Role of Knowledge Management in Business
Role of Knowledge Management in Business
MANAGEMENT IN
BUSINESS AND ETHICAL
ISSUES IN IS
KNOWLEDGE MANAGEMENT
Knowledge Creation: During this step, organizations identify and document any
existing or new knowledge that they want to circulate across the company. At the
first phase of the knowledge management life cycle (KMLC), information is created
or acquired internally by knowledge workers, externally through outsourcing, or
purchased from an outside source, and the mechanisms for this phase include self-
reporting, documentation, program, instrumentation, network, knowledge
engineering (Bergeron, 2003).
Knowledge Storage: During this stage, an information technology system is typically
used to host organizational knowledge for distribution. Information may need to be
formatted in a particular way to meet the requirements of that repository.
Knowledge Sharing: In this final stage, processes to share knowledge are
communicated broadly across the organization. The rate in which information
spreads will vary depending on organizational culture. Companies that encourage
and reward this behavior will certainly have a competitive advantage over other
ones in their industry.
Knowledge management use
cases
On-boarding employees: Knowledge management systems help to
address the huge learning curve for new hires. Instead of overwhelming
new hires with a ‘data dump’ in their first weeks, continually support them
with knowledge tools that will give them useful information at any time.
Day-to-day employee tasks: Enable every employee to have access to
accurate answers and critical information. Access to highly relevant
answers at the right time, for the right person, allows workforces to spend
less time looking for information and more time on activities that drive
business
Self-serve customer service: Customers repeatedly say they’d prefer to
find an answer themselves, rather than pick up the phone to call support.
When done well, a knowledge management system helps businesses
decrease customer support costs and increase customer satisfaction
Benefits of knowledge
management
Identification of skill gaps: When teams create relevant documentation around implicit or tacit knowledge or
consolidate explicit knowledge, it can highlight gaps in core competencies across teams. This provides valuable
information to management to form new organizational structures or hire additional resources.
Make better informed decisions: Knowledge management systems arm individuals and departments with knowledge.
By improving accessibility to current and historical enterprise knowledge, your teams can upskill and make more
information-driven decisions that support business goals.
Maintains enterprise knowledge: If your most knowledgeable employees left tomorrow, what would your business do?
Practicing internal knowledge management enables businesses to create an organizational memory. Knowledge held
by your long-term employees and other experts, then make it accessible to your wider team.
Operational efficiencies: Knowledge management systems create a go-to place that enable knowledge workers to
find relevant information more quickly. This, in turn, reduces the amount of time on research, leading to faster
decision-making and cost-savings through operational efficiencies. Increase productivity not only saves time, but
also reduces costs.
Increased collaboration and communication: Knowledge management systems and organizational cultures work
together to build trust among team members. These information systems provide more transparency among
workers, creating more understanding and alignment around common goals. Engaged leadership and open
communication create an environment for teams to embrace innovation and feedback.
Data Security: Knowledge management systems enable organizations to customize permission control, viewership
control and the level of document-security to ensure that information is shared only in the correct channels or with
selected individuals. Give your employees the autonomy access knowledge safely and with confidence.
Knowledge management tools
Document management systems act as a centralized storage system for digital documents, such as
PDFs, images, and word processing files. These systems enhance employee workflows by enabling
easy retrieval of documents, such as lessons learned.
Content management systems (CMS) are applications which manage web content where end users
can edit and publish content. These are commonly confused with document management systems,
but CMSs can support other media types, such as audio and video.
Intranets are private networks that exist solely within an organization, which enable the sharing of
enablement, tools, and processes within internal stakeholders. While they can be time-consuming
and costly to maintain, they provide a number of groupware services, such as internal directories
and search, which facilitate collaboration.
Wikis can be a popular knowledge management tool given its ease of use. They make it easy to
upload and edit information, but this ease can lead to concerns about misinformation as workers
may update them with incorrect or outdated information.
Data warehouses aggregate data from different sources into a single, central, consistent data store
to support data analysis, data mining, artificial intelligence (AI), and machine learning. Data is
extracted from these repositories so that companies can derive insights, empowering employees to
make data-driven decisions
Knowledge creation and
acquisition
The knowledge creation process is oriented towards acquiring and
developing knowledge or replacing existing knowledge within the
organizational tacit and knowledge base.
Knowledge is either acquired within an organization or gained from
external sources. Knowledge creation consists of initiatives and activities
undertaken towards the generation of new ideas or objects (Mitchell and
Boyle,2010).
At the first phase of the knowledge management life cycle (KMLC),
information is created or acquired internally by knowledge workers,
externally through outsourcing, or purchased from an outside source,
and the mechanisms for this phase include self-reporting,
documentation, program, instrumentation, network, knowledge
engineering (Bergeron, 2003).
Knowledge Modification
Some of the major ethical issues faced by Information Technology (IT) are:
1. Personal Privacy
2. Access Right
3. Harmful Actions
4. Patents
5. Copyright
6. Trade Secrets
7. Liability
8. Piracy
Personal Privacy
It is more difficult to deal with these types of ethical issues. A patent can
preserve the unique and secret aspect of an idea. Obtaining a patent is
very difficult as compared with obtaining a copyright. A thorough
disclosure is required with the software. The patent holder has to reveal
the full details of a program to a proficient programmer for building a
program.
Copyright
Piracy:
Piracy is an activity in which the creation of illegal copy of the software
is made. It is entirely up to the owner of the software as to whether or
not users can make backup copies of their software. As laws made for
copyright protection are evolving, also legislation that would stop
unauthorized duplication of software is in consideration. The software
industry is prepared to do encounter against software piracy. The courts
are dealing with an increasing number of actions concerning the
protection of software.