Knowledge Management Essay Example | Topics and Well Written Essays - 2250 words

Knowledge Management - Essay Example Furthermore, forces inside the industry, which include buyers, suppliers, new entrants, substitutes, and most importantly, rivalry in the industry. Therefore, the report presents knowledge management as solution to most of these problems and a tool to strengthen company’s situation. Discussion Definitions of Knowledge Management Without any doubts, for the past few decades the world has been changing at exponential rates. The ability of human mind of discover the secrets of nature, explore the seas, capture the air, fly into the sky and others have allowed us to live in a world which is a better and comfortable place. However, on the other hand, these technological advancements have really increased the amount of information and knowledge that was available before. In fact, never in the history before, we felt the need to manage the knowledge that we possess. Furthermore, the future that awaits for us where our success would be a direct result of our ability to effectively use , manage, and develop our knowledge. Technological capital and human intellectual capital may not get a place on the balance sheets of the organization but they will be getting much attention in the corporate goals, mission statements, and organizational cultures of the many companies. People understand that the only thing, which has the ability to limit them, is their ability to leverage and use the human mind (Stankosky, pp. 234-235). Despite the fact that there has a lot of research in this field and lots of ink is being devoted to the subject, yet authors and experts have not been able to reach a consensus or one unified definition for this topic. According to Robert S. Seiner, Knowledge Management can be defined as a concept in which an enterprise gathers organizes, shares, and analyzes the knowledge of individuals and groups across the organization in ways that directly affect performance (Frappaolo, pp. 26-28). According to Meredith Levinson, ‘Knowledge Management is th e process through which organizations generate value from their intellectual and knowledge based assets. According to Robert Villegas, Knowledge Management is simply the transfer of knowledge from one person to another, the result of which enables the recipient to benefit from the collected wisdom of the more experienced members of an organization or group’ (Becerra-Fernandez & Sabherwal, pp. 341-348). In other words, Knowledge Management is actually a cyclical system or a multiplier effect, which helps an organization in efficient achievement of its objectives and the same happens because the organization’s habits, planning and its execution is deeply rooted in the tacit and explicit learning of the organization (Stankosky, pp. 234-235). Why implement Knowledge Management? Following are some of the direct and clear benefits that Bobco will benefit from by the implementation of knowledge management in the organisation. First, the company would be in a great position to decrease the operational costs. Quite understandably, the market place of today has turned into a ruthless, aggressive, bloody, and destructive place where survival of the fittest is the order of the day. Even Bobco is operating in a market where the pressures for decreasing costs are increasing everyday. Despite the fact that sales have increased yet the profit margins have been shrinking due to increased pressures to outclass competitors. Attaining