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Knowledge ManagementLearn about knowledge management, a process of creating, storing, using and sharing knowledge within an organization. What is knowledge management?Knowledge management (KM) is the process of identifying, organizing, storing and disseminating information within an organization. When knowledge is not easily accessible within an organization, it can be incredibly costly to a business as valuable time is spent seeking out relevant information versus completing outcome-focused tasks. A knowledge management system (KMS) harnesses the collective knowledge of the organization, leading to better operational efficiencies. These systems are supported by the use of a knowledge base. They are usually critical to successful knowledge management, providing a centralized place to store information and access it readily. Companies with a knowledge management strategy achieve business outcomes more quickly as increased organizational learning and collaboration among team members facilitates faster decision-making across the business. It also streamlines more organizational processes, such as training and on-boarding, leading to reports of higher employee satisfaction and retention. Types of knowledgeThe definition of knowledge management also includes three types of knowledge—tacit, implicit, and explicit knowledge. These types of knowledge are largely distinguished by the codification of the information.
Knowledge management processWhile some academics (PDF, 156 KB) (link resides outside of IBM) summarize the knowledge management process as involving knowledge acquisition, creation, refinement, storage, transfer, sharing and utilization. This process can be synthesized this a little further. Effective knowledge management system typically goes through three main steps:
Knowledge management toolsThere are a number tools that organizations utilize to reap the benefits of knowledge management. Examples of knowledge management systems can include:
Strategies to accelerate knowledge managementWhile knowledge management solutions can be helpful in facilitating knowledge transfer across teams and individuals, they also depend on user adoption to generate positive outcomes. As a result, organizations should not minimize the value of human elements that enable success around knowledge management.
Knowledge management use casesArmed with the right tools and strategies, knowledge management practices have seen success in specific applications, such as:
Benefits of knowledge managementCompanies experience a number of benefits when they embrace knowledge management strategies. Some key advantages include:
Knowledge management and IBM WatsonPartner with IBM to get started on your latest knowledge management initiative. IBM Watson Discovery is AI-powered search that uses natural language processing (NLP) to retrieve answers and uncover insights buried in documents, webpages and big data. Watson Discovery cuts down search time by more than 75%. Watson Discovery is powered by natural language processing (NLP). NLP capabilities interpret human language and understand its meaning and context. Watson Discovery can quickly comb through diverse content in connected data sources with contextual understanding, pinpoint the most relevant passages, and provide source documents or webpages. Create a knowledge management system with AI to make all necessary information easily accessible and uncovers meaningful business insights. Sign up for a Watson Discovery account on IBM Cloud, where you gain access to apps, AI and analytics and can build with 40+ Lite plan services.
Featured productsWhich of the following is considered a key decision in supply chain management SCM related to manufacturing?A key decision in supply chain management (SCM) related to manufacturing is pricing.
Which is effective in tracking and analyzing customers buying patterns?In a customer relationship management (CRM) system, which is effective in tracking and analyzing customers' buying patterns? Businesses find attracting new customers less expensive than maintaining current customers.
Which is a benefit offered by a well designed enterprise resource planning system?Through a well-designed ERP platform, your supply chain can become better and more responsive via improved demand forecasting, inventory management, procurement and more.
Which statement is true of web based electronic data interchange open EDI?Which statement is true of Web-based electronic data interchange (Open EDI)? It reduces the cost of transmitting documents.
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