Answer to Question #205485 in Management for Prabhdeep

Question

Subject: knowledge Management

Knowledge management discovers, develops, utilizes and delivers knowledge inside and outside the organization. Discuss? (please answer in 150 words)

Answer 1

Knowledge management discovers, develops, utilizes and delivers knowledge inside and outside the organization. Knowledge is the most important factor of production, next to labor, land and capital. It is about managing and sharing knowledge for the development of an organization. In the competitive business world, knowledge management has become more essential for the sustainable development of organizations. Through the application of successful knowledge management, organizations can improve their effectiveness and can gain competitive advantage. Knowledge mangement helps in the decision making process for the benefit of a company. It leads to higher efficiency in terms of less duplication of work, followed by notably better performance, enhancing new staffs’ capabilities and better quality decisions. The best way of a company winning on the business market is through investment in the knowledge management.