In order to understand the relationship of data, information and knowledge with the concept of knowledge, it is firstly important to understand that all these three, data, information and knowledge are the components of knowledge management. All these are interlinked with each other. To further enhance the understanding, it is more relevant to spot a light on all these three components individually. (Bellinger, Castro & Mills)Data is defined as the raw form of any information. Data can be in any form either utilizable or non utilizable, that is, without any meaning.
Data can be of four types, nominal, ordinal, ratio and interval. Nominal data includes information regarding same category, ordinal data refers to information which is in the form of any order such as 1, 2, 3 or a, b, c etc. interval data involves information which has similar intermission. Whereas ratio expresses the relationship and the comparison between any two things.
When the data has been organized and changed into a form which can be utilized or has meaning is known as information. This can be utilized further to increase the understanding. Information helps to reduce complications and misunderstandings. Information is always gathered, no one is previously aware of it or know it.When the information is collected, then the selection of it is made in which the information which the user wants to utilize is chosen and usually memorized by the users, this memorized information is the knowledge of that person which he can use at any time of need.
Therefore information leads to knowledge. (Bellinger, Castro & Mills). Knowledge involves our intellect because it requires indulging and learning. Expressions which we communicate through our body parts are known as body language which comprises of information not knowledge. This is where knowledge differs from information because knowledge is something which our mind knows. (Bellinger, Catro & Mills)Knowledge management is actually the process of organizing the knowledge systematically so that it can be properly utilized when needed.
Knowledge is a combination of very useful and important data therefore it should be properly managed for effective utilization. This procedure includes the mining of information so that it can be converted into knowledge and then altering it and storing it for the proper usage. (Kanagasbapathy, Radhakrishnan & Balasubramanian)BENEFITS OF KNOWLEDGE MANAGEMENT PROJECTSEvery organization aims to satisfy three things, which includes; its customers, its employees and itself. In order to attain this level of satisfaction, knowledge management is very important.
It helps an organization to sustain in this competitive world along with satisfying their customers and organization’s profit needs as well. The process of knowledge management encourages the organizations to keep them self up to date, it helps enhancing the organization’s capability to change and innovate according to the uncertain environment and then appropriately deliver it to their customers. Organizations can better comprehend their customers and their needs which makes them successful in delivering them quality service and products the way they need. With proper knowledge management an organization can flourish all its functions and departments.It facilitates an organization to retain its employees because through knowledge management everyone can participate in the process and no one feels left out.
The organizations become more productive and creative through which they can survive in the changing environment, without knowledge management organizations can suffer decline. It saves time as well because less time is now spent on assembling the information therefore decision making is done more quickly this way expenditure of doing the business is also reduced. (Anonymous)STRATEGIES FOR POSITIVE RESULTS OF KNOWLEDGE MANAGEMENTMany organizations face hardships in achieving positive results of knowledge management therefore they should adopt few strategies which can help them in achieving the success. The strategies which they can use are as follows:1) Understand the human issues, let the employees fully participate and share their ideas so that they are more motivated.2) Identify the goals you would want to achieve so that things are more well defined.
3) Encourage innovation because it is very important to cope up with the changes of today’s world otherwise you will be left behind.4) Encourage employees to adopt the ways which other successful leaders have practiced in order to achieve success.5) Strengthen your communication abilities with both, your employees as well as your customers. Communicate with your employees through meetings on regularly basis.6) Use recent technology in order to increase productivity.
7) Train employees so that they are better aware of how and when to apply all their knowledge.(Anonymous)In today’s fast growing world things are changing rapidly and those organizations who can adopt these changes can only survive in this competitive environment. Organizations need to understand the importance of knowledge management so that they can implement it in their business strategies in order to gain more profits, customer satisfaction and loyal employees. Knowledge management has three component which are already discussed above and they all are inter related therefore it is very necessary that all the components must be appropriate, even if any one of them is not correct then it can cause a bottleneck for the whole process.
(Lavinson, 2007)
