What is Knowledge?

The dictionary meaning of knowledge is knowing facts, information, ideas, instructions, wisdom and learning etc. There is no simple definition of knowledge in the organisational context. It originates from the minds of people and also acquired through different experiences, applications and situations. It is a mixture of varied experiences, values, information, which could be evaluated and applied in known areas. There is a rapidly growing interest in knowledge as the new source of competitive advantage and increasing realisation that people have entered a new era – the knowledge era. An organisation's knowledge base i.e. the brains of its employees, their know-how and customer knowledge that they create serves the organisation as a source of competitive advantage.

What is knowledge + management?

The key question is whether knowledge can be managed. The words management and knowledge at first sight appear incompatible. Knowledge is largely cognitive and highly personal, while management involves organisational processes. Knowledge is increasingly recognised as a crucial organisational resource. It is the organisation's ability to learn that is important. If companies start by asking what they want to achieve, they will immediately know where they lack in their ideas and information. They can then address the issues that block the learning process.

As the global competitive environment continues to intensify, the acquisition of new organisational knowledge increasingly becomes a managerial priority. New knowledge provides the basis for organisational renewal and sustainable competitive advantage. Hence, the management should make concerted efforts towards facilitating knowledge acquisition and ensure that it is used for managing business in the right perspective. Building trust is the key to creating a knowledge-oriented corporate culture.