Knowledge M Essay -- essays research papers

IntroductionIn todays economy, potfuls are constantly seeking was to achieve faster close making, higher levels of product, better service, and process innovation to gain competitive advantage over other corporations. Various information technologies have been adapted in to corporations business plans in order to optimize competitive advantage. However, with the increase in competition, information technologys applications in business no long-dated serve as a great advantage. The need for new business strategies arises along with the emergence of the knowledge society (Styhre, 2003) having information is no longer a source of competitive advantage. In todays business environment, establishmental knowledge is recognized as a significant source of competitive advantage, how promptly organizations determines knowledge and creates value out of it determines its competitiveness. (Shukla)In an economy where the only certainty is uncertainty, the one sure source of competitive advantag e is knowledge. When markets shift, technologies proliferate, competitors multiply, and products become obsolete nearly overnight, successful companies are those that consistently create new knowledge, disseminate it widely throughout the organization, and quickly embody it in new technologies and products.-Harvard Business Review (1998) fellowship focus is a business strategy that identifies, organizes and shares information essential to the company so it can be applied to optimize business performance. The content of this reputation provides the fundamental concepts to the practice of Knowledge Management and how it should be applied. Explanation of the technology, its application in business, benefits, and the essentials of designing a knowledge management program are introduced and explained in further details.Knowledge Management Technology and TrendsThe practice of knowledge management is often confused with information management. So what is knowledge management? And exact ly how should it fail? B. Begeron (2003) defines knowledge management as the ability to selectively capture, archive, and access the best practices of work-related knowledge and decision making from employees and managers for both individual and group behaviors. Knowledge management is still a relatively new practice in business organi... ...pplications. (Santosus, 2002)ConclusionKnowledge management, being a relevantly new practice in business organizations, requires a great deal of planning and setting systematic knowledge management program according to the organizations business goals. some(prenominal) factors must be applied to building a successful knowledge management program1.Leadership is essential.2.Training and reeducating of knowledge workers is the key to increasing the organizations assets3.Business goal must be set and expectations must be managed.4.Knowledge management depends on information technology.5.Knowledge management is a constantly evolving process.If a k nowledge management program is designed and applied accordingly, beneficial results would occur. We can conclude that knowledge management, instead of being applied as a technology based concept, it should be applied as a daily business practice of sharing information among employees and departments in order to correctly import knowledge in to use when it is needed