Libraries at University of Nebraska-Lincoln
Date of this Version
8-22-2022
Document Type
Article
Abstract
Knowledge management is now considered as one of the pressing challenges in economic development related to the world of industry, studies in services and information. The adoption and implementation of knowledge management may be considered as a breakthrough factor for companies willing to integrate it in the knowledge-based economy. In service industry, knowledge management enables organizations to make in more intelligent decisions as they render services to the public. Nowadays, the foundation of new economics has shifted from natural resources to intellectual assets and top manager in service industry might be forced to focus on knowledge management which have been acknowledged as the most important resources and capability of modern firms’ achievement. Companies within this industry perform tasks that are useful to their customers. The purpose of this paper is to examine the application of information and knowledge management in the service industry. The paper discusses the concept of knowledge management as regards to service industry as well as service industry, which involves the provision of services to businesses as well as final consumers. There are three (3) main areas of knowledge management which are discussed in this paper, and they are – accumulating knowledge, storing knowledge and sharing knowledge. Importance, advantages and disadvantages of knowledge management in service industry is equally discussed, including knowledge management best practices in service industry. The paper concludes that in applying knowledge management in service industry, the key is making sure that people, particularly in top management, understand the advantages of knowledge management and what makes it useful