The Evolution and The Concept of Knowledge Management and its Cycles and Models

Knowledge Management
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What is Knowledge Management?
Knowledge management (KM) is the integrative method that involves creating, disseminating, utilizing, and managing human-centered assets within an organization (Dalkir, 2013). Companies use knowledge management as a multidisciplinary approach to successfully achieve their goals and objectives by maximizing the available information within organizational constraints. The ultimate function of managing the knowledge is to safeguard and cultivate the knowledge by the employees and possibly, transform the knowledge into a shareable assent within the organization by other employees. Therefore, the process increases the overall knowledge within a workforce in an organization. Cultivating the knowledge is aimed at growing it to enhance the organization's productivity and efficiency and harnessing it to improve the quality and ability of the organization to face challenges and make viable decisions.
Evolution of Knowledge Management
Knowledge management evolves through factors succession. KM evolution involves three components; people, process, and technology. Eighty percent of knowledge management is the people and process components, while technology makes acquiring knowledge easier (Mašić et al., 2017). The first generation of knowledge management was conducted by storing knowledge in containers, converting them into the organization's inventory, developing the system's internal and intranets, and collecting the best takeaways and lessons from the process. The second generation focused on the people concept. KM's human and cultural dimensions and community practices were introduced in the second generation. The components are the chief components of knowledge management, dedicated to the container, community, and knowledge.
Importance of Knowledge Management in Competitive World
Knowledge management is important to an organization in the competitive world in different ways. The concepts provide companies with quick and effective onboarding. Quick acquisition of knowledge enhances productivity and saves on time. Improving productivity and reducing lead time improves the company's customer efficiency, offering it a competitive advantage (Starmind, 2020). KM also helps the workforce spend existing knowledge recreation; proper knowledge management prevents repetitive questions and concentrates on meaningful and productive work (Jelenic, 2011). Conversely, knowledge management enhances innovation in a company. Easy access to expert knowledge enhances efficiency and effectiveness. Employees can leverage the shared information and convert the mistakes in the company into opportunities. Therefore, companies with effective knowledge management systems are in a better competitive position. Employees' happiness and morale are boosted, enhancing their output quality, easy accessibility of information preventing colleagues disturbances, and enhancing effective decision-making throughout the organization.
Tacit and Explicit Knowledge
Tacit knowledge is personal knowledge of doing things but cannot necessarily explain the process. They are the skills and experiences that people innately have but ...