What is Knowledge and Information Management?

Knowledge and information management is an array of tools and approaches to get information and expertise flowing in an organisation and ensure that the organisation is optimising and utilising the knowledge it creates. Knowledge is power and knowledge sharing can be one of the most powerful and useful tools that an organisation can use, from increasing customer satisfaction to promoting cultural change, it should be used by every organisation. A knowledge and information management policy is concerned with the expectations of the management of knowledge and guides the organisation when it comes to the way in which it can be used. A proper knowledge and information management system comes with powerful features to enable internal knowledge transition and collaboration as well as providing a platform for the creation of new knowledge.

Information is processed data that has become fully reliable and useful whereas knowledge is the relevant information that has been created from experience by a particular person. This knowledge can either be explicit or tacit, the former refers to the knowledge that can be readily put into words, stored, accessed, and can be easily captured and documented. The latter refers to the knowledge we have in our heads, it is difficult to transfer to another person in the means of writing it down or in conversation however since it relies on past experiences and has context it is more valuable than explicit knowledge. Since tacit knowledge is hard to convey the sharer should have a personal relationship with the recipient to help extract this vital knowledge. If this cannot be done, other methods can be used to extract tacit knowledge through meetings and training programs. Although tacit knowledge is more important than explicit knowledge this does not mean that it does not have its benefits. Explicit knowledge is quick and easy to access which can sometimes be what the user of the system is looking for.

Knowledge is an important resource that can be used to expand and enhance ideas and increase an organization’s ability to make well informed decisions. Knowledge and information management increases collaboration within an organisation and speeds up the decision-making process for everyone. From a human resources point of view, it can also grow employee inclusivity and give them the feeling that the knowledge they put forward goes towards the current tasks and expansion of the organisation. For knowledge and information management to work the best it can, a good system and policy should be in place since without these it can be a massive waste of money and time. The system must be easy to use, easy to access, engaging for the users to increase interaction, there must be a method in place for the users to help them express their tacit knowledge and the policy must clearly set the standard for knowledge and information management within the organisation.

The justification of the rationale behind having a good information and knowledge management strategy, a discussion of the types of issues that should be covered in these strategies, a fully rounded and detailed justification as to my stance on the topic with reference to relevant materials, the rationale of having a good information and knowledge management strategy and the processes involved within information and knowledge management are among topics within this critical evaluation. 

Knowledge and Information Management Processes

For knowledge and information management to work efficiently, the system must follow a well-structured model that covers all aspects of the process. The model should be based upon the six processes that are used and studied the most when it comes to a thorough knowledge and information management model; knowledge acquisition; sharing; application; protection; storage and creation (Al-Emran, Mezhuyeva, Kamaludina, Shaalanb, 2018). The knowledge management process starts with the discovery, this is the extracting of knowledge from data or receiving it through other methods. As previously discussed, it can be complex to capture tacit knowledge so strategies need to be used to help with this.

These can include but are not limited to; one-to-one meetings with employees; town halls, question and answer sessions and scrums (Sampath, 2019). Before knowledge is ready to be shared, it must be presented in a way that it can be quickly retrieved, understood, and organised by strengths, weaknesses and level of importance (Shujahat, Sousa, Hussain, Nawaz, Wang, Umer, 2019). Once the knowledge is available it is ready to be shared with the use of a good knowledge and information management system where the content can be updated and managed.

After the knowledge has been inputted into the system it must be protected at all costs to ensure that no intellectual property is lost. With the use of strong access control and patents, an organisation’s intellectual property is covered. The most crucial information and knowledge management process would be the creation of knowledge since there would be no need in a knowledge and information management system without it. Wang (2016) described many knowledge creation methods that should be used within organisations. When it comes to the creation of tacit knowledge it is best to use hands-on methods for the participants such as workshops and team building exercises to generate new experiences.

The creation of tacit knowledge should be focused on more compared to the creation of explicit knowledge since it is more useful to the organisation. A knowledge and information management system is a place for all the knowledge that has been collected to be stored for others to access within your organisation. Whether you are a client or an employee, you should all have access to quickly retrieve relevant information to solve your problems and help make the best decisions in the quickest way. The system that the organisation uses to centralise and store their knowledge must be carefully thought out and planned to ensure that it is engaging and organised with the most relevant and concise information for everyone to access quickly.

