Before straightforward moving to the importance and significance that the thing holds, it is essential to, first of all, understand the meaning of the term, the related concepts and then how they prove to be significant for the concerned sectors. So, in short, and simple words we can say that knowledge management is a highly continuous process. The cycle begins again after the completion of one round. Another feature of this process is that it is conscious as well. Now let us discuss the contents that the prices of knowledge management include. So, we can say that knowledge management is that process that comprises the following:

• Defining the knowledge to be shared
• Developing a complete structure for the same
• Retaining the knowledge and necessary informed
• Sharing the knowledge with others
• The experience of the employees also get covered along with the knowledge under knowledge management

The process plays an important role in any organization for its success and growth.

What are the areas of Knowledge Management?

Areas of Knowledge Management usually include those places where development needs to be their priority in the organization. These areas help in better growth and provide ways to enlarge the same among the team. So, there are majorly the main areas in the process of Knowledge Management which are as follows:

• Knowledge Sharing
• Accumulation of Knowledge
• Knowledge Storing

The areas and the ways may be different but all these work for the same purpose and that is to enhance the process of learning and create such a culture that further speeds up the process. In this culture of learning, the knowledge seekers get the encouragement to move towards better learning and sharing the same within the organization.

What is the goal of Knowledge Management?

The main purpose behind the process of knowledge management is as below:

• To improve the working of the organization
• Make the organization effective and efficient
• Maintain the continuous working in the institution
• To save, share and develop knowledge within the organization

The collective knowledge of the management, as well as the employees, can only get increased with the help of this process. When the knowledge grows of the entire company, then it obvious it will result in maximising the efficiency and effectiveness of the company. The process is more often something that includes the training, development and learning among the workers, leaders, managers or the outside world that includes the customers. To understand knowledge management more clearly, it is very helpful to take into consideration the respective types of knowledge and the possible ways to share it inside the institution. So, there are generally two types of knowledge. The types got defined in the process of knowledge management and are as following:

1. Explicit knowledge 

We learn so many mathematical equations and other technical things. These things which get easily taught to others comes under the category of explicit knowledge. Changing the printer’s toner can be an example of this knowledge. It involves that information that can easily get converted into codes etc.

• Tacit knowledge

Tactic knowledge is based on intuitions. The knowledge can get shared in easier ways with the help of body language etc. But to pack such a piece of knowledge is a little difficult. The brainstorming, innovative ideas, creative thoughts etc. can be the example for this category of tacit knowledge.

Significance of Knowledge Management

The goal and the purpose for which knowledge management works is what makes it a significant portion of any organization. The ability to make decision certainly grows and enhances with knowledge management. Following are some of the other important points of significance:

• The process of knowledge management makes sure that access to the knowledge and training gets provided to all the employees. This helps in building a smart and stronger workforce with the specialization and expertise that they get as an additional benefit.
• The overall decision-maker process becomes faster with informed and accurate decisions. The benefit is for finally the company.
• The employee turnover reduces with the increasing efficiency in the organization. They get access to better and greater innovative ideas which encourage them to work towards achieving the goals of the organization. They get to learn done of the best ways and tricks to practice and work.
• The era of today is full of competition. Be it the corporate world of any other sector, everywhere the competition is in growing trends. With the growth in competition, the need for knowledge management has also widely grown. So, the process gives the markets and industries an added benefit to getting an edge over other companies. The work carried out may be the same, but the people and resources vary. So, in short, knowledge management helps in building an intelligent workforce that get to work most flexibly and efficiently.

How Company Acquire it for a better growth?

• The employees become highly capable of responding to innovative ideas quickly. Apart from spotting the advantages, they also become capable to analyze critical issues from a distance only.
• The employees become committed to the work as their engagement increases. It becomes easy for the organization to retain their employees for a longer duration. Employee becomes happier as their knowledge gets a valuable addition. Regular training keep them involved in their work.
• Knowledge management ultimately helps in creating a working and healthy environment for the workforce. The workplace this way becomes more efficient. And this is what helps in meeting the overall goals and objectives of the organization. Value addition in the employees finally helps in the development of the institution only. The knowledge of the entire organization grows as a whole.
• With the improvement in the decision-making process, the onboarding of the employees improves. This helps in taking those employees who are capable enough to affair themselves to the changing environment and engage their knowledge and skills with the training on the regular intervals.

Conclusion

To conclude, we can say that knowledge management is that process which only has the added advantages and comes without any kind of disadvantages. There is no harm in taking up this process and just helps every organization to grow. It is an imperative tool for every company to take up if they wish to increase their share in the market place. There is no doubt that the needs and requirements of every company vary. But the fact is that without having the knowledge about the changing environment etc. no company can seek to grow. This is the reason, management students are asked to submit Knowledge management assignments so that they can concentrate better on future endeavors. By considering the following things in the process of knowledge management, every company can succeed in the competitive market place:

• Training sessions for every department
• Online group discussions and sharing the ideas
• One on one interactive sessions
• Tutoring every person individually
• Gaining expertise
• Brainstorming sessions to facilitate the knowledge
• Enhancing thinking skills

There is no doubt that the prices can be a little time consuming and difficult for some people to the affair to the changes. The environment of every business is so dynamic that most of the employees resist the regular updates and regular training sessions. There are high chances that the workforce can go against the same. But in overall terms, no company can imagine succeeding without considering knowledge management. Now with the online platforms, things have turned easier and highly convenient for the employees. So, when are you planning to incorporate knowledge management in your company?