Knowledge of business is a crucial strategic asset. It’s the sum of experience, skills capacities, insights and capabilities that you all collectively build and depend on throughout your business. It is a factor that affects every aspect within and around your company.
Business knowledge is a variety of different types.
Knowledge comes in many varieties, but it usually can be classified under three major categories:
- Tacit information – personal knowledge or knowledge based on experiences or in practice (eg the sense of aesthetics or intuition). Tacit information is difficult to record, visualize or transfer.
- Explicated knowledge is articulated knowledge stored in memos, documents databases, documents, etc. It is simple to archive, distribute and transmit.
- Knowledge embedded – the ability to use abilities and knowledge that are encapsulated in products, processes rules, or organizational the culture (eg informal routines code of conduct, corporate ethics).Knowledge is a part of the individuals or groups in your business, or even exist in the organizational level. It can also be shared with other organizations.
Examples of business-related expertise
Some examples of knowledge that is already within your business are:
- the competencies, skills and experience of your employees
- the processes and designs for your products and the designs and processes for your products and
- the market or market information you’ve collected from your the research
- Your files or documents (electronic or other)
- the information or data of your customers on stakeholders and suppliers
- Your plans for the future including ideas for new products and your plans for future services, such as ideas for new products orYour understanding of what your clients need, along with your employees’ knowledge is your base of knowledge. Utilizing this information in a proper manner can help you manage your business more effectively as well as reduce the risk of business and make the most of opportunities to the max. This is called the advantage of knowledge.
Business knowledge is essential
Knowledge is very valuable since it is innately distinctive to your business. It shapes and drives your business activity, your ability to sell or do more, and stand apart from your competitors.Individual knowledge is easily lost, especially when key employees leave. It is important that employees are sharing their knowledge and expertise and transfer them to their successors as often as they can. For example, you can:
- Have meetings to brainstorm ideas
- organise training courses
- Maintain up-to-date documentation on procedures and processes.
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What is knowledge management in the business world?
Knowledge management is an organized process of capturing and using a business knowledge base to generate value. Effective knowledge management allows you to develop knowledge, transfer and utilize it at various levels in a consistent and efficient way.Your knowledge of what your customers require, in conjunction with the knowledge of your employees could be considered to be the knowledge you have. Utilizing this information correctly will help you manage your business more effectively reduce business risks and make the most of opportunities to the maximum. This is called the benefit of knowledge.Knowledge can be shared with the individuals or groups in your business, or even exist at an organizational level. You may also give it to other organizations.It is possible to apply your business skills across a variety of areas of organisational capabilities, ranging from finance management and organizational governance, to market analysis, strategic planning and human resource management.
- What is business knowledge?
- Benefits as well as disadvantages to knowledge management
- Find business knowledge sources
- Information sharing within your company
- Create a strategy for managing knowledge
- System for Knowledge Management
- Know-how management for your company (video)