Answer to Question #209527 in Management for KAM

Question

SUBJECT : KNOWLEDGE MANAGEMENT

What are knowledge management myths , explain meaning and give 6 myths with elaboration ?

Answer 1

Knowledge Management

Knowledge management is an orderly method to strengthen the ability of a company to utilize knowledge to improve productivity. It implies that employees, consumers, and suppliers use their ideas and expertise to profit from what is known, avoid the wheel from being recreated and encourage innovation. The result is that an organization's risk exposure may be reduced and business opportunities prevented (Jennex, 2015). In everything, it's fantastic to do, but the theme has to rest with a lot of hype and rubbish.

i.                Knowledge management is an end unto itself

The administration of knowledge is not new. Many organizations probably do without implementing the concepts of knowledge management and refer to some of the procedures by a different name. In the early 1990s, the term "knowledge management" developed from the combination of concepts and practical approaches to halt the organization's information leakage. As KM began living in some major consulting companies (Galliers, 2020), organizational structures and procedures were unavoidable and would turn KM into a new discipline.

ii.              Knowledge management is a way of implementing huge investment

The money must undeniably be spent on a KM program, but the level and pace of the expenditure must not be intimidating or weakening. It is still a considerable sum in a significant business, but is it well spent? KM efforts often fail because the IT concerns are resolved. Many KM systems are on the market that can provide many of the advantages that you may want. However, many organizations that begin at the technical angle fail to properly adopt KM and wind up with systems no one can use (Asrar-ul-Haq & Anwar, 2016). Nobody sees or can discard KM entirely as a good concept.

iii.            Good management of knowledge is governed by a competent chief expert or apprenticeship manager.

The development, dissemination, and use of knowledge contribute to the worth and market value of the company's goods and services. Your knowledge processes are essential to your business, whether you acknowledge them and nurture them or not (Galliers, 2020). They cannot, however, be left under one manager.

iv.             Knowledge management is either trickle down or bottom up process

Unless the CEO captures everyone's interest and attention, the top-down method cannot succeed. KM will be viewed as another "talk fad management" and will soon be discarded. The down-to-earth approach might continue as individual activities that may not encourage businesses or credibility without engaging people's passion (Galliers, 2020). All company corners have great ideas, and a successful KM strategy will integrate all suggestions from all teams about knowledge exchange.

v.              Knowledge management consumes a lot of time that people could use to work out problems in other aspect of life.

Time is always not enough. Organizations have customers to earn their money. Organizations must have something for customers that they want. They must research the market and understand what their competitors do to create successful services or products (Asrar-ul-Haq & Anwar, 2016). The companies need to know their market share, niche, and solution for their target audience to achieve success.

vi.             Knowledge management translate to employing bright minds

Although individuals are significant sources of information, individuals know and provide value to companies (Galliers, 2020).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Asrar-ul-Haq, M., & Anwar, S. (2016). A systematic review of knowledge management and

knowledge sharing: Trends, issues, and challenges. Cogent Business & Management, 3(1), 1127744. <span style="font-size:12.0pt;line-height:200%;font-family:&quot;Times New Roman&quot;,serif; background:white">https://www.tandfonline.com/doi/abs/10.1080/23311975.2015.1127744</span>

Galliers, R. D. (2020). On Confronting Some of the Common Myths of Information: Systems

Strategy Discourse. In Strategic Information Management (pp. 56-70). Routledge. <span style="font-size:12.0pt;line-height:200%;font-family:&quot;Times New Roman&quot;,serif; background:white">https://www.taylorfrancis.com/chapters/edit/10.4324/9780429286797-3/confronting-common-myths-information-robert-galliers</span>

Jennex, M. E. (2015). Knowledge management. Wiley Encyclopedia of Management, 1-6.

https://onlinelibrary.wiley.com/doi/abs/10.1002/9781118785317.weom070035