Knowledge Management: All You Need to Know

We live in a data-driven world right now where businesses make critical decisions based on their data. The amount of data we deal with continues to grow exponentially and is worth millions of dollars to every single business. When knowledge from your data is instantly accessible, it can add great value to your business by helping you make timely decisions. True business leaders are already aware of this and are already investing in knowledge management practices that could contribute to their future growth.

In this blog, we’ll discuss the different types of knowledge management, the strategies involved and how you can build a knowledge-centric organization.

What Is Knowledge Management?

Renowned thought leader Tom Davenport defines knowledge management as the process of capturing, distributing and effectively utilizing knowledge. Within an organization, it can be defined as the process of identifying, organizing, storing and distributing critical information that is valuable to the business.

In other words, knowledge management focuses on putting the right information in front of the right person at the right time. The main aim of knowledge management is to boost efficiency within an organization by reducing the time spent searching for information.