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Knowledge Management: Generating Business Value Through Knowledge

Due to globalization of economy, rapid growth in information technology, increase in knowledge based work and competition pressure the concept of knowledge management has gained momentum in recent years. Knowledge management is a systematic process for creating, acquiring, synthesizing, learning, sharing and using knowledge and experience to achieve organizational goal. This knowledge can be inside the employees' minds or stored in paper form in filing cabinets and/or stored in electronic form. As a concept, knowledge management is very attractive and many business organizations would prefer to be associated with it. But knowledge management implementation is not easy. There are many barriers in knowledge management implementations such as organization culture, lack of understanding the power of knowledge management, fear of IT, immaturity of industry, etc. Above all knowledge management implementation requires sound strategy. For this it is important to make knowledge management a distributive system rather than a centralized system. It also requires a platform where the interaction between tacit and explicit knowledge can take place.