Written by ClearPeople | Jun 25, 2020 7:19:00 AM Show
What is the difference between Information Management (IM) and Knowledge Management (KM)?
Why is information management important?All companies use information to set strategies and accomplish business objectives. Information is therefore key to any business or organisation but how many of these companies would say they are getting maximum value from information? Our guess is not many. The benefits of effective information management are:
Knowledge Management definition
Before one can begin to talk about knowledge management, it is important that the meaning of "knowledge" be defined. Defining knowledge can be difficult due to the relationship with two other concepts: data and information. Theirauf (1999) defines the three components as follows: data isthe lowest point, an unstructured collection of facts and figures; information is thenext level, and it is regarded as structured data; finally, knowledge is defined as "information about information". Data therefore refers mostly to factual information. Knowledge can be defined as the ability or capacity of an individual who has been trained on some subject matter (such as medicine) which allows them then go out into society and share what they know with others so that their skills may benefit everyone around them. Knowledge management is the control and organisation of knowledge. The practice of knowledge management is applicable within any business. The context to which the knowledge is applied however is very specific to an organisation’s needs and differs from business to business. Knowledge Management is therefore about knowledge, understanding and wisdom. Its focus is on finding, gathering, assessing, and sharing information and knowledge. There are different forms of knowledge:
Examples of knowledge management in organizations
Why is knowledge management important?The proliferation of different apps used by different teams across companies means that useful information increasingly lives within silos within organizations. And that exacerbates the effects of knowledge not being shared. Employees also move on, taking with them company knowledge. Effective knowledge management reduces operational costs and improves productivity by:
You may also be interested in reading: Should employee knowledge sharing software be an investment priority? The process of effective Information ManagementInformation management enables organisations and their teams to work more efficiently and effectively when they can rely on accurate and timely information and data. The process of information management encompasses a cycle of different activities:
The process of effective Knowledge ManagementThe definition of knowledge management provided by Gartner Group is as follows: "Knowledge management is a discipline that promotes an integrated approach to identifying, capturing, evaluating, retrieving, and sharing all of an enterprise's information assets. These assets may include databases, documents, policies, procedures, and previously un-captured expertise and experience in individual workers." There are different models available describing the process of knowledge management that have evolved over the years (WIIG 1993, Zack 1996, McElroy 2003). The high-level discipline and process for knowledge management is based on:
Key differences between Information Management and Knowledge ManagementLet's start with the key differences between information and knowledge:
SummaryInformation management refers to management of data (facts and figures) that has been obtained from different sources. This data is structured, organized and processed. Knowledge management is obtained via experience, education and the understanding of information. Information management can only take you so far. Putting information in front of a person isn’t the same as giving them the knowledge to use it. Businesses and organizations succeed because of knowledge and managing that knowledge. References
Our other knowledge blogs:
Atlas for Information and Knowledge ManagementAtlas is a people-first digital workplace platform where knowledge, communication and collaboration are beautifully brought together in one place. Atlas overcomes some of the key challenges organisations face when it comes to:
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