The significance of Knowledge Management are that its allows innovation to grow within the organization and the customers to benefit from increased access to best practices.
What is a knowledge management?
This refers to the process that helps an organizations to identify, select, organize, disseminate and transfer important information and expertise that are part of the organizational memory that typically resides within the organization in an unstructured manner.
By virtues of this, the system of knowledge management involves the set of organized collection of people, procedures, software, databases, and devices that are used to create, store, share, and use the organization's knowledge and experience.
The process of Knowledge Management has six basic steps assisted by different tools and techniques and includes
- Collecting
- Organizing
- Summarizing
- Analyzing
- Synthesizing
- Decision Making
In conclusion, the process of Knowledge Management is better depicted in the attached picture.
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