At present day market, there are some companies such as: Microsoft, Apple, Ford, McDonald's and Toyota which are very successful and also have existed running a business for many years. To be able to have these accomplishments, they had effective knowledge management during the production process. Knowledge management is vital for many businesses because it brings profits, good income, intellectual human source of information and firm operation process. Beside that, knowledge is obviously a potential value in each person and supports individuals in work and life. To more understand about the value of knowledge management, benefits associated with knowledge, the type of information and knowledge, knowledge management life routine and the worthiness of knowledge management in competitive edge, the following factors will clarify and confirm how effective knowledge management is valuable to company and exactly how it supports managerial techniques.
The character of information and knowledge
(Becerra- Fernandez I, Gonzalez A, Sabherwal R, 2003) Knowledge ranks at the best level in comparison with information at the center level and data's level to be the cheapest. It is recognized from data and information and defined as justified beliefs. In addition, Knowledge is talking about about information, analyzing documents to make decision, taking knowledge from experience, collected information by situations and circumstances. Among three conditions, knowledge is considered as the richest, deepest and the most valuable. Beside that, data includes figures, facts, or private information. For example, in a course of Raffles University or college, we count up one woman, two girls, three young ladies and one young man, two males and three kids. These counted statistics are data. Generally, all information can be stored that are called data and data storage area is called data source. Information is assortment of refined data which helps us understand problems. For instance, after counting how many girls and boys are in a school, we know which a final number of ladies are 20 students and a complete number of young boys are 30 students. Knowledge is gathered information that we can identify and identify. For instance, there are 20 women and 30 guys arriving to Raffles school to review a marketing school although they take different bachelor level. From this notion, we can understand clearly about the connections between data and information and knowledge. In order to have knowledge, we have to have data first because it's regarded as input and then it's prepared to adopt information. From then on, information is employed to recognize, assess, and make decision. This final step is called knowledge.
Apart from knowledge is different from data and information; there may be interchangeability between these three terms. An example about knowledge becoming information, marketers wish to know customers' demand about a product, they use their knowledge to produce a questionnaire to get answers from customers. From your review, the marketers record information which customers resource and store the result into the information system of company. Furthermore, information can be considered a data, for example, sale people of a real estate company present information of various apartments to customers, after advertising, they may have quantity of customers who choose cheap or luxury flats and save these numbers into data. Their director will bottom on these data to learn exactly about customer's demand of flats.
The connection of knowledge, information and data can help managers identify, examine and how to decide issues. Although knowledge is the most important, data and information can copy to knowledge. Hence, apart from basing on knowledge, managers should acquire relevant data and information to own appropriate interchangeability among three conditions.
The importance of knowledge management in the organization and the worthiness of effective knowledge management in competitive advantage
(Grey, 1996) Knowledge management is thought as an organization's intellectual possessions and approaches to the creation, get, business cooperatively. To be able to operate running a business efficiently and produce products proficiently, Knowledge management performs an important role to the organization. (Dalkir K, 2005) It helps organization have a strategy about market, products and real human reference effectively. It boosts each individual's knowledge within an organization to build new ideas and thoughts about products. For example, (Apple group website) Previous time, Apple mackintosh produced Iphone 4 4 with new features to consumers and attract many customers all around the globe. With FaceTime feature, people can talk, smile watching one another on the screen by video calling. Furthermore, people can take nice pictures with 5-megapixel camera and built-in LED display. This is said that knowledge management helps Apple company invent a new product like Iphone4. It is also considered as elevating opportunities for invention about product. For instance, Apple iphone 4 4 was produced after iphone 3G and Apple iphone. Beside that, the business can handle problems quickly by knowledge management. For instance, in a company, one employee cannot do many jobs at the same time, it'll cause low output. Hence, we often see in an digital supermarket, each area usually has staffs ranking to market products. They are really assigned one task to be specialised on a product category to present and serve customers. Also, they are simply responsible for solving problems when customers complain. This helps company operate effectively and achieve high efficiency. Yet another thing, knowledge management reduces cost, save time and brings more profits to the organization. For instance, in many junk food restaurants such as: KFC and Lotteria, when friends order foods and beverages, staffs save this information within an order program. Then, this information is automatically used in kitchen and cooks will receive these orders to prepare foods and provide guests quickly. This program helps restaurants save time in the process of producing products, save cost about employees and have profits.
