Knowledge Management Knowledge Management Companies need a flexible, robust way to leverage intellectual assets as they grow to help in making critical choices. KM treats intellectual capital as a managed asset. Business Data that is generally characterized as a set of facts about events and the world. In addition, most firms subscribe to external data sources that provide demographic information, competitive statistics, and other market information. The core value building activity around business data is the ability to analyze, synthesize, and then transform the data into information and knowledge.
Information is the outcome of capturing and providing context to experiences and ideas.
The core value building activity around information is managing the content in a way that makes it easy to find, reuse, and learn from experiences so that mistakes are not repeated and work isn't duplicated. Knowledge is composed of the tacit experiences, ideas, insights, values, and judgments of individuals. It is dynamic and can only be accessed through direct collaboration and communication with experts who have the knowledge. Knowledge-management systems must provide the cultural incentives for sharing the personal experiences that have historically constituted an individual's value to a firm. Today, an individual's contribution to a firm is in the creation of new knowledge through collaboration with others and in synthesizing existing information and data.