Knowledge management (KM) is the practice of developing, accumulating, sharing, and putting that knowledge to good use to enhance an organization’s performance. It has been described as a “practice of managing knowledge as a strategic resource.”
KM systems are designed to facilitate the capture, storage, retrieval, and reuse of knowledge within an organization. The goal of KM is to improve decision-making, innovation, competitiveness, and productivity.
Knowledge Management is important in an organization because it allows for the sharing of information and ideas between employees, which leads to better communication and ultimately a more productive work environment. Additionally, Knowledge Management allows businesses to track and store important data, which can be used in the future to make strategic decisions.
Managing information and knowledge effectively can be the difference between success and failure in any organization. There are many benefits of knowledge management in an organization, but here are three key benefits: