Knowledge Management (KM) is the creation and subsequent management of an environment that encourages expertise and experience (tacit knowledge) and information (explicit knowledge) to be created, shared, learned, enhanced and organised for the organisation’s benefit. An organisation’s strength not only includes its physical assets (information) it also includes its knowledge assets (people). KM is the systematic gathering and exploitation of those assets which may be explicit or hidden. It includes the recognition, capture and spreading of good practice, the utilisation of collective intelligence and the sharing of lessons learned.
- Improve decision making
- Increase productivity and efficiency by avoiding waste and duplication by encouraging knowledge sharing and re-use
- Unleash new ideas and creativity
- Help create a more adaptive, responsive, dynamic, flexible, organisation
- Attract and retain motivated, loyal and committed talent
- Turn process know-how into a valuable corporate asset
IFC’s holistic approach comprises of the following key activities: