(Mt) – The Importance of Knowledge Management in Organizations Essay

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View attached explanation and answer. Let me know if you have any questions.1Knowledge Management in OrganizationsStudent’s NameInstitutionProfessorCourseDate2Knowledge Management in OrganizationsPart A: Introductioni.Importance of Knowledge ManagementKnowledge management involves distributing, storing, distinguishing, and organizinginformation. When knowledge is not effectively collected and distributed in organizations, timewill be wasted seeking out the needed information while struggling to meet the organization’sgoals. Knowledge management is essential for various organizations’ development and growth.For instance, it helps in making better-informed decisions. Individuals and departments of anorganization gain knowledge through the knowledge management process. According toPellegrini et al. (2020), company teams upgrade their skills and make more informed decisionsthat support the goals and missions of the business through the knowledge management system.The effective decision-making process is accelerated by the process of knowledge managementof various organizations.Additionally, knowledge management enhances collaboration and the communicationprocess of a company. This process also develops transparency and trust among team members,hence developing more understanding and alignment around the set goals of an organization. Forteams to embrace innovation, open communication and leadership commitment is paramount.Besides, a knowledge management system enhances operational efficiency. The system providesa base where workers’ knowledge and relevant information are found faster and easier, reducingresearch time. Relevant information makes decision-making faster and enhances cost savingsthrough operational efficiency, thus increasing productivity.3Moreover, a knowledge management system encourages identifying skill gaps amongindividuals. Various teams can create documentation to identify gaps in core competenciesamong team members through relevant knowledge. Skill gaps identification is crucial fororganizational structure development and the hiring process.ii.Choo and Weick’s Knowledge Management ModelChoo/Weick’s management model endorses an approach to defining perception byanalyzing how information elements are found in organizational practices. The model centralizeshow informational factors are identified and introduced in the organization’s actions resultingf…

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