This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
Many corporations have recognized that the value asset of company is in each individual, not machinery, land, or large building. More precisely, knowledge of each staff is really the most important asset of the company. Knowledge, here is the understanding, knowledge, technology and personal experience in work, partnership. However, many organizations may not capture well the meaning of the knowledge management and develop intellectual property resources.
Assets are depreciated in value but that not true with knowledge. For example, with one computer, when person A use it, the others can not use. After he used the computer, it is decreased in value but with knowledge, when a person is using, others can also use and use knowledge as much as they value. Unlike limited resources such as land, capital and labor, intellectual property and intellectual resources are not limited, can generate more revenue through implementations and applications knowledge. Having extensive knowledge help company has many angle view of the same situation, an abnormal changes in the market. Knowledge Management offers opportunities to turn knowledge into a system to help company create an advantage in time for the competition constantly
Understanding the nature of information and knowledge:
"Knowledge is derived from information." - Heather Porterfield
"Data does not have context, meaning, or intent.
Information is a subset of data once it is put into context and has a purpose. Knowledge is information that allows us to take action or make decisions." - John Benson 
Information and data could be more visible than knowledge. These two resoures, information and knowledge, have very different characteristics. Information is something that could be digitalized. Knowledge is what in people's heads, thoughts that enables them to do things. While information can be shared, stored or transported without many difficulties, knowledge is hard to communicate or share because Knowledge intangible resource within every individual. Tons of information can be found by research but cannot find knowledge because knowledge is depend on personal learn, absort, experience, refine and store in their mind. In brief, practical use of processed information that can be knowledge. For example, "Referring back to the scientific experiment, a third person reading the results will have information about it, while the person who conducted the experiment personally will have knowledge about it." 
In general, the knowledge is the understanding and skills of the individual or group to work more effectively. Thus, knowledge can be recorded in books, documents or only in the thoughts and experiences of each individual. Knowledge that is under thoughts and personal experiences are always diversified.
Appreciate the importance of knowledge management in the organization and how effective knowledge management can create competitive advantage.
Knowledge will enables corporation to compete for customer. Company should have knowledge about their customer's behavior in order to increase customer loyalty and expand their market share. CRM department approach and collect information about customer, how they feel, what they want from products. Firms would consider what to do to improve and make thier customer satisfied. For example, company base on what customer want and develop a product to meet their demand. Finding out what competitors are doing is also important and comparing these factors between "them" and "us" : competitors performing, price, quality, market share, new products. Company keeps competitive advantage and not to lose skills or experience that business has already gained. Company can use formal survey to seek opinions of your employees and your suppliers and ask them how company is performing to increase business efficiency. Human resource also has important in recruitment and staffing policies. For example, survey or feedback from customers, suppliers, employees, human resource know what they need to fill in and recruit the right staff to serve them. Management knowledge is not only use for managing company but it also profitable by selling or licensing. For instant, many franchising fast food company like Pho24, KFC sell their recipes, decoration, and brand name.
Along with human resources and capital, knowledge is also a source that determining the survival of the business. Company can find more capital and labor, purchase of modern equipment but it is not easy to accumulate, buy or learn the methods, work experience from other company. Knowledge management is the ability to create, use, dissemination and development resources to gain more profit. Corporation knowledge management is strategic elements provide a competitive advantage for businesses in the market. . Using knowledge in the right way can help business run more efficiently, decrease business risks and maximize opportunities.
Leadership and the skills required to effectively implement knowledge management processes in the workplace.
Leadership and KM in work is a combination where Leadership sets vision for KM to archive. Not only encourage the sharing of recorded knowledge, managers must actively participate in knowledge sharing in a positive direction in addition to staff development with internal resources such as knowledge sharing community, internal seminars.
Human factor is also important; people can create new knowledge and the only people have the ability to apply that knowledge to continue creating more new knowledge. Organizations need to recruit potential employees, creating conditions for those who have experience working with new people.
Some people can only learn by trying to do things themselves, but most people learn a lot from each other. Time and other resources are wasted every time employees have to learn something through trial and error, working in isolation.
Explain knowledge management life cycle
My simpliest understanding about KM life cycle is from tranfering from sources such as search on internet, books, etc. then it will be captured or saved, storage it. Since there are too many knowledge, they need to be organize or systemarized. After that we knowledge will be refined to collect what is need among them. The life cycle keeps going on.
In organization, to start KM, the existing knowledge should be evaluate first then capture various information and verify them to a new system before implement as the chart below:
First of all, there is existing knowledge in organization, so that to implement KM in the organization, information needs to be capture. Collect existing information from various sources.
As known, there are two types of knowledge: tacit and explicit. Explicit knowledge can be found internal the organization such as from books, company's guideline, and so on, external can be found in media such as internet. Tacit knowledge is another type, it is what's on people's head, their experiences. It is hard to capture, since it is not show in any logical order. In my opinion, there is several ways to capture it, by observation onsite, collecting comments through brainstorming activity or from emails other media that employees send to each other. This type of knowledge is very useful since it's very practical, next time people use this knowledge they can save a lot of time.
These information should be collect to put into systematic order for people easy to find it when they need. That is the responsibility of "Codification" and "Deployment" step in the chart. Without these steps, information is there but people don't know how, when and where can they find it.
Knowledge after deployed also need to be transferred in many types to reach more people in various ways to make sure they have the easiest way to be most useful. For example, store in cds, print in book, manual, ebook, and so on. Knowledge transfer can have some barriers such as, the diversity of generation, position, organization culture.
Also, Sharing is an important activity in KM. Knowledge should be exchange between employees, teams, departments. In that way, people work together to be a large group, therefore, they complete each other through understanding conflicts and solutions. This is the way for innovation to occur.
Through this research, KM is important to any organization. Nowadays, it is not only a skill that for manager but some organization even has KM position. To have best KM practice in company, managers should encourage by motivating employees to involve more in this practice, create a KM culture in work and also using technology for better practice it.