Data — no matter how secure and organizations — proves its worth only when it’s used to deliver value to the business. In other words, the bits and bytes must be turned into information in order to be useful intellectual capital. Enter knowledge management: the process of capturing, distributing and effectively using knowledge.
This definition might make knowledge management sound a lot like information management, but in this context, the word “knowledge” means a processed form of information that goes beyond merely extracting facts from collected data. Knowledge discovery focuses on the application of information: Knowledge creation is what happens when people refine information into something useful.
Most organizations have both explicit and tacit knowledge. Explicit knowledge is what can be codified into a set of facts, cases, guidelines, etc., and published or otherwise distributed through a knowledge-sharing pipeline. Tacit knowledge includes insights and intuitions that are more difficult to be recorded. Explicit knowledge is usually information-centric, while tacit knowledge is not. Together, they comprise a knowledge base that is a key factor in an organization’s competitive advantage.
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