Knowledge management refers to identifying, capturing, using and analyzing the collective knowledge of a group of people. In business terms it includes maintaining such information in a knowledge repository or database that contains the collected ‘corporate memory’ of the organization. Knowledge management can be used to transform the way that a business operates by making critical information available where and when it is required.
When an organization streamlines the process of capturing, disseminating and using its knowledge it can become much more productive and efficient both in saving costs and innovating. The ability to have access to required knowledge at the right time enables timely and accurate decision-making as well as enabling collaboration among disparate stakeholders. Without such a knowledge system employees are forced to search out information and to re-learn processes that are already available which leads to inefficiency and unnecessary additional costs.
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