Date of this Version
Omotayo, F. O. (2015). Knowledge management as an important tool in organisational management: A review of literature. Library Philosophy and Practice (e-journal)
The emergence of knowledge-based economies has placed an importance on effective management of knowledge. The effective management of knowledge has been described as a critical ingredient for organisation seeking to ensure sustainable strategic competitive advantage. This paper reviews literature in the area of knowledge management to bring out the importance of knowledge management in organisation. The paper is able to demonstrate that knowledge management is a key driver of organisational performance and a critical tool for organisational survival, competitiveness and profitability. Therefore creating, managing, sharing and utilizing knowledge effectively is vital for organisations to take full advantage of the value of knowledge. The paper also contributes that, in order for organisations to manage knowledge effectively, attention must be paid on three key components - people, processes and technology. In essence, to ensure organisation’s success, the focus should be to connect people, processes, and technology for the purpose of leveraging knowledge.