What is Knowledge Management?

Knowledge Management Teambuilding

Knowledge Management (KM) is the process of creating, selecting, sharing, and effectively using and managing the knowledge within an organization. It is an internal communication tool, and it is used for selectively applying knowledge from previous experiences to current and future decision-making activities with the purpose of improving the organization’s effectiveness.

Sharing knowledge is an interesting way of coming up with new, innovative ideas. The purpose of KM is precisely to capture, use, and analyze the impact of a group’s collective knowledge to boost the organization. In the business world, the definition of Knowledge Management includes the maintenance of a knowledge portal where specific information related to the company is housed.

Usage of KM

Knowledge Management refers to a multidisciplinary approach to achieve organizational objectives by making the best use of knowledge. It presents solutions that streamline the process of capturing, distributing, and using knowledge in favor of the company.

When an organization can easily access, share and update the business’s knowledge, it will be more productive and cost-efficient. Because the ability to access the right knowledge at the right time, through a solid KM system, will enable a more accurate and rapid decision-making process and stimulate collaboration and innovation.

Types of KM

Knowledge Management helps you acquire, organize and transfer knowledge inside the organization. There are three types of KM:

  • The explicit, where knowledge is easy to write down and share;
  • The implicit, where knowledge is applied;
  • The tacit, where knowledge is gained from personal experiences through one’s work.

Benefits of KM

The more effectively and efficiently a company shares its information with the personnel, the better the business will perform. Some benefits of Knowledge Management comprise:

  • Faster decision-making
  • Efficient access to knowledge and information related to the organization
  • Increased collaboration and idea generation
  • Enhanced internal communication
  • Improved quality of information and data
  • Optimized training of employees

Example of KM

An example of a KM system are the wikis, aka intranets. These internal web pages are easy and quick tools that allow anyone within the company to search, publish or store information in a central location to all company. They can provide information, ensuring the independence of employees when they have any doubt, or want to contact a colleague which is not from his/ her department, for instance.

Sometimes companies lose millions per year “just” because they fail to share knowledge. And this happens through activities and systems of KM.

If you wish to improve your internal communication to boost your business, talk to us.

By: Marta Leite, copywriter in Media em Movimento

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