ABSTRACT

What is knowledge management?

Succinctly put, KM is the process through which organizations generate value from their intellectual and knowledge-based assets. Most often, generating value from such assets involves sharing them among employees, departments and even with other companies in an effort to devise best practices. an effective KM program should help a company do one or more of the following:

• Foster innovation by encouraging the free flow of ideas
• Improve customer service by streamlining response time
• Boost revenues by getting products and services to market faster
• Enhance employee retention rates by recognizing the value of employees' knowledge and rewarding them for it
• Streamline operations and reduce costs by eliminating redundant or unnecessary processes

A creative approach to KM can result in improved efficiency, higher productivity and increased revenues in practically any business function.