Knowledge Management: The New Imperative in Organisations

Abstract

Knowledge being the only resource that increases with use and share has become imperative in organisations. Knowledge Management (KM) is the way to gain sustainable competitive advantage and every organisation should embrace it. The explicit and the tacit knowledge should be utilized to the betterment of organisations. This paper explores how knowledge is managed and is valued. Knowledge Management (KM) and Information Management (IM) will be compared and contrasted. The challenges of knowledge management will be discussed and the paper recommends that knowledge management should be embraced by all organisations as a strategic asset. It calls for knowledge leadership, without which, organisations will not be strategically positioned in this world of knowledge economy.