A definition of Knowledge Management Process
Most simply, “knowledge management process” is how corporations use and take advantage of data and/or information they acquire.
By definition knowledge management is the process of acquiring, evaluating and utilizing information effectively in order to enable delivery of the right information at the right time, in a way that is practical and helpful to the end user.
The process of managing knowledge begins with simply acquiring and storing pertinent data for future use. Whether its data gathered from within an organization (lessons learned databases, expertise location, communities of practice, etc.), from social media and other internet sources, or from other unstructured data.
After obtainment and storage, new found knowledge needs to be evaluated, organized and enriched.
Using semantics, text analytics and a content reflective taxonomy – learned information can be evaluated and effectively organized through the application of meaning in context and relationships within content. Data can then be enriched by the addition of contextually correct metadata.
This taxonomy and enhancement of data allows for the most effective and timely obtainment/utilization of desired information by and for the end user.
Example: Knowledge Management Applied to the Financial Services Industry
In all industries, including financial services, the knowledge management process is becoming increasingly more important due to the massive amount of information a corporation brings in every day.
A financial services corporation will receive data and information from a variety of sources, both internal and external. Internally they will produce anything from sales reports to legal documents and externally anything from social media to analysts’ reports. All of which is information that, if managed properly, can be of great use and value to said corporation.
Effective management of the knowledge obtained internally and externally allows corporations to improve and learn. Direct applications for a financial services company include: improving customer relations through more thorough analysis of social media, predicting stock market changes by increasing the ability to monitor news stories, and preventing fraud by allowing more extensive audits.
In today’s quickly advancing world, powerful knowledge management is essential to survive and thrive in any and all industries.