What is knowledge management?

Knowledge management is the process of organizing, creating, using, and sharing collective knowledge within an organization.

How is knowledge management useful in an organization?

Knowledge management focuses on knowledge as an actual asset rather than something intangible. In other words:

• It helps an organization keep track of past mistakes and successes

• It helps an organization develop the right competencies and skills and erase outdated knowledge

• It enhances the organization’s ability to innovate and be creative

• It protects the organization’s crucial knowledge and competencies from being lost or copied

What are the key features to look for in knowledge management?

Some typical knowledge management objectives would be to:

• Facilitate a smooth transition when an employee retires and a new employee fills the position

• Minimize loss of knowledge dependent solely on human memory