In the theory , yes..
The advantages are : (1) Knowledge application to solve current problem , (2) Knowledge application to exploit current opportunity , making improvement to the current system, (3) Knowledge as an aid in decision making, as an investment to "better future" or avoid problem that may rise in the future due to improper decision making.
All of these advantages could be reaped by organization if it done correctly..
Emphasis on "done correctly", since "Knowledge Management System" is still an elusive concepts.. Lot of researcher currently still thinking what is the "proper" Knowledge Management System. There are lot of proposal on what is "the proper" KMS, ranged from AI approach, Information Management approach, even Social and Humanity approach..
If it's not done correctly , it may lead to wasted resource on investing in building "the wrong" Knowledge Management System... Which its effectiveness is questionable..
Knowledge management is a means to an end—that being in general a more efficient and effective, fit-for-purpose, organization. This said, it cannot be assumed that knowledge management systems will necessarily conduce "competitive advantage"; this is because much depends on the specific "why" of knowledge management initiatives. To illustrate, distinct motivations can be to:
- Achieve shorter product and service development cycles;
- Boost internal and external network connectivity;
- Harness intellectual capital;
- Increase knowledge content in the development and provision of products and services;
- Leverage the expertise of people across the organization;
- Manage business environments so staff can access insights that are appropriate to their work;
- Promote creativity, innovation, and organizational learning; and
- Solve intractable problems.
What sundry motivations drive knowledge management efforts are not mutually incompatible and organizations are likely to hold several simultaneously; however, each has to do with specific capacities and skills, resources, and systems for both development and exploitation; and, what "competitive advantage" organizations derive will be a function of these.
The amount of knowledge that is transmitted to and by the typical manager in a mid-to-large-sized business each and every day can be downright overwhelming. Emails, documents, memos, collaborative communications and other forms of information continue streaming in and out at an increasingly rapid rate. The rate of information growth is often so fast, in fact, that managers and senior staff members could never possibly read, retain and keep all the data at their disposal organized. This is why businesses need to have a comprehensive Knowledge Management system in place. Knowledge Management (KM) is basically a set of behaviors, processes and technologies that are designed for managing information more efficiently to improve learning, decision-making, innovation and other keys to business success.
Read Further:
- http://www.consultparagon.com/blog/8-benefits-of-knowledge-management
- https://www.nibusinessinfo.co.uk/content/advantages-and-disadvantages-knowledge-management
Please find the links.
https://pdfs.semanticscholar.org/0345/e47262c95e00c17f634adc9e1f075c1ab11b.pdf
http://arabianjbmr.com/pdfs/KD_VOL_2_5/7.pdf
Sustainable competitive advantage comes from implementing management initiatives faster than the competition. KM is not enough. One must be able to execute.
In terms of hierarchy, it is data, information, knowledge and wisdom (DIKW). This will impact on every aspect of business and will bring competitive advantage.
With broader perspective, elearning ( to disperse knowledge) and business intelligence is linked with knowledge management to get maximum competitive advantage.
The amount of knowledge that is transmitted to and by the typical manager in a mid-to-large-sized business each and every day can be downright overwhelming. Emails, documents, memos, collaborative communications and other forms of information continue streaming in and out at an increasingly rapid rate. The rate of information growth is often so fast, in fact, that managers and senior staff members could never possibly read, retain and keep all the data at their disposal organized. This is why businesses need to have a comprehensive Knowledge Management system in place. Knowledge Management (KM) is basically a set of behaviors, processes and technologies that are designed for managing information more efficiently to improve learning, decision-making, innovation and other keys to business success.Read Further:
- http://www.consultparagon.com/blog/8-benefits-of-knowledge-management
- https://www.nibusinessinfo.co.uk/content/advantages-and-disadvantages-knowledge-management
The lists provided by Dr. Sarhat is very informative and offer in-depth resources on Knowledge management