Knowledge is facts, information, and skills acquired by a person through experience or education; the theoretical or practical understanding of a subject. Wisdom is the insightful quality of having experience, knowledge, and good judgment; the inner quality of being wise. Does transformation start when wisdom is converted to knowledge or when knowledge is converted to wisdom? Is wisdom management as the same as knowledge management or wisdom management is a higher level of knowledge management? Many well-established organizations have information and knowledge management, how about wisdom management?
Knowledge-Insight-Wisdom Hierarchy: There is explicit knowledge - things people write down, things people can explain to others easily - and then there is tacit knowledge - the stuff that people know how to do but is not easily captured because it's all in their head. Tacit knowledge is more akin to insight which is something where people have the experience, knowledge, and good judgment. Wisdom is the transformation of you into “A REAL YOURSELF” for which your knowledge may help you sometimes facilitates too, but you need to have an inner drive to demonstrate wisdom.
Wisdom must undergo a conversion to knowledge before it can be properly managed. Wisdom includes whatever knowledge we've acquired to this point in our life and it incorporates experience, reflection, and questioning. it may seem intangible, but it is very real and valuable. True wisdom is definitely related to experience, directly or indirectly (via learning). But only if you have learned something from those experiences, and make it part of your inner-self, will your knowledge turn into wisdom.
Wisdom is application of knowledge at right time: Knowledge is Information or experience;
it is a collection of facts and raw data. What one does with the raw data requires wisdom. Wisdom is an umbrella term, at its best, it is the amalgamation of thought, analysis, planning, prediction of consequences, and so on. It is necessary to educate people to become aware of the many dimensions of any particular initiative. Depending upon the actual initiative, they may be the environment, labor relations, community relations, professional credentials of those involved, competitors, suppliers, distributors, regulators, etc. The wise person will consider the current and future needs of all of these constituencies when planning and executing the project. If these constituencies are all the same or better at the end of this project, wisdom will have been demonstrated.
The wisdom management is to manage collective wisdom which gains more knowledge that creates more wisdom. Understanding of wisdom in the data, information, knowledge, and wisdom spectrum is that wisdom is the application of knowledge to solve practical problems in the daily life. See wisdom as the result of life experience or knowledge transcendence. Wisdom comes from making mistakes and learning from them (or from others mistakes), and so knowledge comes before wisdom and wisdom use knowledge. Then knowledge is the result of lessons we learned by exploitation of our wisdom! Less knowledge means less factual wisdom. As wisdom encourages to keep on gathering facts (knowledge). Knowledge without wisdom creates catastrophe; when it creates wisdom which gains more knowledge that creates more wisdom.
In some organizations, knowledge management and wisdom management are the separate coins that don't need to be separate; for many others, it’s the same information-knowledge-wisdom continuum; either way, the goal of such management disciplines helps improve organizational change adaptability, idea adaptability, learning capabilities and overall business agility.