Knowledge Management: A Review

Abstract

Over the past several years there have been intensive discussions about the importance of knowledge management within our society. The management of knowledge is promoted as an important and necessary factor for organizational survival and maintenance of competitive strength. To remain at the forefront organizations need a good capacity to retain, develop, organize and utilize their employees' capabilities. " Knowledge' " is at centre stage (Davenport et al., 1998). KM and related strategy concepts are promoted as important and necessary components for organizations to survive and maintain their competitive keenness. It has become necessary for managers and executives to address " KM " (Goodman and Chino sky, 1997). KM is considered a prerequisite for higher productivity and flexibility in both the private and the public sectors. The word Knowledge Management (KM) has grown remarkably during the past decade. The purpose of this study is to raise awareness of knowledge management and its potential to support organizations in achieving their business objectives. The research will also identify the concrete steps and cultural change required for government departments in order to more effectively use and share knowledge. The purpose of this paper is to explain in greater detail what is meant by knowledge management and why it matters. This will be followed by consideration of some of the challenges with respect to its implementation in organizations. Finally, considerations in relation to its implementation in a corporate sector context are raised.

Keywords: Knowledge Management, Knowledge creation, Knowledge storage, Knowledge sharing, Review

JEL Classification: I31,R1, R0, Z1