Knowledge management

Knowledge management describes measures, plans and their organizational implementation in a company, which serve to identify, coordinate, develop and use the knowledge of employees in such a way that better work processes and innovative products and services are possible, which in turn the company's competitive position is to be strengthened.
Knowledge management is often understood to mean investments in information technology (IT), provided that IT is used to codify the knowledge of employees in order to open it up for searches and queries.

Data warehouses and company-wide databases are being set up. In this way, on the one hand, individual knowledge can be coordinated; on the other hand, this turns the knowledge of the employees into knowledge of the company.

Knowledge management is the use and increase of knowledge in the company and the promotion of resulting innovations in the product market with the aim and focus of creating lasting competitive advantages. Knowledge management therefore ultimately serves to convert knowledge into money and increase value, although the goal is not directly to increase value, but to create competitive advantages.

The company's knowledge base, which is constantly being expanded, requires a separate responsible position. Some companies already have a Chief Knowledge Officer.

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