Knowledge Management refers to effective managing of knowledge, information and skill levels of employees in an organization. The overall process comprises of efficient collection of information, distribution and use of knowledge for achieving organizational objectives. Knowledge management ensures that an organization does not rely on few people for boosting productivity. As a result, if some key person leaves company, it will be able to sustain as knowledge remains with company.
The purpose of implementing Knowledge Management (KM) in the organization:
New people in position can learn the company’s processes quickly.
It helps in reducing risks arising from past mistakes of similar types.
When an employee resigns or retires, his knowledge gets stored as corporate asset.
Benefits Of Implementing Knowledge Management:
Can be helpful in improving knowledge & skills, which are owned by an organization
Organizations have the chance to share knowledge and skills with other member companies
Ensures creations of highly skilled & competitive workforce and maintain edge over rivals