My standpoint

Why organizations should consider Knowledge Management?

Knowledge Management is not a new concept as it exists long back in organizations. Now many organizations are realising that their knowledge reserves are running low and they notice also that the replenishment is not automatic, easy or cheap. In organizations we can find fewer experts who are available to share their knowledge to increase the knowledge pool. Organizations must act promptly in order to avoid a disaster in the coming days.

Organizations have existed from years as of now, so the ageing workforce can be a reason why organizations have to adopt knowledge management strategy. There is a trend now in organizations that the people are retiring early. When they retire, their knowledge goes with them. This has a direct impact in the productivity of the organizations as less labour force is available to undertake the daily routines. But at the same time there is some indirect loss like loss of expertise knowledge in the field. That knowledge may be lost forever. In this way, the productivity decreases as less experienced staff are available for closer supervision.

Knowledge is transferred dynamically but its rate of transfer depends entirely on the organizational culture, it can vary over time also. By constructing knowledge repositories is not enough as this will not help the organization. Human factor is key point of the strategy in order to achieve the business objectives.