Smart Things to Know About Knowledge Management

The Shift to a Knowledge Based Economy

The knowledge revolution is reshaping the world’s economy. By the middle of the 20th century, businesses in the United States were characterized by an intricate bureaucracy, organizational segmentation and an impersonal environment. However, this type of organization was too rigid. Some of its early evolutions were affected by the quality movement that brought workers into the planning process, the work of Thomas J. Peters and Robert H. Waterman on the common values and practices of excellent organizations, and the 1992 call for reengineering by Michael Hammer and James Champy.

Now the shift is to a knowledge-based enterprise, with knowledge management as its core competency. Your company needs knowledge management to handle new market challenges and opportunities more quickly. Through knowledge management, you can leverage your company’s collective know-how, talent and experience, which is now your most valuable resource. You can expand and facilitate the application of knowledge using technology. However, the heart of knowledge management involves collaboration, knowledge-sharing and open communication among the people in your...