The Benefits of an Information and Knowledge Management Policy

The world has majorly changed over the past 40 years, technology has advanced in ways that used to seem unimaginable and is still advancing every day. An organisation in this current day and age needs to keep up with this constant change and react to market demand. There have been so many companies, especially in the 21st century that have failed to do this which resulted in their demise. According to a recent article from CNBC “Since 2011, platforms like Netflix, Hulu and HBO have seen sales balloon 1,231% to $12.9 billion” (Whitten, S, 2019). This shows the rapid expansion of online Film and Television platforms that put Blockbuster out of business and severely decreased the sales of DVD’s. Whitten also noted that since 2008, DVD sales have decreased by more than 86% (Whitten, S, 2019).

When Blockbuster was declining the popularity of mobile phones, tablets and film and television streaming services were on the rise and if a good information and knowledge management policy was in place, Blockbuster could have predicted this and made the appropriate changes to stop the destruction of their business. Blockbuster should be used as a learning experience for many other organizations, especially the ones that technology could one day take over.

Kridan and Goulding conducted a case study on knowledge and information management policies within the banking and finance sector and the benefits they can have. The case study involved three banks within Libya without a knowledge and information management system in place. The effects of adding knowledge and information management to the three banks were then studied. The first bank was responsible for overall strategies and policies, the second was in investment and real-estate and the third was a commercial bank.

Since most knowledge and information management case studies revolve around western country organisations and the effects that the policies and strategies have it was interesting to see the effects that a lack of information and knowledge management strategies have on an organisation. The results of the study found that 91% of the employees thought that the bank was losing valuable knowledge, 88% felt they did not have access to any valuable knowledge and that the lack of a good knowledge and information management system resulted in error duplications within the bank.

A survey conducted with members of staff from all departments and levels (senior executive’s human resources, marketing, investment) asked them if they thought the implementation of a knowledge and information management policy would result in benefits for the organisation. 82% found that a knowledge and information management policy coupled with a good system would increase customer and competitor information available to them, improve their ability to make quick and well-informed decisions, their communication skills would increase, their motivation and innovation levels would increase, and it would just be generally easier to find information. (Kridan and Goulding, 2006).

To focus on knowledge and information management strategies in the ability it has to develop the continuous flow of innovation, a case study from Forcadell analyses this topic. The study involved the implementation of an information and knowledge management policy and an innovation-oriented strategy to research the effects this has on the improvement of continuous innovation. The implementation of an innovation orientated strategy of course drastically increased the continuous flow of innovation, but it was also found that the strategy achieved to increase job satisfaction and the decision making speed of the participants (Forcadell, 2002).

What Should be Included in an Information and Knowledge Management Policy?

A knowledge and information management policy should be used in every organisation, not only to convey what knowledge sharing is but to explain its importance and set guidelines when it comes to sharing knowledge. A knowledge and information management policy should authorise knowledge and information management to be inserted within an organisation and allow it to be used as a tool, it will set the standard for knowledge management and ensure all employees within the organisation know what is expected from them when it comes to sharing their knowledge and accessing others knowledge.

A knowledge and information management policy not only sets the rules when it comes to the sharing of knowledge but also promotes continuous learning through knowledge sharing and establishes the tools that are available to employees when it comes to the use of intellectual capital i.e., the knowledge and information management system the company uses. A knowledge and information management policy should be created by a knowledge management team as well as senior management to address the elements of the policy.

The knowledge and information management policy should convey the benefits that knowledge sharing has when it comes to the increase of employee growth, faster and better decision making, increase of innovation and stimulation of growth so the employees within the organisation adopt the practise. The knowledge and information management policy should ensure that all knowledge is shared, stored and knowledge is not lost when employees leave the organisation. A knowledge and information management policy is vital to the success of an organisation as it evaluates all aspects of knowledge management and encourages the sharing of knowledge to increase the knowledge of all employees within the organisation.

The Rationale Behind Having a Good Information and Knowledge Management Strategy

As well as knowledge and information in general, knowledge and information strategies and policies are hugely important to organisations. A knowledge and information management strategy comes before the system, it is a long-term plan in place that details how an organisation controls and organises the information and knowledge it has to improve decision making and efficiency (Kim, Lee, Chun, Benbacat, 2014). Without these long-term strategies, the organisations cannot effectively achieve their goals and without the policies these goals cannot be achieved in the best way. Both must work together to ensure the success of the organisation. A good strategy is needed for a good system. 

