Knowledge Management One of the Challenges of Term Paper

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Knowledge Management

One of the challenges of knowledge management is deciding on a working definition of what the discipline covers. Levinson defines knowledge management (KM) as the process by which organizations generate value from their intellectual and knowledge-based assets. Her definition goes on to say that generating value from such assets typically involves codifying what employees, partners and customers know, and sharing that information among employees, departments, and even with other companies in an effort to develop best practices (Levinson, 2010).

Whether the goal of implementing a KM system is to minimize loss and risk, to improve organizational efficiency, or to embrace innovation, knowledge management efforts and initiatives add significant value to an organization. Some of the benefits of KM include the following:

Facilitating better, more informed decisions

Growing the organization's intellectual capital

Encouraging the free flow of ideas, leading to insight and innovation

Eliminating redundant processes, streamlining operations, and enhancing employee retention rates

Improving customer service and efficiency

Increasing productivity (Knowledge management -- why important, 2011).

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The topic of knowledge management has taken on greater urgency in American business in recent years as millions of baby boomers prepare to retire over the coming decade. Tens of millions of baby boomers turned 60 in 2005, and that those who aren't already retired must certainly be planning to do so soon. With their departure, the knowledge they gleaned about their jobs, companies, and industries over the course of their long careers leaves with them, unless companies take measures to retain their insights. Along with imminent mass retirement, the outsourcing trend also requires companies to address the issue of transferring knowledge from their employees (Levinson, 2010).

Choi and Lee discuss additional justification for implementing knowledge management strategies. They argue that knowledge has come to be considered a valuable strategic asset that can provide proprietary competitive advantages. Without constant creation of knowledge, a business is condemned to poor performance. They argue that managing knowledge is important because "knowledge is one of the most.....

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