The strategic importance of knowledge management practices
Assessment Brief:
1. Evaluate the strategic importance of knowledge management practices with reference to tacit and explicit knowledge in helping organisations to achieve their long‐term objectives.
The research found the sharing of knowledge within the organization to be a strategic tool and resulted in the achievement of long term objectives, there were no disadvantages of knowledge management.
“Collaboration and continuous knowledge learning would also take place if new knowledge is shared with the rest of the employees of the organization. The knowledge present in the knowledgebase must be used in such a manner that the employees are able to make informed decisions in their problem-solving and decision-making activities which in return reduce the costs and time for the organization at large.” “[For] Decision-making and problem-solving [as means of achieving] competitive advantage, useful knowledge must be attained by the workers. The required knowledge must be acquired and shared in order to support the operations of the business and for this purpose OL is essential to reduce the level of effort and time. Through OL, it is possible to use diverse sources and acquire knowledge, use the central knowledgebase to store knowledge, share knowledge amongst all KW as well as allow changes to the stored knowledge by the KW using their prior experiences. The knowledge acquisition and KW’s time could be saved through OL which is dependent upon the central knowledgebase” (Hamed et al., 2016).