Importance Of Knowledge Audit

Introduction

As organisation strive to become competitively advantaged and achieve their organisation’s strategic goals, they are putting more emphasis and focus on their internal knowledge strategies to fulfil their goals. Organisations are not only focusing on getting an advantage over their market competitors but also getting an advantage through execution of their internal core processes which gives them strategic edge over their competitors which leads us to the topic of discussion “knowledge audits”.

A knowledge audit is an assessment and evaluation of an organisation’s knowledge capabilities in terms of how and where knowledge is used in business processes (Perez-Soltero, et al., 2006; Anon., 2016; Anon., 2015). Knowledge is defined

The aim of a knowledge audit is to establish where an organisation is in terms of knowledge capabilities. A knowledge audit is done to enable an organisation to find ways to better their core processes and take advantage of the existing organisation

Value of a knowledge audit.

The value of a knowledge audit is that it helps an organisation to gain competitive advantage through their existing core processes. An organisation is able to find where it is in is in relation to knowledge management. An organisation can find out the amount of tacit and explicit knowledge in existence in the organisation.

A knowledge audit is valuable as it can help an organisation to find ways to improve on their internal inefficiencies. Through a knowledge audit an organisation can realise if its knowledge management strategy is executed accordingly or whether it needs to go back to the drawing board.

Reasons why your company should conduct an audit

There are various reasons that makes conducting a knowledge audit important for every organisation, namely:

 My organisation should conduct a knowledge audit because the new economy is knowledge oriented. (Alshihi & Zualkernan, 2012)Knowledge audit is a key step in managing knowledge and is particularly important in economically harsh times that often involve downsizing where firms lose critical knowledge essential to competitive advantage and