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Introduction
With increased management strategies and mechanisms, facilitated by increased competition among companies, there is a new wave of management to knowledge management. Globalization and competition has resulted in companies looking for intellectual assets management over and above traditional business assets like physical and human resource.
The move has been facilitated by advancement in technology with homemade and commercial tools used to produce and distribute information within and without a business. These tools include internet, intranet, CRMs, and advance intellectual data management tools. Business intelligence tools are also considered as knowledge management tools.
The major difference that can be seen between the traditional factors of production (land, labor and capital) is that the tradition approaches offered a diminishing marginal rate of return; however, with every other knowledge learnt, there is an increasing marginal rate of return (Singh & Soltani, 2010). This paper discusses how a business can use knowledge management in its operation and how knowledge management influences business restructuring and how it might help an organization better leverage its knowledge resources.
Knowledge Management
Knowledge management cannot be given a single definition but it entails a combination of issues and processes. They are intangible assets which are unique to different businesses and can be improved with experience and information interpolation.
The most important factors considered are human assets that a company have. Human beings have different talents and capabilities; however, tapping this asset requires strategic operation and management. Other than utilizing the knowledge and experience that the employees have, there is the need to use available information to grow and develop knowledge and expertise in employees.
Information can be internal and external and how well the information is utilized can result in growth of knowledge, effectiveness, and efficiency in doing business. To effectively utilize information, organizations should move from information hoarding to sharing of information that they are holding for the benefit of others; this is so despite the fact that there are some private information that a company can hold (March & Kim, 1988).
Other than physical, financial, and human resources being available in an organization there is need to integrate an intellectual asset where these resources can be managed and measures developed to ensure a company has a competitive advantage. Knowledge management is a process which involves understanding the current operation, understanding the potentials and weakness of a company then strategies to get relevant business information and knowledge developed.
The following are the objectives of a knowledge management process;
To develop knowledge based competence for decision making; this will assist a firm to adapt to changing business environment
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