Organizational data, information, knowledge, and insight are the different stages of the information life cycle that organizations need to manage effectively and improve their business capability maturity. Here are three characteristics of knowledge management.
Knowledge assets are a blend of resources, not a single asset: Knowledge Resources include knowledge, education, training, insights, experience, etc, of the people who comprise the company. Nowadays the business and the whole world are so hyper-connected and interdependent, knowledge assets are a blend of resources. While you might deploy a person as an asset, they are limited by capability, which is more often than not ignored when taking an asset management approach to managing knowledge. The goal of knowledge management is to maximize collective human potential.
Organizations are making a seamless management shift from managing people as a human cost to treating humans as resources to investing in people as the capital and managing knowledge as a soft asset. Talent management, knowledge management, and resource management need to be integrated into a holistic approach to unlock business performance.
The value of knowledge is emergent: Knowledge is only a click away nowadays. There is false information, knowledge becomes outdated sooner than you think. Knowledge asset scanning is vulnerable to the context of time and place. The value of knowledge is emergent and not always known at the time of a reductionist scan. Thus, knowledge cannot be managed like other hard assets. The problem is that knowledge doesn’t always inform you of true understanding, so digital organizations and their people must learn through their interactions with the business environment continually for adapting to changes promptly. You need to not only assimilate existing knowledge, more importantly, you also have to keep updating knowledge, create new knowledge and become the knowledge value creator.
Knowledge is power. During the stage of knowledge as tacit or implicit, it is extremely volatile. With the mixed bag of new information and outdated knowledge, the management knows the tasks and knowledge required to sustain itself and creates an environment and business systems to reach a well-defined vision. The goal of knowledge management is about optimizing processes to keep knowledge flow and update for creating business value and producing measurable progress in the business.
The exploration of knowledge is interdependent: Knowledge does not stand still, and knowledge is not an isolated fact but interdependent, it needs to flow and transfer for achieving its business value. When speaking of knowledge, the firm does not always own the asset. Therefore, the deployment has to consider agency and interdependency of ownership. In fact, the complexity of knowledge management requires the exploration of the interdependencies that contribute to the value of critical knowledge.
Knowledge Management is a lot about diplomacy, engaging and persuading people to take part so that knowledge can flow frictionlessly to enforce cross-functional collaboration and foster digital fluency. Organizations can work toward a knowledge ecosystem view. A thoughtful and systematic knowledge management solution needs to explore the breadth and depth of knowledge, its prospects and practice to improve the collective learning capability. An essential role for Knowledge Management is the need to enable knowledge flow, connect ideas but also people, and crucially manage to generate business value.
Knowledge Management plays a crucial role in building a learning and intelligent organization. Now people all over the world can share information, co-develop new knowledge and spark creativity. Knowledge Management needs to be well embedded in key business processes to shape a culture of learning, broaden varying perspectives, motivate people to learn, share, and improve collective performance. Forward-looking organizations practice Knowledge Management at the strategic level, and it would ride on all important concepts to create and sustain competitive advantages.
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