The Definition of Knowledge and Its Management - flomo college

The Definition of Knowledge and Its Management - flomo college

2021 Edtech Outlook: Where we’ve been and where we’re going

Knowledge management plays a crucial role in today's rapidly changing world. As defined by the World Development Report 1988 released by the World Bank, knowledge is the information for production. It is the ability to apply information to specific work and performance. In essence, knowledge is a specifically human resource that goes beyond mere information found in books.

However, knowledge is not a static entity. It is fragmented and needs constant upgrading. The value and interests of knowledge cannot be valued quickly. It requires a system that can capture, distribute, and effectively use knowledge. This is where knowledge management comes into play.

According to Tom Davenport, knowledge management is the process of capturing, distributing, and effectively using knowledge. It is a system that collects both explicit and tacit information and transforms it into the business culture or individual brands. Peter Drucker, a renowned management consultant, predicted in 1965 that knowledge would become the most important factor of production. He believed that in the 21st century organization, the most valuable asset would be knowledgeable employees and their productivity.

In today's world, where infrastructure and the content creator economy are thriving, individuals may spend less time in one organization but live longer. This calls for the need to invest in knowledge to accumulate compound interests. Andrew Hunt suggested managing knowledge in the same way as managing portfolios. Here are three actionable pieces of advice for effective knowledge management:

1. Invest regularly: Just like forming a habit of learning, invest in knowledge regularly. Allocate time and resources to continuously acquire new knowledge. This will ensure that you stay updated and relevant in your field.

2. Always buy low and sell high: In the context of knowledge management, this means learning new emerging techniques. Stay informed about the latest trends and developments in your industry. This will give you a competitive edge and enhance your value as a knowledgeable professional.

3. Evaluate and balance your investments periodically: Not all knowledge is created equal. Evaluate the knowledge that deserves your attention and focus on areas that will have the most impact. Balancing your investments in different knowledge areas will help you maintain a well-rounded skill set.

When it comes to knowledge, there are two broad categories to consider: general knowledge and specialized knowledge. General knowledge refers to the wisdom that cultivates nurtured moral human beings. It encompasses historical facts, experiences, and statistics. On the other hand, specialized knowledge is the information in action that can be proven effective for specific outcomes. It is mainly focused on work, study, work analysis, and work management.

Within specialized knowledge, there are four distinct types: knowledge of facts (know what), knowledge of principles (know why), knowledge of skills (know how), and knowledge of human (know who). Each type plays a unique role in enhancing expertise and understanding.

Tacit knowledge, both skill-based and cognitive, is another aspect to consider in knowledge management. Skill-based tacit knowledge includes informal, hard-to-express skills, techniques, experience, and know-how. Cognitive tacit knowledge encompasses insights, intuition, perceptions, values, mental models, and team rapport. Understanding and effectively utilizing both types of tacit knowledge can greatly enhance an individual or organization's ability to thrive.

Now, let's shift our focus to the edtech industry. In recent years, we have witnessed the rise of education technology companies and their impact on learning. One notable trend is the emergence of B2C education companies expanding into the enterprise market. These companies have leveraged their consumer brands to launch enterprise offerings, capitalizing on their hard-earned reputation.

Another significant development in the edtech industry is the demand for social and community-driven learning experiences. Consumers are hungry for a truly social learning environment where they can engage with others and learn collaboratively. While popular edutainment companies have excelled in providing engaging single-player experiences, they have missed a huge opportunity to tap into the power of social learning. Teaching, as a method of learning, drives the greatest retention, making social learning a valuable approach.

Additionally, there is a growing focus on verticalized education and live learning/hybrid software. Consumer K12 models that address the growing parent wallet share for K12 supplemental learning have gained traction. Parents and other stakeholders want to be informed and involved in their children's education, leading to a shift in consumer buying behavior within the edtech industry.

In conclusion, knowledge management is essential in today's dynamic world. By investing regularly, staying informed about emerging techniques, and evaluating and balancing investments, individuals and organizations can effectively manage their knowledge. Understanding the different types of knowledge, including general and specialized knowledge, as well as tacit knowledge, provides a holistic approach to knowledge management. In the edtech industry, the integration of social learning, verticalized education, and live learning/hybrid software reflects the evolving needs and expectations of consumers. Embracing these trends will contribute to the continued growth and success of the edtech sector.