Extracted From Wikipedia
Knowledge Management (KM) comprises a range of
practices used in an organisation to identify, create, represent, distribute and enable adoption of
insights and
experiences. Such insights and experiences comprise
knowledge, either embodied in individuals or embedded in organisational
processes or practice.
KM efforts typically focus on organisational
objectives such as improved
performance,
competitive advantage,
innovation, the sharing of lessons learned, and
continuous improvement of the
organisation. KM efforts overlap with
Organisational Learning, and may be distinguished from by a greater focus on the management of knowledge as a strategic asset and a focus on encouraging the exchange of knowledge. KM efforts can help individuals and groups to share valuable organisational insights, to reduce redundant work, to avoid
reinventing the wheel per se, to reduce training time for new
employees, to retain
intellectual capital as employees
turnover in an organisation, and to adapt to changing
environments and
markets (McAdam & McCreedy 2000)(Thompson & Walsham 2004).
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