| Definition |
Knowledge Management develops systems for acquiring and disseminating intellectual assets, and for increasing the outputs they generate. It seeks to increase both individual depth and team learning. Knowledge Management maintains that successful businesses are not a collection of products, but of distinctive knowledge bases. The key to success, therefore, is developing intellectual capital in areas that will give the company competitive advantages with its targeted customers. Knowledge Management seeks to build the intellectual capital that will create unique core competencies that will then enable distinctive products that will build superior results and shareholder value. |
| Implementation |
Knowledge Management requires managers to:
- Catalogue and evaluate the organisations current bases of knowledge
- Determine the competencies that will be key to future success, and identify the knowledge bases that can build sustainable leadership positions in these competencies
- Invest in systems and processes to accelerate the accumulation of knowledge
- Classify new knowledge and turn it into tools and information that will improve the business profitability
- Improve the circulation of knowledge throughout the organisation
- Apply new knowledge to improve behaviours
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| Purpose |
Knowledge Management is employed to:
- Improve the cost and quality of existing products or services
- Strengthen and extend current competencies
- Build new intellectual capital required for future success
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