The value of Knowledge Management is delivered in three areas:

Better and faster decisions; by tapping into the experience of the organisation, you can avoid pitfalls, reapply proven solutions, and make the right decision first time.

Greater empowerment; by enabling people to access and use the knowledge of their peers, you empower them to take accountability for their own performance.

Faster learning; cutting the personal and organisational learning curve in everything new that you do.

 

In order the reader to realise how important K.M is and how many well-known business problems are addressed with K.M, some paradoxes associated with managing Organisational Knowledge are presented below:

Knowledge in business environments exists in two main forms, the tacit knowledge and the explicit knowledge.

• Tacit knowledge
  mainly refers to personal experience, built after many years of work, it is mainly personal knowledge and difficult to be expressed with text, formulas and handbooks.
• Explicit knowledge refers to more systematic knowledge, which is usually required for and is embedded into business process, systems, etc.