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Knowledge Management for Business

Business Organizations use some tested and proved methods for effective Knowledge Management. It includes a wide range of functions such as identifying the existing pool of knowledge, hiring knowledge, creating new knowledge, acquiring knowledge, integrating knowledge, appropriate application of knowledge, research and innovation, distribution of available knowledge for reuse throughout the business organization.

Role of Knowledge Management
To achieve the predetermined organizational goal is the ultimate aim of the business enterprise and that is enabled by maximizing the profit and optimizing the performance. Knowledge Management is a part of Human Resource Management. The knowledge capital should not go unutilized or underutilized.

Realizing the importance of Knowledge and Intelligence Sharing, every organization periodically conducts the following programs to see that its members are upgraded:

- Brain Storming Sessions and peer discussions
- Staff Meetings, Inter-Branch Meetings and Follow-up Sessions
- Awareness Programs and Advertisement Campaigns
- Theme Exhibitions and Lab Sessions
- Interaction between various Research groups
- Business Meetings and Conferences
- Publishing House Journals
- Publishing Scientific Papers
- Issuing Circulars and Guidelines

Methods of Knowledge Transfer
Knowledge should not be stagnant. It enhances in quality and quantity only when it is shared with others. To emphasize and encourage continuous learning, every business enterprise conducts any one or some of the following training sessions so that its members are upgraded and updated regularly:

- Regular Apprenticeship Training
- Internships
- Induction and Refresher Training
- On-the Job Training
- Vocational Training
- Professional Training

There are other Training Programs which are specific to the particular business and industry ; they are:

- First Aid and Safety Training in mining, exploration business, shipping, etc.
- Voice, Accent and Language Training in Business Processing Industry
- Soft-Skill Training and Grooming in Hospitality Industry
- Mentoring Programs to Knowledge Associates in Media and Publishing Industry
- Crisis Management and Disaster Management Training to NGOs engaged in social service.

Effects of Training Programs
1. Improvement in performance and increase in quality output
2. Prevention of Negligence in work and adherence of safety measures
3. Prevention of wastage and loss of money and material
4. Increase in Productivity
5. Greater customer satisfaction and new business opportunities

Best use of Knowledge Capital
Knowledge flows from one point to another, so that it is put to best use and further accelerates creation of new knowledge. For example there are many ready-to-use software programs and software development kits and online libraries of small utility software and modules. There is no point in reinventing the wheel. Hence these modules can be assembled and integrated together to create a new product or the same can be improved upon. Dictionaries, encyclopedia, wikipedia and online libraries are sources of wide range of knowledge.

Knowledge is of two kinds-theoretical knowledge and practical knowledge which is gained by experience over the years. Both have to be blended together and managed efficiently to achieve the business objective. With the latest available technological tools, knowledge can be shared across the globe. For example, a complicated surgery procedure (like segregating Siamese Twins) can be shown live on air; with the help of Video Conferencing and live chats, scientists can exchange their research findings. An online Mathematics tutor can be engaged from one country by a student in another country. This Knowledge Migration is possible because of Technological Convergence. Many Web Publishing Companies efficiently manage Knowledge Migration by hiring a Knowledge Associate for medical transcription, legal transcription, data processing, software developing, maintenance of portals and Blogspots. There are Blog spots which enable Knowledge Exchange, Knowledge Sharing, Knowledge Enhancing and Knowledge Creation.

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