Knowledge management may refer to the ways organizations collect, manage, and use the knowledge that they obtain.
Knowledge management is a term applied to techniques utilized for the methodical compilation, transfer, security and management of information in organizations, along with schemes designed to aid in making best use of that knowledge.
Specifically, it refers to tools and techniques intended to safeguard the availability of information that is held by key persons and make decision-making easy. It also has a role to play in reducing risk. It is both a software market as well as an area in consultancy practice, associated with disciplines such as competitive aptitude.
Knowledge management moreover designates an approach towards enhancing organizational results and organizational learning. This is achieved with the introduction of a collection of particular processes and practices for categorizing and capturing knowledge, experience, expertise and other intellectual resources. It also implies making such knowledge assets are accessible for transfer and are able to be used across the organization.
Knowledge management programs are, in general, tied to definite organizational goals and are projected to lead to the achievement of particular targeted results such as superior performance, competitive advantage, or higher levels of modernization.
Knowledge transfer, an aspect of knowledge management, has constantly existed in one form or another, such as through on-the-job discussions with peers, officially through apprenticeship, specialized training and mentoring programs, and recently technically through knowledge bases, professional systems, and other knowledge repositories. Knowledge management programs seek to intentionally appraise and manage the process of growth and application of intellectual capital.
Although knowledge management programs are quite similar to organizational learning initiatives, knowledge management may be differentiated from organizational learning due to its greater focus on the management of particular knowledge assets.
The rise of knowledge management has seen a growing understanding in the difference between implied and precise knowledge. It has also witnessed refined viewpoints on management, evaluation and utilization of intellectual resources, and the emergence of new managerial functions and responsibilities such as the position of Chief Knowledge Officer (CKO).