The strategic resource that mainly applies in many organisations is knowledge; however, the potential for knowledge to develop is not fully exploited. There are various events that limit the growth of knowledge, among them is the variety in the management concepts of knowledge.
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The methods as well as tools used in the company also hinder the development of knowledge as they involve the developmental goals together with the situation of the company. It is important to understand the dynamic functions of knowledge as applied in business.
The methodological framework is introduced so as to assist businesses in identifying the importance of change and also to handle the management function successfully. The paper seeks to educate companies on the best methods they can use the knowledge they have and also improve on the knowledge.
There is a necessity for companies to have three most important assets that include natural resources, cheap labour and also knowledge. In the three assets, knowledge is the asset that has the possibility of being maintained for a long period. Thus, knowledge can be used in terms of delivering advantages to the company in the long run (Christensen, 2003).
In the modern business environment, knowledge is the key resource in running a business successfully. It is not static but rather dynamic; this is because of the ever changing economic environment as a result of globalization. In order to overcome the challenge, knowledge management requires getting support and addressing the personnel of the company, IT and the organization of the company.
The activities in knowledge management and investment must target the processes of the company. As a result, companies need to have comprehensive knowledge and understand how to implement the method formulated by KM (Dalkir, 2005).
The level of the economy and the social being of the company result from a change in the processes in the company, and knowledge is a major cause in the changes. However, there are also influences in the society that include the environment surrounding the company and also the changing level of technology (Dixon, 2000).
Irrespective of the fact that the change process is complex, and several drivers may get involved in the process at the same time, it is worth investigating and also describing the change process that occurs due to knowledge. These change processes involve activities that are knowledge related and result in the transferring of the current knowledge to the targeted knowledge.
The activities depend on enablers that are involved with knowledge management. It includes aspects such as technology, individual and also organisational issues (Hlupic, 2003).
Knowledge-based change processes
With the understanding of the role of knowledge that is ever changing and its relation to employment, competition and growth companies should understand the importance for the improvement of the various types of knowledge (Maier, 2007). Companies should embrace the specific assessment of the company and also case based assessments so as to increase the potential value of the investment.
It also gets applied in the definition of suggestions as well as recommendations that are useful in increasing the knowledge of the company. The company should also develop maturity in its management and be in a position to advance.
The growth of qualitative, as well as quantitative methodological approaches, is also devised together with the implementation and formulation of the required policies in the knowledge market (O’Dell & Hubert, 2011).
Methodological framework for unlocking the developmental potential of knowledge
The ideas in the paper vary in several ways in terms of scientific concept of knowledge; it is not an easy concept irrespective of the fact that science is around. It is worth distinguishing the difference between information, data and knowledge. It emerges that information is data that has been organised and, on the other hand, knowledge is information that is clearly understood (Rollett, 2003).
Therefore, there is a need for economic agents to intervene in both knowledge and information. There should also be an evaluation of knowledge and information, which should be accounted for due to the potential they have. In such a context, the cycle of knowledge should be studied; however, the previous analysis is related to management and accountancy.
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Knowledge also needs to be viewed as a resource and analysed so as to confront and solve problems. Knowledge should also be observed as a stock that involves an investment, and results are derived (Renzl, 2006).
There are considerable numbers of ways in which updates can be observed; first, the management of the company needs to state problems in that particular company. It includes the problems that need to be solved in an environment where the problem is located. It involves the data about the company, the IT systems in the company and the management knowledge.
The present state of implementation of knowledge and also the formulated volume of investment with reference to the activities of KM need to be addressed (Bergeron, 2003). The environment of the company refers to the educational skills of the employees in the company, the size of the company, the region.
It is of importance to consider the environment because of its influence in the selection of the KM process. The IT system in the company can also be adjusted to meet the standards required (Christensen, 2003).
Much contribution is made to the field in that the KM standards, as well as the fitting tools, can be recommended so as to realise change. The recommendations should however be given together with a description of the circumstances and a checklist on the implementation. The possible characteristics that can filter the results of a similar specification can be used in the aspects of KM (Dalkir, 2005).
They are influenced by technology, management in the organisation and human resources. Limitation in the process of change including the level of investment available is also another aspect that needs to get consideration.
In addition, the coherence in methods of change might get considered and also discussed in the case that it is of importance for them to perform effectively. It may result in the formulation of the path that comprises of different methods as well as activities that can be applied in future (Dixon, 2000).
Companies can make the best out of knowledge. It is, therefore, required of the companies to manage the knowledge they have so as to unlock their potential in the development. For this to be achieved, it is necessary to have a set of methods that aid the organisation in intervening in their main processes. The intervention can mainly occur due to the problems in the company or situation that has not been fully addressed (Hlupic, 2003).
A routine check-up is a methodological framework that can also get applied in defining the importance of knowledge clinic. The clinic would enhance companies to move from the present maturity they have to the level of maturity that is desired. It also enables companies to conduct sensitivity assessment on the investment they have based on their knowledge (Maier, 2007).
There is a question of why companies should change the direction and follow a new path. The insight offered by the responses indicates that input data should be analysed by benchmarking and also clustering methods.
The relationship between investing into knowledge and the priorities of the activities that are related to knowledge result in the conclusion that there is a need to invest further in KM or that there is a need to refocus the activities involved. The results indicate the attitude of the company on the issues of knowledge with respect to other companies. Similar companies are represented in the diagram, and their priorities are indicated.
They are also compared to the activities in the company that is related to knowledge. On the case that the results obtained from the company are different from other similar companies, the attitude of that particular company towards knowledge, its priorities as well as investments should be investigated. The results of the investigation should be indicated in the problems in KM (Dixon, 2000).
It is important to specify the problems further so as to aid the company in identifying the problems fully. The use of the functionality in identifying the problem can be of help to companies in identifying the problems.
The company should look into the symptoms that are provided and have a decision tree in place so as to self-direct towards the most appropriate solutions. The support function is similar to the input on the problem-symptom matrix and gives the possible causes of the problems. The company, therefore, has the chance of improving its performance (Christensen, 2003).
It is worth noting that the coherence among the methods can get pointed as well as discussed, if it is significant for the two to work effectively. However, there are questions on whether the working of the two can result in the development of the pathway that has been composed of the different means as well as activities to get applied and implemented simultaneously (O’Dell & Hubert, 2011).
Bergeron, B. (2003). Essentials of Knowledge Management. Hoboken, NJ: John Wiley & Sons.
Christensen, P. H. (2003). Knowledge management: Perspectives and pitfalls. Copenhagen: Copenhagen Business School Press.
Dalkir, K. (2005). Knowledge management in theory and practice. Amsterdam: Elsevier/Butterworth Heinemann.
Dixon, N. M. (2000). Common knowledge: How companies thrive by sharing what they know. Boston, Mass: Harvard Business School Press.
Hlupic, V. (2003). Knowledge and business process management. Hershey, Pa: Idea Group.
Maier, R. (2007). Knowledge management systems: Information and communication technologies for knowledge management. Berlin: Springer Berlin.
O’Dell, C. S., & Hubert, C. (2011). The new edge in knowledge: How knowledge management is changing the way we do business. Hoboken, N.J: John Wiley & Sons.
Renzl, B. (2006). The future of knowledge management. Basingstoke: Palgrave Macmillan.
Rollett, H. (2003). Knowledge management: Processes and technologies. Boston, Mass. [u.a.: Kluwer Academic Publ.