Managing knowledge

Inhaltsangabe:Abstract:
¿In an economy where the only certainty is uncertainty, the sure source of lasting competitive advantage is knowledge.¿ Peter Drucker (1953)
Companies like Microsoft, Netscape, Coca-Cola and Yahoo can be found under the top U.S. companies with the highest market values in 1999. The market value represents the measure of value that the investors and markets associate with the company. However, these companies are not valued for their tangible assets (buildings, inventory, etc.), they are valued for something which cannot be shown on a balance sheet: their intangibles. These include brand recognition, Patents, customer loyalty, innovative business ideas, past achievements, etc. These companies are valued for the knowledge they possess. However, knowledge is of little value, if it cannot be found when needed. Therefore, a successful knowledge management concept is of crucial importance for these companies.
The knowledge management market is growing rapidly and it will continue to advance over the next years. Knowledge management is still a relatively young field with new concepts emerging constantly. Most knowledge management initiatives have focused entirely on changes in tools and technologies, such as intranets and Lotus Notes. But knowledge management is more complex: it covers everything the company does to make knowledge available to everyone.
The twenty-first century gives companies the tools and connectivity to easily obtain, share, and act on information quickly. Knowledge management uses these possibilities and recent studies showed that companies gained a competitive advantage by implementing it. According to Accenture research, a well implemented knowledge management process can improve employee productivity by an average of 60%.
Often, knowledge management is seen as storing documents in a database, thus hoping to enhance knowledge sharing through the implementation of technology. But to successfully apply knowledge management, companies need to implement a process of motivating and inciting people to share information. The old saying ¿Knowledge is power¿ is still popular. The people who are hoarding their knowledge believe that it makes them irreplaceable. However, real power does not come from knowledge kept, but from knowledge shared. People are expected to cooperate, to be open, to participate within the new economy, but resistance can be expected.
Obviously, knowledge management is a combination of [...]