Knowledge is one of the most significant assets of the organization. Knowledge management is an integrative business model which focuses on knowledge within the foundation of a firm. Being rooted in many spheres, including economics, business, information as well as psychology, knowledge management becomes an ultimate competitive advantage for any contemporary organization.
There is no generally agreed definition of knowledge management. However, there are a large number of definitions suggested by experts. To put it simply, management of knowledge is the transformation of tacit knowledge into explicit knowledge and sharing it within the firm. To put it more technically, knowledge management is the process through which firms create value from their intellectual assets (Clobridge, 2013). Therefore, it becomes evident that knowledge management is involved in the process of identifying, acquiring, spreading and maintaining knowledge that is crucial to the organization.
Knowledge management is based on two types of knowledge: tacit knowledge and explicit knowledge. The first type of knowledge is stored in the brain of a human (Koenig, 2012). It is acquired and developed through the learning process and interaction with others. The sharing of tacit knowledge is a significant challenge to many firms. It can be communicated through different activities, including workshops, conversations, on-the-job training, etc. The main obstacle in managing tacit knowledge to most firms is identifying tacit knowledge that is beneficial to them. Once critical tacit knowledge of employees is determined, the organization has to propagate and utilize it to optimize the use of its intellectual capital.
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Explicit knowledge is enclosed in other forms of storage than the human brain. Explicit knowledge consists of anything that can be documented, codified or archived (Koenig, 2012). Thus, it involves knowledge assets such as business plans, reports, patents, trademarks, methodologies, etc. They represent a collection of the firm’s experience stored in a form that can be accessed easily by concerned parties. In many today’s organizations, these knowledge assets are kept with the help of information technology and computers. Explicit knowledge is not separate from tacit knowledge. Thus, without the tacit knowledge, it would be hard to understand explicit knowledge.
There are two central aspects of management of knowledge: information and people management. The first aspect, information management, is associated with the knowledge management relating to objects that are determined and controlled by information systems. The second aspect, people management, involves the management of tacit knowledge inside the heads of people (Clobridge, 2013). To manage people who possess the essential tacit knowledge effectively, it is necessary to take into account their attitudes and aspirations, likes and dislikes, as well as cultural and social values. Knowledge management provides an excellent chance to employ formerly impossible business strategies. For instance, it can facilitate to the formation of an almost unlimited network that improves relationships with suppliers and customers. Moreover, knowledge management makes it possible to discover new opportunities and issues through the proper use of various knowledge assets, including contract records, customer data and demographics.
To conclude, knowledge management is the process of identifying and making use of an organization’s cumulative expertise in any form – in documents, databases, and in people’s brains. It is the solution for rearranging the firm’s technical capabilities to create knowledge that drives the firm forward.
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In today’s complex and unstable world, management of knowledge has become extremely crucial in decision-making. In the past, firms used to hire experts and consultants to help them with the decision-making process. However, today knowledge managers have replaced these actors, and decision support systems with the built-in knowledge base greatly assist in decision-making.
In any organization, effective knowledge management is a fundamental requirement for making good decisions. Therefore, a new director who is not yet familiar with the firm will find it hard to make competent decisions as he or she does not have enough knowledge about the work of the organization. Moreover, the entire decision-making process is based on the results of forecasting, which is a knowledge-intensive activity. Possessing the current information, forecasters instruct decision-makers in taking complex tactical decisions in the business world characterized by increased unpredictability and risks.
The management of knowledge has proven to be beneficial for decision-making in many different areas and especially in the banking sector. Due to the growing integration of financial institutions and increased competition, many banks are aiming at improving customer satisfaction to continue to thrive. As a result, banks have appointed specialized personnel to control the critical processes of knowledge formation, storage, and dissemination. Banks have mainly invested in such systems of knowledge management as Decision Support Systems, Data Warehouses, and Data Mining (Litvaj &Stancekova, 2015). Through such systems, banks have been able to enhance and achieve more efficient outcomes in decision-making.
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To conclude, knowledge management improves and supports the process of decision-making and leads to worthwhile and beneficial decisions. Understanding the vital role that knowledge management plays in decision-making, many organizations are aiming at transforming knowledge from an abstract concept to a manageable and tangible one.
Intelligent machines will shortly replace or enhance human abilities in many spheres. Artificial intelligence is the intelligence exhibited by machines. The field of artificial intelligence studies and develops the intelligent software and machines that can learn, reason, gather knowledge, communicate, and perceive objects.
