Knowledge Management Approach as Business Model: Service Industry Prospective

Introduction

Sharing of knowledge is extremely important that the organization should be encouraged through various means and method enabling to depend on its own sources. Knowledge sharing within the organization enables the employers to share insight which help them to adopt appropriate faster and cost effective move towards the achievement of organizational goals. Organization exist due to people, process and profit which are the most essential elements guiding different terms like organizational growth, competitive advantage, and development. Some of the analysts believe that the information and technology are the key drivers for the today’s business and plays a vital role affecting both individual and organization. Ages back, information has been extremely important that creates benefits to the organization. The organization looks for the information which can be used by the people, for the process to gain profit and advantage. Information system transformed to knowledge system in last decades where knowledge are the source for gaining advantages. Knowledge and its management is not just technology based but also have human factor. Information technology is a key driver for knowledge management (Soliman & Spooner, 2000).

Knowledge management has become an important area of focus for many organizations in order to be successful in today’s business environment. There are many reasons for this; the foremost is the difficulty in establishing regular improvement system and loss of knowledge in an undertaking. Secondly, finding the cause and effect about the management process and finding business outcome. The number of steps required to show a connection to relate the knowledge management benefits and business outcomes can be highlighted as:

• 1.

  Need to be a strategy assessment with respect to knowledge management

• 2.

  Knowledge audit

• 3.

  Strategy needs to be aligned with the business strategy

• 4.

  Identify any gaps.

• 5.

  Searching new opportunities for knowledge programs

• 6.

  Build justification