Lecture 12

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Unformatted text preview: knowledge as a strategic asset and a focus on encouraging the sharing of knowledge. Knowledge Knowledge Management 2 What does it mean to “manage” knowledge? is fast emerging as a core strategy, that organizations worldwide [profit and non-profit] nonare adopting to manage and leverage the organizational knowledge [systems-staff] for [systemssustainable growth Purpose of KM is to gather, categorize, store KM and spread all knowledge that is needed to make the organization both grow and prosper It is not as much a technology change as it is a cultural change, but technology is a primary enabler of KM practices Knowledge management is the processes by which knowledge is created, captured, stored, stored shared, transferred, exploited to meet the needs of an organization KM is seen as a way to increase innovation and improve business performance Why Why KM? Better informed employees Faster execution of work (quality, re-use) reCapture good practices (lessons learned) capture tacit knowledge before retirements & resignations Design rationale must be retained and available Speed up retraining in job rotation/ transfers “If we knew half of what we know, we’d be twice as profitable ” Carla Fiorini, CEO HP Corp. Data, information and knowledge 1 Data: the individual facts we know about a product, a customer, a supplier and are stored in databases Information is sets of data organised in a way so that that action may be taken Business often does not know how much it knows e.g. Smith, Nestle, 250g, $3.35, 14 Jan 2008 E.g. Mr Smith bought a 250g Nestle product for $3.35 on the 14th of January – he should get a refund Knowledge is the “rules” that allow us to decide what action to take E.g. if the customer returns a faulty product and has proof of purchase , we give a refund 7 26/05/2011 Data, information and knowledge 2 Explicit knowledge can be “articulated” or stated. can – Procedural: rules for doing a certain task – Codified and easily transmitted – Made part of the machines e.g. Computers robotics, neural network, expert systems Tacit knowledge of individuals is unarticulated of and intuitive e.g. how to ride a surfboard – Intellectual capital, hidden and intangible – often the well spring of innovation – new ideas Causes of failure in KM Initiatives Failure to understand the complexity of knowledge and its esoteric (cryptic/mysterious) nature Neglect of human factors associated with change A lack of recognition of the need for appropriate leadership, leadership, vision, strategy and culture Ignoring individual value systems and the notion of trust An insufficient reward system and a lack of motivation This led to … Shift in Focus of KM in organisations Communities of Practice A group...
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This note was uploaded on 07/28/2013 for the course ECON 103 taught by Professor Junshen during the Fall '13 term at Punjab Engineering College.

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