Internationale Zeitschrift für Wirtschafts- und Managementwissenschaften

Effective Ways Knowledge Management Drives Business

Abstract

Pooja Singh* and Mohammad Shahid

Over the past several years there have been intensive discussions about the importance of knowledge management within our society. The management of knowledge is promoted as an important and necessary factor for organizational survival and maintenance of competitive strength. To remain at the forefront organizations need a good capacity to retain, develop, organize and utilize their employees' capabilities. “knowledge” is at centre stage. KM and related strategy concepts are promoted as important and necessary components for organizations to survive and maintain their competitive keenness. It has become necessary for managers and executives to address “KM”. KM is considered a prerequisite for higher productivity and flexibility in both the private and the public sectors. The word Knowledge Management (KM) has grown remarkably during the past decade. The purpose of this study is to raise awareness of knowledge management and its potential to support organizations in achieving their business objectives. The research will also identify the concrete steps and cultural change required for government departments in order to more effectively use and share knowledge.

The purpose of this paper is to explain in greater detail what is meant by knowledge management and why it matters. This will be followed by consideration of some of the challenges with respect to its implementation in organizations. Finally, considerations in relation to its implementation in a corporate sector context are raised.The best four components of knowledge management are people, process, content/ IT, and strategy. Regardless of the industry, size, or knowledge needs of your organization, you always need people to lead, sponsor, and support knowledge sharing. You need defined processes to manage and measure knowledge flows.