Knowledge management systems among fastest growing areas of software investmentInformation economy37 percent U.S. labor force: knowledge and information workers55 percent U.S. G D P from knowledge and information sectorsSubstantial part of a firm’s stock market value is related to intangible assets: knowledge, brands, reputations, and unique business processesWell-executed knowledge-based projects can produce extraordinary R O IImportant Dimensions of Knowledge(1 of 2)DataKnowledge, and wisdomTacit knowledgeExplicit knowledge
Dimensions of KnowledgeImportant dimensions of knowledgeKnowledge is a firm asset. Knowledge has different forms. Knowledge has a location. Knowledge is situational.Important Dimensions of Knowledge(2 of 2)Knowledge-based core competenciesKey organizational assetsKnowing how to do things effectively and efficiently in ways others cannot duplicate is a prime source of profit and competitive advantageExample: Having a unique build-to-order production systemOrganizational learningProcess in which organizations gain experience through collection of data, measurement, trial and error, and feedbackThe Knowledge Management ValueChain (1 of 3) Knowledge managementSet of business processes developed in an organization to create, store, transfer, and applyknowledgeKnowledge management value chainEach stage adds value to raw data and information as they are transformed into usable knowledgeKnowledge acquisition
Knowledge storageKnowledge disseminationKnowledge applicationThe Knowledge Management ValueChain (2 of 3) Knowledge acquisitionDocumenting tacit and explicit knowledgeStoring documents, reports, presentations, best practicesUnstructured documents (e.g., e-mails) Developing online expert networksCreating knowledgeTracking data from T P S and external sourcesKnowledge storageDatabasesDocument management systemsRole of managementThe Knowledge Management ValueChain (3 of 3) Knowledge disseminationPortals, wikisE-mail, instant messagingSearch engines, collaboration toolsA deluge of information?
Training programs, informal networks, and shared management experience help managers focus attention on important information.Knowledge applicationNew business practicesNew products and servicesNew marketsFigure 11.1 The Knowledge Management Value Chain (DIAGRAM IN CHAP 11) 11THSLIDEBuilding Organizational and Management Capital: Collaboration, Communities of Practice, and Office EnvironmentsDeveloping new organizational roles and responsibilities for the acquisition of knowledgeChief knowledge officer executivesDedicated staff / knowledge managersCommunities of practice (C O P s) Informal social networks of professionals and employeesActivities include education, online newsletters, sharing knowledgeReduce learning curves of new employeesTypes of Knowledge Management SystemsEnterprise-wide knowledge management systemsGeneral-purpose firm-wide efforts to collect, store, distribute, and apply digital content and knowledgeKnowledge work systems (K W S)Specialized systems built for engineers, scientists, other knowledge workers charged with discovering and creating new knowledge
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