Benefits, Process and Challenges of Knowledge Management

Abstract

The significance of knowledge management (KM) in modern society has been widely discussed in recent years. There is widespread agreement that an organization's long-term health, competitive advantage, and capacity to stimulate innovation depend on its capabilities to effectively its information resources effectively. In this context, “management” refers to the internal process of disseminating, creating, retrieving, and storing data and knowledge inside an organization. Its principal goal is to aid the firm in its operations and improve its profitability. Successful knowledge management adoption calls for a comprehensive shift in an organization's culture and the unwavering commitment of its leaders at all levels. By fostering a conducive organizational environment, a company may effectively use its collective organizational learning and knowledge to address challenges on a global scale, irrespective of time constraints. This can be achieved through the implementation of KM practices. The principle objective of this research is to enhance the comprehension of KM and its capacity to help firms attain their business goals. Subsequently, an examination will be undertaken regarding certain obstacles pertaining to the execution of this approach within organizational contexts.