Knowledge management (KM) is the process of capturing, developing, sharing, and effectively using organizational knowledge. It refers to a multi-disciplined approach to achieving organizational objectives by making the best use of knowledge.
It consists of the initiatives, processes, strategies, and systems that sustain and enhance the storage, assessment, sharing, refinement, and creation of knowledge.
Many large companies, public institutions and non-profit organizations have resources dedicated to internal KM efforts, often as a part of their business strategy, information technology, or human resource management departments. Several consulting companies provide strategy and advice regarding KM to these organizations.
Knowledge management efforts typically focus on organizational objectives such as improved performance, competitive advantage, innovation, the sharing of lessons learned, integration and continuous improvement of the organization. KM efforts overlap with organizational learning and may be distinguished from that by a greater focus on the management of knowledge as a strategic asset and a focus on encouraging the sharing of knowledge. It is an enabler of organizational learning. The objective of KM team is to manage and maximize the intangible assets of their organizations.
Smart organizations are always looking for ways to improve their performance, reliability and to increase overall business excellence. Common sense says that rigorous learning from successes and failures, sharing knowledge amongst employees and reuse of lessons learned across operations can strongly contribute to this strive for continuous improvement and adaptation to external and internal conditions.
However for many reasons these processes might not function properly in organizations resulting in symptoms such as: :
• Costly mistakes are repeated, as earlier ones were not recorded or analyzed;
• Good ideas and best practices are not shared, raising costs and missing opportunities;
• Loss of critical knowledge due to retirement and mobility of workforce;
• 1 or 2 key employees hold crucial knowledge, putting continuity at risk;
• Knowledge is not readily available at the point of action;
• Employees spend too much time to search for information and knowledgeable people;
• Employees use outdated and non-validated information in action;
Everyday reality demonstrates that these symptoms lead to avoidable costs and risks.
At LEXCELLENT we call these symptoms the 'costs of ignorance'. Smart organizations do not accept this reality and invest in strategies, processes and systems that will avoid these costs of ignorance, now and in the future.
Thus we have designed and created our value added professional Knowledge Management Services which help our clients to:
• Identify, safeguard and retain critical knowledge and skills.
• Build and update critical knowledge and skills 'just-in-time' and at the point of action.
• Exchange and transfer knowledge, lessons learned and proven practices across operations, regions and companies.
• Support knowledge-intensive collaboration by tools which give access to all required information and expertise.