KNOWLEDGE MANAGEMENT: AN INEVITABLE STRATEGY FOR CONTEMPORARY BUSINESSES
The business environment evolved over centuries, now we are in a situation where data is the new currency in this digitalized world. Hence, companies around the world are looking for ways for extract most out of the data available. The role of Knowledge Management is significant wherein with the information available to a company, one has to manage both the internal and the external factors effectively and hence the sustainable growth of the organization is not at question. Gupta et al., (2000) has clearly explained the role of KM in the critical situations such as solving problems, decision making and even when you have to plan strategically. The managerially effective and innovative KM came into existence when the need to explore the untapped organizational knowledge was felt by the executives. The significance of knowledge is given by Drucker (1993) wherein he says “Knowledge is the key economic resource”. Hence in this context the Knowledge management as defined by Lei et al. (1996) and Beckman (1997) brings out the significance of competency of an organization which is unique and distinctive from others. The primary resources of an organization are knowledge and Intellectual capital (IC) wherein it plays a prominent role in production and value addition (Zaim et al., 2007). This paper has tried to through light on some important evolutions and relevance of knowledge management in the present day business environment.