Knowledge Management (Assignement Question Details as Depicted Below) Assignment

Knowledge Management (Assignement Question Details as Depicted Below) - Assignment Example Now the question arises as to what exactly is knowledge and how is it different from information (Han 2001). Information is data organized in a proper form and in a way so that interpretation and analysis of the material is easy. Whereas when information is acquired by an individual it becomes knowledge. Knowledge is formally defined as acquaintance to information present. The main aim of knowledge management is to make knowledge available in a way to all those concerned in a way that it can be utilize in the best possible way so as to benefit the organization as a whole. This includes both social and technological effort. This subject has gained a lot importance in the corporate environment in the recent years because of several benefits it offers. For instance it reduces the chances of repetitive and redundant work. Everyone in the organization will know what information is already present and they will not waste time and resources on acquiring the same data and they will move ahead from that point, extending the thread from there (Steyn 2003). Apart from this in today’s world where the external environment is so volatile and fast changing that internal stakeholders especially decision makers have to work really fast to catch up with the fast changing trend and stay competitive. In circumstances like these information becomes a vital resource . Those who know are the ones who will survive. Apart from this another advantage that knowledge management offers is the reduction in time required to train new employees or to bring about a change in the organization (Foote 2001). Another aspect of today’s corporate world is that organizations have to stay flexible and to adapt to changes of the market. For this purpose change management has become a famous topic now a day’s for research and development and adequate knowledge management improves this process. The main argument that will be presented by this paper is