Knowledge Management, Social Networks and Innovation Assignment

Knowledge Management, Social Networks and Innovation - Assignment Example an explicit asset will be its ultimate product, because as Lytras, Russ and Maier (2008, p. 144) described, KM aims to productize and distribute knowledge within the organization. KM’s overall benefits include forming an ‘organizational learning’ system whereby people in the firm will be bale to gain wide knowledge that is useful for their as well as organization’s common benefits. As Forster (2005, p. 397) denoted, KM is a process that collects, shares and utilizes experience, knowledge, skills and wisdom of employees and they are then converted to a collective organizational learning process. This is how KM helps organizations improve the performance and effectiveness of organizational activities. For instance, a firm may recruit old workforce believing that old-workers are more knowledgeable than young people and they will be retained with a view to make use of their knowledge and experience. This is a strategic way to create new knowledge. They have mor e experience, which can later be transferred to other workforce through collaborative team work or other progressive activities. This is how experience can be converted to knowledge, or knowledge can be created from experience. Young workforce, for instance, will later be able to use their acquired knowledge for the overall organizational benefits. Explicit or Tacit nature of knowledge in relation to creation and sharing Knowledge creation, sharing, transferring and utilizing can be carried out through either papers, documents, database etc or through people’s mind. Explicit knowledge refers to that information being processed through papers, documents or database etc, whereas tacit knowledge is the information that is processed... This paper highlighted that knowledge sharing helps an organization foster innovation as people within its workplace will be motivated to gain newer knowledge, think creatively and bring newer ideas that in turn can help the organization perform better. Social networking is an essentially important means that almost all companies in recent years are extensively using for better knowledge sharing experiences. This paper described the conceptual framework of how social networks improve the effectiveness of KM and the practical issues that are faced by the management in relation to KM and innovation development. This paper approves that KM comprises of people, process and technology. How people use technology for knowledge sharing also impact the results of KM strategy. For far better results, the organization may need to facilitate extensive training for using technology in the KM. People in an organization may be well-versed in using computers, database, software, social networking, etc and as a result the result also will be better than the other way. This paper makes a conclusion that people’s approach and organizational learning culture also impact the KM effectiveness. Management may face severe issues related to employees less awareness of the KM practices, irresponsibility of concerned people, lack of motivation to get involved etc. Problems related to artifacts are also to be considered while implementing a better system of the KM. Artifacts such as manuals, software, networking, papers, documents etc that are used in the KM practice must be appropriate for the ultimate purpose of the processed knowledge.