Knowledge Management: Meaning, Concept & Practice
In line with its strategic vision, the Ministry of Finance (MoF) hopes to achieve a leading position in the field of government financial management. This can be accomplished through the efficient, innovative management and development of government financial resources, and by adopting effective policies according to the best international practices. MoF adopts management and dissemination of knowledge in both concept and practice throughout its plans, programs and practices at administrative and organisational levels.
Knowledge, as a concept and a term, refers to the power of facts, information and experience. In practice, knowledge is gained from human input, research, organisational and institutional culture, technology, leadership and management methods.
Knowledge within the ministry is largely related to its ability to use information, data, expertise and experiences to make appropriate decisions in a timely manner. It is also about continuous development, as well as developing solutions to achieve the ministry’s vision and objectives, and implementing its plans in light of the ever-evolving global landscape so as to remain competitive.
Knowledge is considered to be one of the institutional assets that, in many cases, is more valuable than financial assets. Developing knowledge is very different from putting it to use. Using knowledge relates to managing the available information, data, expertise and experiences after sorting and classifying it to support decision-making.
There is a mutual and interrelationship between knowledge management on one side, and creativity and innovation on the other. When the work environment at an institution fosters creativity, it becomes a creative institution in which work is based on knowledge. This has been accomplished by MoF through its practices, since the establishment of the UAE.
MoF adopts the best knowledge management applications in all its plans, programs, services and practices. The ministry organises dozens of specialised conferences, forums and workshops each year, attended by academics, experts, specialists and employees within various fields of work to exchange knowledge and ideas, develop solutions and recommendations to improve performance, support the building of a national knowledge-based economy and promote specialised knowledge of technical financial services, programs and systems among employees and partners.
These conferences and forums address issues related to planning, performance and risk management, change processes, performance evaluation, task management, and knowledge development and management. They also address storing, organising and using information in the work environment and the decision-making processes. The various departments within the ministry constantly seek to learn about the best international and local practices by holding business meetings and exchanging expertise.
MoF has signed several Memorandums of Understanding (MoU), the latest of which are with the Hamdan bin Mohammed Smart University (HBMSU) and Mohammed bin Rashid Al Maktoum Foundation (MBRF). This cooperation aims at launching initiatives, organising forums and awards in the field of research and knowledge, and creating an institutional supportive culture to exchange and share knowledge. The MoU offers employees the opportunity to benefit from administrative expertise, to further enhance the information network and knowledge management programs of both parties, and to employ expertise, technological and financial resources to support development efforts, as well as organising joint events and activities to promote collaboration in the field of knowledge.