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The Use of Knowledge Management inside the Business Sector.
By Kison Patel, & Robin Trehan
Friday, 1st December 2006
 
In order for a company to continue to grow at record breaking speed levels and to give their competition a run for their money - employees which are the lifeblood of a business, must be well informed and educated about the latest news regarding the company that they work for.

Many profit and non-profit organizations are constantly seek many new and innovate ways to keep all the employees in the "know" of business information. Knowledge managements is the newest and latest form of keeping employees updated. Knowledge management is a collection of information that pertains to the idea that information, knowledge; even wisdom can be combined for simple collections. They also represent the sum of parts that has synergy of its own. In regards to knowledge management, data is simply a meaningless point of space and time that doesn't reference to either space or time.

Simply stated, knowledge management can not be specific pin pointed or seen. Knowledge management (KM) is a range of practices used by any organization to identify, represent, create, and distribute knowledge to be reused, provide awareness, and increase learning across the organization. These programs are usually related to the organizational objectives that also intend to lead the achievement of the specific outcomes. These outcomes can be of shared intelligence, the improved performance, the very much competitive advantage and the various levels of innovation within and throughout the company or organization.

The Knowledge Management programs are typically tied to organizational objectives and are intended to lead to the achievement of specific outcomes such as shared intelligence, improved performance, competitive advantage, or even higher levels of innovation. Knowledge management has many aspects one of which is the knowledge transfer. In this aspect of KM it relates to peer discussion, various types of formal apprenticeship, some corporate libraries, and lots of professional training and even mentor programs. This providing the tools the employees need to succeed, excel, and move up the ladder in the organization.

The Knowledge Management programs seek to explicit evaluation and manage the process of creation or identification, accumulation, and application of knowledge or intellectual capital across an organization. In addition KM, attempts to bring under one set of practices various strands of thought and practices in the organization. Intranets and extranets are examples of knowledge management, a way to keep all employees updated with the most recent company information, a one stop shop for all of the company's information.

It seems that knowledge management programs are closely related to the Organizational Learning initiatives, however knowledge management is distinguished from Organizational Learning by a greater focus on the management of specific knowledge assets and development and cultivation of the channels through which knowledge flows.

Although it is applied throughout the industrial sectors as well as increasingly in the government sector, knowledge management is proving to be an evolving discipline. Providing a wide range of contributions and varieties with what everyone should be aware of. Knowledge Management provides many aspects or providing information, creation, programs, and other initiatives for employees.

Kison Patel is partner at transatlantic investments & Advisory. He is a specialist in hospitality transactions. He can be reached at kison@tafunds.com

Robin C. Trehan is an industry consultant in the field of mergers and acquisitions. Robin C. Trehan is an expert in the filed of mergers and acquisitions and private equity capital. He can be reached at robin@tafunds.com

www.tafunds.com

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