Knowledge Management (Bite Size)

Knowledge management (KM) is knowledge put to work—getting the best knowledge to the right person at the right time. The goal of KM is to help individuals and organizations improve performance and create value. KM is less about technology and more about the processes of creating, classifying, sharing, and improving what we know about what we do. It also means identifying, testing, implementing, and perpetuating the best internal and external practices of our discipline.

Benefits Of Adopting And Applying KM Principles   

BD and PM organizations can:

  • Convert tacit knowledge into explicit knowledge people can find and use when they need it.
  • Turn disorganized information into reusable knowledge objects classified under a useful taxonomy.
  • Learn how to share know-how, know-why, and know-what with others to improve performance.
  • Distribute knowledge objects as valuable assets that improve efficiency and effectiveness.

Best Practices For Knowledge Management

Any KM initiative, regardless of size and scope, requires planning, funding, resource allocation, and organizational change management. The Knowledge Management Institute (KMI) calls this the “KM Improvement Imperative.” Therefore, gaining the support of the top management is key. Start off by focusing on small low cost knowledge management initiatives before taking on major ones.

Assess your knowledge status through internal and external knowledge auditing. Establish or join communities of practice for knowledge management. Establish or join communities of practice for knowledge management. A Communities of Practice (CoP) is a group of people who share knowledge within a company.

Create a culture that rewards knowledge sharing and transfer. Remove all hurdles that hinder the process of knowledge transfer. Establish a best practices management process. A best practices management process (BPMP) is a proven strategic KM initiative that aims to incorporate continual improvement into an organization’s structure, processes, and skill sets.

Establish a lessons learned management process. A time-tested KM strategic initiative, a lessons learned management process (LLMP), discovers or creates knowledge gained from experience into standardized organizational processes. You even hold a knowledge cafe. K cafés are an excellent way to use groupthink to solve problems and stimulate innovations.

Build and manage knowledge repositories. Repositories allow organizations to capture and reuse knowledge so they can eliminate rework, reduce search time. Develop cockpit-style checklists. Checklists—simple step-by-step procedures for discrete tasks— help reduce mistakes by keeping workers on track and overcoming memory lapses. They help workers be consistent and thorough.

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