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Project 1 Essay Example

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KM is a crucial element for success in modern organizations. KM efforts focus on organizational objectives that include; innovation, competitive advantage, continuous improvement, and improved performance (WALLACE, 2007). Companies have realised that the need for sharing ideas and awareness and innovation so as to succeed. The key to the growth of companies in UAE is innovation that comes from the development of knowledge. Businesses have discovered that in order to increase their competitive advantage and improve their adaptability, they need to manage their knowledge assets. Organizations need to be more determined in capturing, distributing, sharing, preserving, securing, and valuing the precious knowledge to be able to stay ahead of their competition.One of the biggest problems faced in KM involves effectively acquiring vital information. Knowledge acquisition is the process of extracting knowledge from experts and structuring this knowledge to make it readable (BARNES, 2001). The techniques utilized in knowledge acquisition includes interviewing, observations, protocol analysis and brainstorming. In organizations, knowledge acquisition is usually driven by the strategy. An organization determines what knowledge is needed, and then fills in the gap by acquiring new knowledge.Organizations need to find a quick and inexpensive means of finding and correctly using internal and external knowledge. Knowledge acquisition aims at codifying explicit knowledge, and it also aims at converting tacit knowledge into an explicit form. With the development of new technology and the increase in competition, knowledge acquisition has become more crucial in organizations. This determines the long term survival of organizations.Knowledge dissemination in organizations has proven to be a vital part of organizational management of organizational knowledge. Individuals usually do not like sharing their knowledge freely under all circumstances. Management needs to motivate these individuals to create, share, and use knowledge (RAMAN, 2003). Knowledge sharing is key for the success of organizations. Knowledge in itself is not useful when it is not available for employees to use. Knowledge itself also does not flow by its own, employees need to share information. Knowledge sharing as one of the key steps in achieving the overall knowledge management framework. Organization factors that

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