Beside that, people's knowledge has generated technology which is a vital element in life nowadays. Inside a competitive environment, organizations always find new what to invent odd products to serve customers and stand stably in the market. Hence, knowledge is important and valuable for the business in order to build products which are more quality and difference from challengers' product. In addition, it helps the business will increase profits, gain numbers of customers from opponents remarkably, and also have capability to stand ahead of competition. For example, (VnExpress, 2010) matching to VnExpress website, Apple becomes a biggest technology company in around the world. From a business going to bankrupt in the 1990s, it offers surpassed Microsoft credited to produce services such as: Iphone, Ipod and Ipad. Furthermore, Apple's value of market capitalization come to 222 billion us dollars while Microsoft was 219 billion dollars in May 26. This makes us know that the introduction of APPLE MACKINTOSH is quite fast and it overtook its competition and achieves significant benefits. The success of APPLE MACKINTOSH is recognized as effective knowledge management in the business which creates competitive edge.
The value of Knowledge management to managers in the company
The benefits of knowledge management not only brings to the organization but also to managers. Knowledge management helps professionals observe and examine employees' work capacity, for example, in a restaurant, in order to learn which staff is nimble, hard-working, friendly and polite, professionals can identify them by their action, patterns and talk when they provide customers and treat co-workers. Knowledge is essential for professionals to use in considering their staffs who really have work potentiality or not. Furthermore, Knowledge management is helpful for professionals in product quality management. For example, before products are packaged to sell consumers, professionals have to test quality of products and also know that employees' efficiency is good or not by the products. In addition, knowledge management helps mangers record potential staff' knowledge if these employees quit the job. It also helps managers communicate experience to staffs while training them and improve employees' flaws. For instance, after recruiting new personnel, managers usually show and educate them to make sure they are acquainted with their careers. During training, professionals use knowledge to instruct them how to create products effectively and give suggestions to employees when they mistake along the way of production. One more thing, knowledge helps managers save cost in testing workers and save time in training staffs. For example, in the interview, managers can identify an employees' ability quickly by tendencies and also test their knowledge by asking question. This can help managers evaluate an employee well or not. Beside that, knowledge will save you training time when professionals coach employees having knowledge related to the work.
The knowledge management life cycle
Most of each human has knowledge in their brain. Knowledge is divided into two techniques such as tacit knowledge and explicit knowledge. Tacit knowledge is inside human's brain that is utilized to generate new things. (Dalkir K, 2005) Corresponding to Nonaka model, there are four phases between connection of tacit and explicit knowledge. First stage is from tacit knowledge to tacit knowledge which is called Socialization. For instance, in order to make a strategy about selling rentals effectively, employees in a firm have different ideas. Hence, they have to share their opinions each other to make a strategy successfully. Showing information is from tacit knowledge to tacit knowledge. Next, externalization is from tacit knowledge to explicit knowledge. This helps people understand problems by graphs, figures and documents. For example, after creation of a fresh phone, personnel need to write the instruction on a newspaper to help customers learn how to use it. Furthermore, from explicit knowledge to explicit knowledge is named combination. This level is considered as improving the existing knowledge. For example, Iphone 4 4 is upgraded more than Apple iphone. It offers some new features that Apple iphone does not have. Finally, Internalization is from explicit knowledge to tacit knowledge. This is thought that people's knowledge can be improved by learning and experience. For instance, after training time, employees get new knowledge from experience in work.
In synopsis, knowledge management is an important and valuable asset to the organization. It helps companies operate effectively, reduce cost, save time and technology about products. Furthermore, professionals can identify and examine workers' productivity, educate employees and deal with the procedure of development effectively from the worthiness of knowledge management. Beside that, the organization should understand the data management life routine clearly such as Nonaka model in order to perform running a business successfully.
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