The Impact of Knowledge Management in Value Creation

Knowledge Management
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Adedapo Ojo
Management Consultant, Nigeria
At which precise stage is value created by means of knowledge management and how can this opportunity be leveraged in sustaining firm's overall competitive advantage? (...) Read more? Sign up for free

  Daphne Yiu
Student (Other)
 

Contribution of Knowledge Management to value creation in organizations

I'm also looking for more information on how knowledge management and its development can contribute to value creation in companies.

  John D. Ramos
 

Value of Knowledge Management

Knowledge management is a multi-dimensional exterior a spark so to speak with many components. This innovative process and/or the development of this tacit and explicit knowledge is contained within people, strategies, history, vendor, customer relationships and is overlooked in many facets of business. Although it is the enabler for success, productivity and sustainability.

  Lloyd Lawrence
Manager, Australia
 

The Value of Knowledge for an Organization

Knowledge Management includes Tacit, Explicit and Emergent Knowledge.
  • Tacit Knowledge is organisational memory, opportunities and future value. In one case I found, a person spent many months writing a document for a project. He did not have the knowledge on the topic and spent a great deal of time trying to find people that had the knowledge. At completion, he discovered a peer 5 metres away had a contact with the knowledge. This delay affected project performance which can affect company reputation and customers willingness to do future business. With Organisational Memory, if Tacit Knowledge is not captured on staff exit, it costs $10000s in time and effort to regain that knowledge and in lost time and in mistakes.
  • Explicit Knowledge represents the core, fundamental knowledge of the organisation and must be kept updated or it rapidly loses value.
  • Emergent Knowledge is that which is discovered when needed, and supports agility to respond to changing trends or innovation.
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