Challenges and Strategies to Knowledge Management: Case Studies of Selected Companies

Abstract

We are in a knowledge economy. Individuals compete with people all over the world. In the private sector, it is no longer necessary to belong to any particular race, caste or creed. To impact the bottom-line of an organization and an individual goals and aspirations, the very basic necessity is to provide them with the basic requirements. And yes, knowledge management is as important as food, water and air. There is no one size fits all way to effectively tap a firms intellectual capital. To create value, companies must focus on how knowledge is used to build critical capabilities. Knowledge management is complex and multifaceted; item compasses everything the organisation does to make knowledge available to the business, such as embedding key information in systems and processes, applying incentives to motivate employees and forging alliances to infuse the business with new knowledge. Effective knowledge management requires a combination of many organisational elements – people, process and technology – in order to ensure that the right knowledge is brought to bear at the right time. As Peter Drucker put it, “Knowledge is and will be the basic economic resource.” In simple words, the key function of management is to engineer and manage knowledge. Management must encourage new knowledge to come forward. Everyones knowledge must be tapped. Knowledge that one does not understand must be managed and people must be encouraged to learn. The present paper examines the issues and challenges confronted the knowledge management and try to find out the strategies to knowledge management. The paper assesses the initiatives taken by Indian companies on the front of knowledge management. KeyWords: Knowledge Management, Knowledge Centre, Organisation, Information, Managing Knowledge

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