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Knowledge Management
"Knowledge management is the set of practices aimed at discovering and harnessing an organization's intellectual resources. It's about finding, unlocking, sharing, and altogether capitalizing on the most precious resources of an organization: people's expertise, skills, wisdom, and relationships. Knowledge managers find these human assets, help people collaborate and learn, help people generate new ideas, and harness those ideas into successful innovations" (Bateman, 2004, p.8-9). One of the most important factors of change in management is the growing need for good, new ideas. Knowledge management is an approach that allows people to produce change. It's bringing people together and collecting ideas from the group that can provide further success for the company and personally for the employees. A new idea can produce growth and motivation within a company. If the employees and the company as a whole come together and grasp a new idea, it ultimately can lead to new inventions of products and services. (Lineman, 2004.)
Knowledge management is the process by which an organization creates, captures, acquires and uses knowledge to support and improve the performance of the organization. Two types of knowledge management are usually defined. The first is identifying knowledge. This means the documents and catalogues knowledge held by individuals and other forms of intellectual capital within the organization. Knowledge documentation generally includes a directory of experts or specialists, a database of best practices, foreign language capabilities, or unique talents or skills. In many o ...