This article is about enhancing and supporting the concept of knowledge management as a strategic contributor to an organisation
‘Talent is capability and knowledge is ability.’ Talent is intangible and embedded within people. Knowledge can be tangible and explicit if it is planned, controlled, facilitated and monitored, as is standard with other assets or processes in an organisation. The management of knowledge adds strategic value.
Knowledge is the tacit constituent that comes about when applying information to a decision-making process. This article focuses on the management of this knowledge.
In any economy, the aim is to maximise the advantage from a source of competition. If knowledge is a basis for the economy, then this economy has to be formed around maximising the use and the management of knowledge in businesses.
The knowledge, as currently exists within an organisation, is already a major contributor to success, in conjunction with the obvious contributors of the 9 Ms, which include money, machinery, materials, manpower, makeup, MIS, management, machinery, methods and markets.
THE ORGANISATION, ITS COMPETITIVE ADVANTAGE, AND KNOWLEDGE
The basis of competition is shifting from having a unique raw material or production system in manufacturing, to differentiation though the building of knowledge. ‘Having knowledge can be regarded as even more important than possessing the other means of production – land, buildings, labour, and capital – because all the other sources are readily available in an advanced global society, while the right leading-edge knowledge is distinctly hard to obtain.’ (1)
Companies have already moved from being labour intensive to process intensive, to carry out tasks most efficiently, effectively, economically and productively as possible while all the time introducing new techniques or elements to the process, product or service.
A company’s success is dependent on adding value. This requires creativity based on the current knowledge position of the company. Organisations should not have to relearn on a regular basis but should be in a position to retain the knowledge they already have in their possession. They should then reinforce the use of this knowledge in processes and approach to the management of this knowledge. This is done by maintaining what is already known and then continue to maintain their position based on this unique knowledge, and finally renew and update the knowledge continuously.
This is a transparent approach to the handling of knowledge, which is the approach needed across the entire organisation so everyone can contribute.
With reference to knowledge management, the challenge (in the context of adding value) is that organisations have to reorganise themselves around the scarce resource of talented human capital and manage the constraining elements and strategic resources of information, knowledge and expertise (2). Obtaining this talented human capital is another task that requires human resource management and the involvement of the wider organisation.
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