A study in 2014 analysed data from 141 organisations to evaluate the effect that knowledge and information management strategies had on the overall performance of the management of knowledge and found a significant correlation (Kim, Lee, Chun, Benbacat, 2014). Knowledge and information strategies also impact an organisation’s intellectual capital, this is the value of employees’ knowledge within an organisation and anything that might give them a competitive edge over another. In both good and bad ways, knowledge and information strategies can impact an organisation’s intellectual capital. Depending on the type of knowledge and information management strategy used the organisation’s intellectual capital can be negatively impacted if the intellectual capital portfolio deviates from the knowledge and information management strategy.

However, if planned and executed well, knowledge and information strategies can positively impact the organisation in terms of the increase of organisational learning and general operating efficiency (Wang, Wang, Cao, Ye, 2016). As previously discussed, knowledge and information management strategies are closely related to knowledge and information management processes. The process with the most correlation would be the creation of knowledge. A study from (Choi and Lee, 2002) found that the use of knowledge and information management strategies increased the creation of knowledge inputted within their system. In a knowledge based economy, both knowledge and innovation are sources of competitive sustainable advantage.

A case study from Smith researched the tools and systems of three different organisations; PNC Bank; Mellon Financial Corporation and Schlumberger Oilfield Service and how they have each utilised them to manage their knowledge (Smith, 2004). Each organisation takes a different approach to manage their knowledge, with Schlumberger Oilfield Service taking on a knowledge and information management system that increases employee inclusivity and gives them the feeling that the knowledge they put forward goes towards the current tasks and expansion of the organisation.

This is achieved through the use of online communication platforms to increase collaboration. PNC Bank codifies their knowledge to produce concise and reusable material and organises their data by level of relevance. With the use of the just-in-time system Mellon Financial corporation utilises knowledge locators to retrieve specific knowledge using interviews and general question asking. Rather than a supply-based information and knowledge management system, Mellon Financial Corporation focuses on demand to reduce the acquisition of unnecessary knowledge. Three different approaches from three different organisations but they all noticed a significant increase in user and employee satisfaction as well as increased productivity and an increase in customer delivery, proving once again the importance of information and knowledge management strategies within organisations.

Conclusion and the Importance of an Information and Knowledge Management Strategy

Knowledge sharing is crucial to the success of an organisation. Knowledge and information management methods must be used to ensure that the organisation utilises this knowledge in the best possible way. The use of knowledge and information management strategies to detail how an organisation controls and organises its knowledge, a good policy to set the standard for knowledge management and ensure all employees within the organisation know what is expected from them when it comes to knowledge sharing and an effective system to contain the knowledge can unquestionably positively impact an organisation. The inclusion of knowledge and information management is no doubt vital to the success of an organisation. It is something that should be adopted by every organisation, especially in the technological day and age that we live in now.

Technology is going to continue to advance, new knowledge is going to be created and without a good knowledge and information management system this knowledge will be lost. The future of knowledge management is an exciting concept, but it will come with its challenges, especially for knowledge managers. The more that is accomplished the more that knowledge management will be needed and used, whether that be using what is already there to answer developer’s questions or adding new knowledge to the management system. Knowledge managers could possibly struggle to keep up with this constant flow of new knowledge and keep everything within the system organised and up to date for everyone to still be able to use efficiently. The endless evidence through case studies further boosts the importance of information and knowledge management policies and strategies within organisations.

The case study from Kridan and Goulding examined the effects of adding an information and knowledge management policy to three banks in Libya. Three banks that had been operating fine without one, but the addition of the policy and several strategies caused a drastic improvement in many aspects of the organisation as a whole. (Kridan and Goulding, 2006). A specific knowledge management strategy does not just have to have an effect within that area, for example when Forcadell conducted a case study that involved the implementation of an innovation-oriented strategy, of course the innovation levels of employees increased but job satisfaction and decision-making speed also increased (Forcadell, 2002). The case study from Smith that analysed the effects of different approaches to knowledge management found that every approach increased the performance of the organisations in every aspect, further proving the importance of knowledge and information management strategies. Knowledge and information strategies, coupled with a thorough policy and a good system to store everything will always improve an organisation.

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