Knowledge and Information Management

• What is information management?

  Organizing and analysing information to support decision-making and achieve organisational goals
• What is knowledge management?

  Process of capturing the skills and experience of people within the organisation and sharing these skills to gain a competitive edge
• What are examples of information for a business?

  • Sales numbers
  • Customer names
  • Delivery times
• What are examples of knowledge for a business?

  • Experience
  • Intuition
  • Expertise
• What are the advantages of managing information and knowledge effectively?

  • Better decision-making - scientific decision-making reduces risk and uncertainty
  • Improves efficiency - knowledge of past mistakes avoids repetition
  • Supports employee development - encourages a learning culture and continuous development
• How does information and knowledge management improve flexibility?

  Data is easy to access and easy to use for decision-mkaing meaning that decisions can be made quickly improving flexibility
• Why does knowledge and information management improve employee development?

  • Encourages a learning culture and continuous improvement
  • Makes training more effective by passing knowledge from experienced to new staff
• Why does knowledge and information management support innovation?

  • Capturing employee knowledge helps generate better ideas and products
  • Allows businesses to build on past successes and combine expertise from across departments
• When should businesses invest in managing information and knowledge?

  • Times of rapid growth or change
  • Global operations - to share knowledge between teams in different countries
  • Innovative firms
• When does a business not need to invest in managing knowledge and information?

  • Small businesses with limited budgets and fewer employees
  • Stable environments where change is rare and processes are repetitive
• What topics does knowledge and information management link to?

  • Core competencies
  • Decision-making
  • HR strategy - training and talent development
  • Strategic positioning - knowledge gives firms an edge in competitive positioning
  • Globalisation - helps standardise global operations while allowing for local responsiveness