The Improving the Traditional Business Practice by Knowledge Management Arrangement Free Essay Example, 2000 words

The term knowledge management encompasses various attributes such as data, information, and knowledge. Data are the collection of unrefined facts demonstrating events occurring in corporations or the physical environment before they have been refined and organized into a form that people can identify and make use of it. And information is the collection of data that have been changed into a structure that is useful and serviceable to human beings (Laudon Laudon, 1999, p. 7; Norton, 2001, p. Finally, the knowledge is a collection of data and/or information that have been transformed and processed to offer understanding, experience, learning, and expertise as they apply to a current situation or job. Moreover, the data that are processed to recover important ideas and to reveal past expertise and experiences present the management with organizational knowledge, which is very helpful and precious (Turban, Leidner, McLean, Wetherbe, 2005, p. According to (Alwis Hartmann, 2008), the r esearchers and managers have acknowledged knowledge as a most important source of competitive advantage. Additionally, the knowledge is a potentially most important asset to the corporation as it can hold precious, unusual, unique and non-substitutable features mainly if it has a tacit aspect. We will write a custom essay sample on The Improving the Traditional Business Practice by Knowledge Management Arrangement or any topic specifically for you Only $17.96 $11.86/page Knowledge management supports an integrated idea to recognizing, storing, accessing, distributing, and assessing a corporation s information assets .