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What is Knowledge Management Introduction Generally knowledge is interpreted subjective information within a context which involves understanding and is mostly tacit not explicit Knowledge can take many forms It can be in the form of thoughts insights ideas lore lessons learnt practices and experiences undergone to name just a few The term knowledge management has become common in businesses throughout the world Despite its increased prevalence there remains a large degree of confusion concerning the applied definition of what knowledge management is Within the knowledge management community attempts at defining this elusive term appear to be in constant flux However a basic description of what constitutes knowledge management and the various factors leading to its importance source problems and other basic related issues necessary to achieve a general understanding have been provided below This field guide is intended to provide information concerning these issues in terms that are applicable in any situation Obviously each business has their own sets of definitions applications and style with respect to this tool What is Knowledge Management There are prevalent definitions of knowledge management needing to be highlighted First that knowledge management KM is the discipline that enables productive generation retention sharing and maintenance of knowledge to improve the decision-making process and resulting actions Alternatively one can state that knowledge management is the process by which individual learning and experience can be accessed reflected upon shared and utilized in order to foster enhanced individual knowledge and thus organizational value It is an approach to managing thoughts insights ideas lessons learnt best and worst practices experiences made available etc Managing this knowledge requires that knowledge is captured where it is created shared between people and applied in business processes If the culture allows and encourages it and if technology supports it then learning will happen Currently 85 of organizations said their ability to strategically manage knowledge is weak 80 said hiring evaluation and compensation practices do not take
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