Write 9 page essay on the topic The Concept of Knowledge Management.
This research will begin with the statement that knowledge management refers to the process that organizations often use to capture, develop, share, and utilize the employees’ knowledge capital at all levels of the organization effectively. Organizational learning through knowledge management is a significant source of an organizational competitive advantage since multinational corporates must compete within complex and constantly shift business environments. Organizations can leverage knowledge management in their strategic operations, to make more informed decisions concerning how to organize their value chain operations to maximize customer satisfaction.
Knowledge management enables organizations to improve their processes in terms of effectiveness, efficiency, as well as innovativeness, in the creation of value in form of quality products and services for customers. Avoiding wastage, sharing relevant best practices, and conducting corporate learning programs are ways through which the firm can apply knowledge management systems in the sales, marketing, manufacturing, and production processes. Key challenges in the establishment of knowledge management systems within the organizations’ operational structure include the problem of acquiring, modeling, and retrieving, reusing, and publishing, as well as maintaining knowledge. Organizations today are continuously faced with a rapidly shifting global business environment, partly due to globalization and the fast-changing technological advancements, which prompts the need for leadership to respond fast to the increasing complexity and uncertainty.
Enhancing the effectiveness and efficiency of organizational operations is positively correlated to the overall performance of the firm, and ultimately to the establishment of sustainable profitability and sustainability in the end. Organizations are increasingly adopting a knowledge-learning stance as their strategic approach to alleviating the numerous challenges in their operation chains, to achieve their objectives effectively and efficiently.