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In today’s fast changing economy there is only one way to stay ahead — keep the innovation engine running continuously on top gear! This highlights the critical role that R&D organizations play in giving competitive advantage to corporations as well as nations at large. In refocusing and reorienting themselves to cope with the new scenario, any organization face a number of challenges –How to keep pace with the rapid changes in all fields of knowledge?
How to collaborate across divisional and geographical boundaries? How to focus on core R&D activities rather than on routine administrative work? How to create new products by leveraging organizational knowledge? Well the answers to these questions lies in having a well quipped knowledge management solution at place.
Knowledge is found in both tacit and an explicit form, what a business should do to remain competitive is to capture this knowledge for future use. To maximize profit one should find more knowledge along with finance, labor and other assets. In recent times, knowledge is scattered and fragmented due to globally dispersed offices. Knowledge is hence considered as an intangible and intellectual asset to any company.
But how can knowledge be captured? Knowledge is considered intangible, dynamic, and difficult to measure, but then it is so important to an organization that even their survival is at stake. Companies try to capture organizational knowledge in various forms. For example they use the concept of a shared repository to capture knowledge. There are a lot of collaborative and group ware technologies available in the market for knowledge management. Company intranets are the most popular method to collect knowledge. The main aspects here is to manage the competencies of the workforce, there by capture the knowledge of employees, then share this knowledge and constantly update the whole process.
Knowledge hence can be captured in recent times due to the availability of a wide range of Knowledge management software known as KM Software. In reality this is part of the content management system. The software is used to collect, store and/or retrieve information. These can be used to create a unified online environment where employees organize and manage important information, schedule their activities and collaborate with their colleagues on real time.
These software’s help employees to quickly find the necessary documents they need and automate their routine workflows. The recent concept of Web2.0 also has changed the way people look at knowledge management process. The use of wiki, which is a web based collaborative tool, has helped organizations to have access to knowledge resources any time.
Knowledge Management is a must if your organization is a part of the latest IT revolution. We are currently in the age of information based economy; one that relies on constant and updated knowledge to foster innovation in just about everything.