Knowledge management: practices and challenges

Knowledge Management (KM) is a process that deals with the development, storage, retrieval, and dissemination of information and expertise within an organization to support and improve its business performance. Organizations are realizing that knowledge is a crucial resource for organizations and it should be managed judiciously. Organizations need to harness knowledge not only to stay competitive, but also to become innovative. Knowledge Management requires a major shift in organizational culture and a commitment at all levels of a firm to make it work. Through a supportive organizational climate, ideally, through effective Knowledge Management, an organization can bring its entire organizational learning and knowledge to bear upon any problem, anywhere in the world, at anytime.