Common Knowledge Management Mistakes Made By Companies

The world now revolves around business, and Knowledge Management of businesses is a very big issue, perhaps the most important in a Company’s overall management structure. Not sharing the generally vast repository of knowledge in a company means that individual or grouped employees often waste time by recreating solutions that already exist within the company, or repeat mistakes that have already been made in the past. Knowledge Management can create an environment where not only knowledge but experience can be shared, in order to ensure maximum efficiency and productivity of the company at all times. But implementing a Knowledge Management system is never easy, and has a large number of pitfalls. As they say, the best plans of “mice and men” may fail. Therefore, the most Common Knowledge Management Mistakes Made By Companies will be discussed in brief in the following review.

The Necessity

The Companies begin the Knowledge Management process for many reasons. The main reasons may be:

  • The imminent retirement of key employees could cause a real knowledge vacuum, and necessitate the storage of their accumulated knowledge and experience benefits for the company. These valuable employees are repositories of essential knowledge, which need to be captured and stored for posterity, and for the future of the company.
  • The need to input new talent in the ranks of the employees may lead to an upcoming recruitment drive, and show the importance of using Knowledge Management to assist in training the new employees.
  • Mergers and acquisitions of other companies or bodies may highlight the need for codifying Knowledge and traditions, and encouraging teams to share expertise.

Knowledge Management can create faster and better decision making, increased collaboration, produce a more efficient workplace, optimize training processes, build organizational knowledge, and increase employee happiness and feeling of belonging to the organization, with consequent benefits to the company in terms of training, sharing, collaboration, innovation and company loyalty. But inherent with these benefits, there are dangerous traps that can not only render the benefits of Knowledge management ineffective, but actually lead to harmful situations for both the individual employees and the company. Some of these are Common Mistakes, which will be enumerated below.

The Most Common Mistakes

The most Common Knowledge Management Mistakes Made By Companies are usually as follows:

  • Excess Focus on Knowledge Collection: The main focus is often on collection of vast quantities of raw Data, without first screening or structuring the Data to suit the needs of the company. The main criteria should always be the Usefulness of the Data so collected. Not all knowledge is useful knowledge. Specialist assistance must be used to create a validation system, that can ensure that only knowledge that will be useful is collected.
  • Lack of Corporate/Company Vision: While the management of a company may have a clear idea of the present, the future is always uncertain. The flexibility to change with the future is often neglected, and the reality outgrows the existing structure set up originally for Knowledge Management system. It is absolutely not to make this Common Mistake, and include Visionaries among the Planners who will include future expansion as one of the key factors of Knowledge Management.
  • Lack of Top-Level Buy-in: There must be a knowledge sharing culture in the company, which encompasses the whole company. The Common Mistake is to be non-inclusive, and leave out certain top management from the knowledge-sharing scheme. Key share-holders need to understand the absolute impact that a Knowledge Management system can have on the environment of a whole company, and this must be inculcated from the very beginning.
  • Lack of Departmental Collaboration: There can be no two ways about it, Knowledge Management is the job of the whole company, not a single department entrusted with its execution. Departments need to work closely together for its success, yet this is a Common Mistake everywhere.
  • Lack of Mobility: The employees who need this Knowledge, must be able to access it wherever they are. But companies neglect this aspect of availability, and thereby reduce the effectiveness of this system.
  • Lack of Training and Education: To maximize the benefits of Knowledge Management for everyone, regularized Training and Education in the system is a must. But a Common Mistake is to make this available to a select few only, and not to all the employees.
  • Lack of Updating: The system, even if effective, or perhaps because of it, often makes the management overlook it. This is a Common Mistake. Updating regularly is essential to keep the system free of aging mistakes, and always useful.
  • Ignoring the User: The often ignored person at the center of the problem is the User. If it doesn’t work for the User, its useless. So this Common Mistake is the worst of all.
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What is Knowledge Management?

It is the management system which includes the processing of knowledge in terms of creating, using and sharing the information into any management system or organization. With its help people can get all the possible information and use all the knowledge of that company, system or organization. According to many disciplines of this field it includes subjects and sources like computer science, media and information, public health and policies. In 1991 an initial discipline was established named KM and it included the knowledge of various subjects like information system, business administration and courses of library and management sciences. Despite this discipline then came various and multiple disciplines in the knowledge management field and also established and started higher levels of education and relevant degrees in the knowledge management sector. Multiple organizations and management companies take reference from KM regarding the advisory for resource management and strategies for the enhancement of their business and improve the IT strategies in the information and technology sharing and enhancement. The main advantages of knowledge management which any organization would get from it includes innovation and advantages of lessons learned in the information field and for the improvement in business strategies in any field of invention and sharing the knowledge into the industry or organizations.

Criteria and Subjects

In knowledge management various subjects, theories and aspects are relevant for creativity and sharing knowledge and Business Administration is such a field of this sector as it involves all the things relevant to the supervision, administration and tracking overall view in the business programming tasks. Mainly it includes subjects like finance and marketing, project management and mostly accounting. So overall business administration is an important part or subject in the information and knowledge management sector because from creating accounting details of the particular management company, dealing with the fields of marketing and finance and discovering the details of project management to sharing all these information and data with the help of computer science precisely in the organization is the most hectic and important part of the management field.

Other than business management the second most subject is computer science which involves all the criteria related to the data computation and information storage, all the knowledge of software and hardware applications which are responsible for the relevant information computation to sharing all the information with communicative devices and with the help of technology. In knowledge storage and processing some of the most important criteria are learning and sharing the information mainly in the business industry so it plays a major part in marketing and accounting sector as all the precise and important information of any organization can be handled, saved and also can be shared to others with the help of computer science studies and knowledge and many students worldwide are getting relevant degrees in this as this is the subject of future in the digital era of present and next generation too.

Human Resource Management is also an important part of the information and knowledge sector as it involves the management of people and by the people in the information sector in any organization. The manpower of any industry is responsible to achieve the goal of advancement and to gain the criteria of success and financial growth of the company. More the precise policies would be included into the companies and organizations for their employees and their workers related to the point of pay, recruitment, bonus or appraisal, rewards and benefits for their workers, more they would love to work with them with all the dedication and energy as a little act of appraisal can make the workers being dedicated and excited towards their work and more the human resource management would get strong more the company would be benefited in the terms of finance, knowledge enhancement and sharing the marketing and information status across the work field.

Advantages and Benefits

The many advantages which can be gained by a strong knowledge management system are profit and improvement in the overall fields of information, finance, accounting, marketing, worker or employee management and the whole progress of any company or industry. This management also emphasizes on innovation and development in the learning field and also improves communication and network sectors for the strong communication and sharing media and information in the form of knowledge into the whole world and multiple working organizations.…

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