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What is Knowledge Management? - Definition, Process & Examples

What is Knowledge Management? - Definition, Process & Examples
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Lesson Transcript
Instructor: Brianna Whiting
Knowledge is an important asset to any company, and what a company does with this knowledge can be a critical component in their success. In this lesson, we'll learn all about knowledge management and the process it entails.

Knowledge Management Introduced

Meet Haley! Haley works for a company that specializes in selling toys. With the Christmas holiday right around the corner, Haley realizes that her company is about to get really busy. The company will be inventing, designing, and producing brand new toys to introduce this year. While this is a fun time of year, Haley has always realized that getting important information to all of the employees, such as new ideas for toys, the progress of toys already in the making, inventory numbers, and sales numbers, has always been a struggle.

Sometimes information does not get to the right employee, and sometimes, employees are left confused about what is happening in the company. After researching the problem, Haley came across the concept of knowledge management, which she realized would be perfect in helping her company gather and distribute information across the company.

Knowledge Management Defined

So what is meant by the term, knowledge management? Well, knowledge management is the concept of finding, gathering, assessing, organizing, and sharing information or knowledge. The information and knowledge consists of documents, procedures, resources, and worker skills. Knowledge management is a useful tool to help companies gather and organize important information so that tasks and projects can be completed efficiently. It is also a helpful tool in helping to find the individuals that have the desired skills necessary to complete those tasks and projects. So, knowledge management is essentially a map that outlines the flow of information so that a company can successfully fulfill their duties, tasks, and projects.

Knowledge Management Process

Now that we know that knowledge management is a map of how information moves through a company, let's take a look at what happens during each of the four steps of the knowledge management process:

Step 1: Gather and generate

Information comes from a variety of places. Sometimes it comes from researching or gathering from outside sources, and other times it is actually generated within the company itself. Whatever the source, it is important for a company to be able to obtain this information in order to help them with future endeavors or to solve problems. For example, many of the toys that Haley's company sells, get rated by customers. By gathering that information, the company is able to see what customers like and do not like, so that they can develop new toys that address the desires of the customers.

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