Although science fiction often depicts artificial intelligence as robots with human-like characteristics, it can incorporate anything from, for example, Google’s search algorithms to autonomous weapons. The term “artificial intelligence” was defined by John McCarthy in 1956 as the branch of computer science involved with making computers behave like humans (Hammond, 2015). Today, artificial intelligence is known as narrow and general artificial intelligence. Narrow artificial technology is designed to perform a particular task, such as playing chess or solving equations. The long-term goal of researchers is to create general artificial intelligence, which will be able to perform nearly every cognitive task. Artificial intelligence differs from computer science since it lays particular emphasis on perception, reasoning, and action. Moreover, it is different from psychology because it focuses on computation. Accordingly, artificial intelligence is a combination of computer science and psychology. Its principal aim is to make machines smarter and more useful.
Artificial intelligence works with the help of artificial neural network and scientific theorems. Its technologies have matured to offer obvious practical benefits in many of their applications. Artificial intelligence has certain advantages over the natural intelligence. For instance, it is more long-lasting, consistent, less expensive, and has the ease of duplication and distribution (Urban, 2015). Furthermore, artificial intelligence can be documented, and it can carry out particular tasks much faster and better than natural human intelligence.
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To conclude, the sphere of artificial intelligence gives machines the capability to think analytically by using concepts. Artificial intelligence combines computer science and technology and aims to create machines that can carry out any reasonable task.
Artificial intelligence is becoming a popular field of computer science as it has significantly improved human life in many spheres. Artificial intelligence study has given rise to the speedily growing technology known as an expert system. The application of artificial intelligence has had a tremendous impact on various spheres of human life since the expert system is broadly used today to develop and enhance different fields and industries, including science, medicine, emergency, business, education, engineering, and weather forecasting.
Current artificial intelligence includes only weak artificial intelligence, which is developed to perform particular tasks and is employed for a broad range of activities, including robot control, medical diagnosis, electronic trading as well as remote sensing (Pannu, 2015). To start with, artificial neural networks are widely utilized as clinical decision support systems for medical diagnosis, for example, in Concept Processing technology in Electronic Medical Record software. Other functions in medicine that can be carried out by artificial intelligence and are beginning to be developed include, for example, heart sound analysis, robots’ assistance for the care of the elderly, treatment plan design, drug creation, etc. (Pannu, 2015). Currently, there are nearly 90 artificial knowledge startups in the health industry relating to these spheres.
Another area of artificial intelligence application is emergency and disaster management. Today, robots, drones, and sensors can provide intelligent and precise information relating to damaged buildings and landscapes. This allows rescue workers to understand the extent of damage to a building and the topography of a landscape. Furthermore, drones can be effectively used to find victims trapped in debris, providing rescue workers with a chance to get to them quickly.
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Moreover, financial and business sectors have also been greatly influenced by artificial intelligence. For example, financial institutions have long employed artificial neural network systems to identify charges or claims above the norm (Pannu, 2015). Artificial intelligence systems have also been used by banks and other organizations to maintain book-keeping, invest in stocks, organize operations, and manage properties. Artificial knowledge has also decreased crime and fraud by monitoring users’ behavioral patterns for any anomalies or changes.
In addition, artificial intelligence is largely used in the transportation and automobile industry. Modern cars have driver assist features that are based on artificial intelligence, for example, advanced cruise controls and self-parking. Moreover, artificial intelligence has been employed to optimize traffic management applications, which, in turn, reduces energy use, wait times and emissions by approximately 25 percent. Artificial intelligence researchers will shortly develop fully autonomous cars. Artificial intelligence in the field of transportation will provide reliable and safe transportation as well as minimize its negative effect on the communities and the environment.
Another area where artificial intelligence is also employed is education. A large number of organizations today create robots that can teach children different subjects ranging from biology to computer science; however, such practice has not become popular yet. There has also been an increase in intelligent tutoring systems in higher education. For example, the intelligent tutoring system called SHERLOCK teaches Air Force students to identify electrical system problems in an aircraft (Pannu, 2015). Higher education institutions have been slow in adopting artificial intelligence technologies because of either a lack of financing or skepticism about the efficiency and success of these tools. However, in the coming years, more and more classrooms will be employing technologies such as intelligent tutoring systems to help and complement teachers. In addition, advancements in natural language processing integrated with machine learning have also made possible automatic grading of assignments and data-driven understanding of the learning needs of each student (Press, 2017). This resulted in an increase in the popularity of massive open online courses, which provide students from around the world with the opportunity to take classes online.
To conclude, artificial intelligence application has significantly enhanced the performance of different manufacturing and service systems in the last two decades. It will continue to play an increasingly important role in various fields of human life, including healthcare, emergency, finance, business, transportation, and education.
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