organizations via the internet. Toyota also follows a highly disciplined explicit knowledge management practice of documenting the tasks that each team of workers and each individual worker is asked to perform on its assembly lines.
Fifth, the codification and personalization strategy is always preferred as the strategies for knowledge management for sharing the tacit and explicit knowledge. The codification strategy is known for collecting the knowledge and store in database in an explicit form. This helps the organization to save both time and money. On the contrast, the personalization strategy focuses on not storing the information but to use the information technology to help people communicate their knowledge. The main purpose of this strategy is to transfer, communicate, and exchange knowledge via forums (Greiner et al., 2007).
The first news I found interesting was discussed by Lerner (2017) who argues that the organizations today expect too much from technology and not enough from their people and processes. There are different applications or app for everything but still people have to contribute in the processes enabled by these applications. Also, the same knowledge management system does not work for every organization. According to “The State of Knowledge Management: 2016-17 KM World Survey, over half of the respondents listed the lack of knowledge sharing integration as a major hurdle to implementing KM” (Lerner, 2017). An effective system should be selected to meet the requirement of an organization.
Likewise to consider technology, organizations have to comprehend why they require something in any case. Knowledge management embraces numerous business challenges. Those difficulties accompany their own necessities and practical needs. A few difficulties require coordinated effort like collaboration tools while some need report and substance administration frameworks. However, they still require project management, business intelligence software, and talent acquisition.
The second event I found was how “knowledge work automation” over the next 10 years will be the most significant technology to influence throughout the world just “second only to the addition of 2 to 3 billion mobile internet users by 2025” predicted by McKinsey & Company (Sierra, 2017). The automation of knowledge work is expected to have huge economic impact by 2025. These figures don’t include any estimate of the value of higher quality output expected through the more productive use of knowledge tools. The increasing level of competition, customer driven requests, and market alliance have enhanced a shift towards the automation of knowledge work. More and more organizations are revolving to advanced technologies to incorporate valuable know how into core business activities. This is further helping them in the processes to rationalize and innovate service delivery.