Importance of Knowledge Management in Organisation

In today’s organization business trends, knowledge management has already plumbed the depths of disillusionment. However as it moves towards maturity as a business discipline, it is spawning successors that offer more direct business traction. The basic purpose of knowledge management is to enable an organization to leverage the knowledge and in turn improve productivity. The publicity that surrounds the concept of knowledge management has made it even more difficult to manage and deploy to attain better business results. Managers of today need more focused view on these issues, so that they take the right action.
The rapid evolution of intensely connected global economy has resulted in the development of knowledge capabilities. This is very crucial for the growth of any business activity. The pioneers of knowledge management have developed valuable tools and approaches which are now being applied to a wide range of emerging business disciplines. There are five key frames that are emerging as the successors to knowledge management, for leveraging knowledge in organizations. They include social networks, collaboration, relevance, workflow, and knowledge-based relationships.
Traditional organizational charts and business process maps does not provide a clear picture about the way in which work is actually performed in an organization. The reality is that, work and knowledge flow in often highly informal patterns, based on who the people actually communicate with in doing their work. Leading companies around the world have started to apply the analysis of social network to gain insights into the invisible organization. In addition, the companies also apply this social network analysis to design interventions that enhance the productivity and effectiveness of knowledge work.
In an economy based on highly specialized knowledge, collaboration is essential. Many of the approaches such as, communities of practice pioneered in knowledge management are...