According to Gartner Group Knowledge Management is “a discipline that promotes an integrated approach to identifying, capturing, evaluating, retrieving, and sharing all of an enterprise’s information assets. These assets may include databases, documents, policies, procedures, and previously un-captured expertise and experience in individual workers.”
In other words it is gathering and processing any relevant information, employees’ experiences, research/studies outcomes by the company in order to success, establish/achieve goals.
What is knowledge to the company? How company gains the knowledge?
Data > Information > Knowledge – how to gain the knowledge.
Word “data” keeps popping everywhere. Everything is data. Anything, any person consumes, process and creates some data which is transformed into information, to later become a knowledge.
Data – according to the first hit on google: “facts and statistics collected together for reference or analysis.” Can be big or small. Can be unstructured and structured. Can contain qualitative and quantitative variables.
Big data – data coming in big volumes and in different formats. A raw data needing to be mined and warehoused to produce information
Small data – comes in format and size that make it accessible and understandable for a human.
Unstructured data –unorganized, doesn’t have predefined model. It is hard to read. Can be textual like email messages or non-textual like videos and pictures.
Structured data –data organized in a way it can be used efficiently; for example data in relational database. It is accessible and readable.
Information –is an outcome of analysing data, when data gets calculated, contextualized, categorised. It can be a trend chart built on collection of yearly precipitation measures to see where/when it rains the most.
Knowledge – facts, information, and skills acquired through experience or education; the theoretical or practical understanding of a subject – “information about information”.
Knowledge management value chain is a framework enabling the gathering and use of the data in an efficient way.
It consists of 4 milestones:
Knowledge acquisition > Knowledge storage > Knowledge dissemination > Knowledge application
Knowledge acquisition – gathering data from within and outside the company, collecting documents, presentations, reports, recording processes.
Knowledge storage – structuring data into manageable forms in databases, filing, creating shared folders and network drives to store useful materials.
Knowledge dissemination – putting gained information into training materials, communicating findings to wider audience.
Knowledge application – when gained knowledge is recognized and applied as part of managerial decision making and corporate strategy/planning, it helps to improve practises, brings higher return on investment, increases revenue.source: knowledge-management-tools.net
Appropriate use of knowledge is a purpose of knowledge management. Efficiently collected/analysed and communicated information should contribute to profit. The goal of knowledge management is improved decision making. For example management of yogurt company will order a market research to find out about consumers` tastes before releasing new flavour product on the market.