Bachalor of Commerce, Knowledge and Organisational Learning Essay

Bachalor of Commerce, Knowledge and Organisational Learning - Essay Example Knowledge management has recently emerged to be a successful management strategy that can help organizations manage the available human capital in the business (Noe and Hollenbeck, 2004, p. 1-3). People in the organization are most valuable assets and therefore recruiting and retaining knowledgeable, skilled, experienced and productive people have become highest priority of modern human resources management. This piece of research paper described knowledge management, as an HRM interdisciplinary and examines how it becomes relevant in today’s business landscape. This paper presents various elements that are relevant in the knowledge management process and examines various strategic perspectives as well as suitable technologies for fostering knowledge management in the business. Knowledge Management As Noe (2002, p. 168) noted, knowledge management is a management process that the performance of a business can be enhanced by designing, implementing and strategically aligning va rious tools, processes, systems, structure and cultures with a view to create and share knowledge among its people and to use for overall business purpose. The very basic three elements included in Knowledge management are 1) creation of the knowledge through some effective strategies, 2) sharing of the created knowledge among people and 3) making it available and useful for any business purpose. Knowledge Management has been found to be useful for the organization as it helps it get the products to the target market quicker, develop innovative ideas, serve the customer well in order to maintain customer loyalty and retention and achieve sustainable competitive advantages. As Boxall and Macky (2009, p. 10) emphasized, knowledge management helps a business achieve high performance working through various strategic processes and organizational development programs. Knowledge Management has emerged to be a management tool that focuses on data, information and knowledge among the employ ees in an organization (Awad and Ghaziri, 2007, p. 26) and encompasses the processes by which experience, skills, expertise, knowledge and abilities are gathered, then shared among the people and utilized so that these can be converted to collective organizational learning process (Foster, 2005, p. 397). Knowledge Management Models Explicit and Tacit Knowledge Knowledge management talks about creating, storing, sharing and utilizing data, information and knowledge either throughout papers, documents and database, or throughout the minds of people. This is a classification of knowledge based on where data and information are stored. When it comes to the management aspects, pure data and pure information have relatively less impact for a manager whereas structured data and information are relatively highly useful and effective measures that can be used to analyze and find solutions to issues (Noe, , 2002, p. 170). Based in the above classification, knowledge management is systematic p rocess and strategic approach for obtaining and making use of knowledge in the business throughout papers or documents or computers as commonly referred as explicit knowledge or sharing and making use of the knowledge throughout the people’s minds as commonly termed as tacit knowledge. To be more specific, KM is managing either explicit knowledge, or tacit knowledge or both together effectively. In managing