Knowledge Management is another practice amongst the 34 practices in ITIL 4 that you don't need to know in depth for the foundation level exam. But we at itil.diontraning.com, brought to you by Dion Training, do not want to leave any stone uncovered. So, here is an article that is going to cover it to give you a good general understanding of it.
Knowledge management is focused on providing and understanding all of the different elements that make up an organization and how those elements relate to one another. When you think about knowledge management, you're thinking about collecting all of the data and everything that's inside the organization. In fact, when talking about knowledge management, there are four things to look into. You have the baseline of data, and then built from data, you get information. After gathering more information, you can then consolidate it together in context to get knowledge, and then from knowledge, you can get to the top thing you want, which is wisdom, where you can make good decisions.
Consider this as a good example: say you are given a piece of data, 90. By itself, 90 doesn't mean much to you. But if you were given that data with a little bit of context, it can become information. For example, the source of that data could say 90 degrees. Now, you know that it is temperature. And maybe you were told that it is 90 degrees outside. Now you know it's the weather temperature for the outside area where you are. Now if you take that information and combine it with some other information, you might be able to get knowledge out of this. 90 degrees is quite hot to be outside. You may decide now that you want to change into wearing shorts and a t-shirt instead of your long pants and jacket. So, if you take a bunch of knowledge together, you can combine it to get wisdom, and this will allow you to make forward looking decisions. For example, because it's 90 degrees outside, there may become a larger number of users who decide to skip work today and go to the beach. Knowing that you're a company who provides wireless service around the beaches as well, you better be prepared to increase the available bandwidth and be prepared for additional phone calls from mobile users because they're going to be out on their phones instead of being in their office on their desktops today. This is how you could take this information from data into information, information into knowledge, and knowledge into wisdom. Knowledge management is indeed a huge field. In fact, there are entire people whose full-time job is to figure out how you're going to take data and turn it into information, information into knowledge, and knowledge into wisdom so that organizations can make better use of data for their decisions moving forward.