Knowledge management is defined as a concept in which an enterprise collects, organizes, shares, and analyzes its knowledge in terms of resources, documents, and people skills. It involves data mining and some method of operation to push information to users. Knowledge management could also be a business process that formalizes management and leverage of a firm's intellectual assets. KM is an enterprise discipline that promotes a collaborative and integrative approach to the creation, capture, organization, access and use of information assets, including the tacit, un-captured knowledge of people. For educational institutes, research labs, marketing places km is treated as backbone. Indeed in all organizations, the appropriate utilization of knowledge towards collective intelligence and wisdom plays a vital part in improving its own operations. These organizations seek to enforce a discipline that can be used to systematically leverage expertise and information to improve organizational efficiency, responsiveness, competency, and innovation. Systematically means that the discipline does not rely on informal water cooler conversations, but on planned processes, technology, measurement techniques, and behaviors. Knowledge management seeks to exploit all the key resources that an organization has in place and that can be put to use in a more effective way. So the biggest challenge for any business these days is to provide the correct information that can lead to effective knowledge and can be further used to make better decisions. Certainly, the interest in knowledge management has grown during the last few years. Knowledge management solutions create a platform for extensive data mining. With sharing of information across the firm and getting the details or feedback from consumers and managers can further help in predicting the future trend and thus take a better decision. A brief history of knowledge management
Many number of management theorists have contributed to the emergence of knowledge management, among them such notables as Peter Drucker, Paul Strassmann, and Peter Senge in the United States. Drucker and Strassmann have focused the growing importance of information and explicit knowledge as organizational resources, and Senge has focused on the "learning organization," a cultural dimension of managing knowledge Everett Rogers’ work at Stanford in the diffusion of innovation and Thomas Allen’s research at MIT in information and technology transfer, both of which date from the late 1970s, have also contributed to our understanding of how knowledge is produced, used, and diffused within organizations. By the mid-1980s, the importance of knowledge as a competitive asset was clear, even though classical economic theory ignores knowledge as an asset and most organizations still lack strategies and methods for managing it. Recognition of the growing importance of organizational knowledge was accompanied by worry over how to deal with exponential rise in the amount of available knowledge and increasingly complex products and processes. The computer technology that contributed so heavily to superabundance of information started to become part of the solution, in a variety of domains. The 1980s also saw the development of systems for managing knowledge that relied on work done in artificial intelligence and expert systems, giving us such concepts as "knowledge acquisition," "knowledge engineering," "knowledge-base systems, and computer-based ontology. By 1990, a number of management consulting firms had started in-house knowledge management programs, and many well known U.S., European, and Japanese firms had instituted focused knowledge management programs. Knowledge management was started in the popular press in 1991, when Tom Stewart published "Brainpower" in Fortune magazine By the mid-1990s, knowledge management initiatives were flourishing, thanks in part to the Internet. The International Knowledge Management...
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