If you still are not familiar with the term knowledge management, now is the time to get to know it-especially since it is something that a lot of companies are paying attention to (since they know such will have a profound impact on the workings of their organization). Simply put, knowledge management is a compilation of the different practices that are used by many organizations in order to accurately identify, efficiently create, effectively represent and widely distribute knowledge and information that is essential to the lifeblood of their company. It can be said that the arena of knowledge management is a fairly new discipline-something that was only established in the year 1995.
A lot of university courses as well as professional and other academic journals also dedicate much space for it, since it is something that is highly regarded. A lot of large companies also dedicate most of their resources for knowledge management because it is part of yet another area called information technology and human resource management. Some proponents even go as far as to call knowledge management as the umbrella of these other two departments, citing facts of interweaving evidences and characteristics to make them proclaim it so.
One can say that knowledge management is so important it has lately been estimated to be a member of the multibillion dollar market all over the world. This avenue is greatly tied up with the different organizational objectives that companies establish which take into account areas such as performance, competitive advantage, developmental processes, innovation and lessons for learned transfer.