Knowledge Management: A Tool to Business

Knowledge Management is a key differentiator in the ultra competitive business world of today. To remain competitive, organizations must efficiently and effectively create, locate, capture and share their organizations knowledge and expertise. This increasingly requires making the organizational knowledge explicit and recording it for easier distribution and reuse. Little wonder then, Knowledge Management is fast emerging as a core strategy, that organizations worldwide are adopting to manage and leverage organizational knowledge for sustainable business advantage. Organizations are moving rapidly from labour-based business to knowledge-based business. Management theorists increasingly believe that intellectual capital plays a broader role in the corporation--the definition of capital is shifting from machine assets to people assets. This article provides a framework for configuring a firm's organizational and technical resources and capabilities to leverage its knowledge.