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Benefits of Social Knowledge Management in Developing Countries: Bangladesh Context

Knowledge is known to be the driving force for the development and definition of every organization’s strategy, and for this reason it is a key determinant in the organizations competitiveness. Social knowledge management is the application of social media in the context of knowledge management to share, identify, document, develop, transfer and evaluate knowledge. Furthermore, it can also be defined as the management of social knowledge. The need for developing countries, such as Bangladesh to empower themselves via knowledge management should not be underestimated. The performance and productivity of a country’s economy is dependent upon their ability to share knowledge. It is important that any developing country, identifies, measures and manages its knowledge properly for the best results.

What Is Social Knowledge Management

The social media is not only transforming interaction and communication, it is also transforming the way people work and eventually this will have an impact on the nation’s economy. With proper social knowledge management at work places, it will be very easy for everyone working within the organization to access and share the knowledge. This is very important in today’s business complexity and speed increase overwhelmingly as the working environments change constantly. To improve its workforce productivity, Bangladesh needs to mushroom their social knowledge management initiatives and build their intellectual capital. All these knowledge management initiatives will require an enabling environment that motivates the working class to take part in the social processes of knowledge management.

Bangladesh Perspective On Social Knowledge Management

It is common knowledge that countries that do not support knowledge sharing and openness cannot realize the benefits of increased performance and productivity. Today developing countries are basing their development approaches on expanding their knowledge base. Knowledge management has become a primary source of meeting the dynamically growing demands. Over the years, benefits of knowledge managements have been growing constantly. Its effect is important for creating economic growth, development and competitive development.

In terms of economic competitiveness and globalization, a country depends on the levels that the economy and society have based the creating of new knowledge and executing the existing social knowledge on. The transition to the knowledge economy and knowledge society will assume a controlled modernization of Bangladesh political, educational, cultural and economic development. Delay in dissemination of knowledge halts the performance of all government sectors because the only thing that connects all these sectors is the knowledge they share.

Recent studies have proven that social knowledge management is of great importance in every country’s economy. Sematic representation and artificial intelligence are some of the best examples of knowledge management through ICT and computer technology. Additionally, knowledge alone cannot improve a country’s economy, management skills are essential in ensuring that knowledge distribution is effective in all sectors. Today, the global market has focused its attention on creating, demanding and encouraging social knowledge management.

Significance Of Social Knowledge Management

Developing countries can greatly benefit from their people distributing, collaborating, reusing, learning and innovating. Below are some of the benefits that Bangladesh can get from proper social knowledge management.

Stimulating Economic Growth

With a struggling economy that is at the blink of collapsing any strategy that can help Bangladesh improve its economy will be highly appreciated. Bangladesh wants to improve its revenue, but this is becoming very difficult as competition for the products its exports increases. Creating knowledge through knowledge sharing, information delivery and collaboration within different arms of the government can stimulate innovation.

Informed Decision Making

Many are the times that things go wrong just because a government official decided to make an important decision that affects the country’s economy without deliberating with the right people. Proper management of social knowledge can help in delivery of relevant knowledge at the time when it is needed through research, structure, support, subscription and syndication, a reliable knowledge management environment will provide the decision making ground that the government needs. The collaboration brings diverse opinions, large numbers, varied experience required when important decisions are being made.

Avoid Making Similar Mistakes Over And Over Again

Proper social knowledge management and documentation allows organizations to learn from past successes and failures. For this to happen, the Bangladesh government and any developing country must have a trustworthy culture of openness, and willingness to discuss the mistakes that have been made by past regimes.