Knowledge Management: Strategies that maximize intellectual and information resources

Knowledge Management (KM) refers to strategies and procedures that maximize intellectual and information resources. Employee education, experience and expertise are examples of intellectual resources. Documents and data are examples of information resources. KM depends on the processes of creation, collection, sharing, recombination and reuse of these resources. The ultimate goal is to create new value by improving the efficiency and effectiveness of knowledge and procedures while increasing innovation and providing more accurate information for decision-making. …

…is fundamental to future success in any knowledge-based market place. There are several sources of information, including customer knowledge, knowledge in people and processes, which are potential focal points for knowledge initiatives. It can increase productivity through better knowledge sharing, provide better client service by providing rapid access to information, and can help solve emerging problems by connecting managers with subject matter experts. When knowledge management is properly utilized, it can significantly benefit any organization.