Libraries at University of Nebraska-Lincoln
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The important role of knowledge management as a strategic resource in a competitive business environment cannot be overemphasized. Today’s business is plagued with turbulence and stringent competition in the world market resulting in paradigmatic paralysis, and significant organizational changes that necessitate salient and innovative operational processes. For survival, organizations must monitor trends and adapt to both the external and internal environments, make changes in the form of innovation, improve operational processes, increase flexibility and adopt sustainable knowledge-creation activities. This study is qualitative. An in-depth review of literature was conducted across multiple online research databases, supported by accrued knowledge obtained from the author’s long work experience in the field of knowledge management. This study has three objectives: The first is to provide an overview of knowledge management; the second is to highlight the role of knowledge management in supporting organizational goals and objectives; the third is to provide strategies and pathways to a successful implementation of knowledge management. The study argues and justifies why knowledge management practices should be adopted by management. Pathways to achieving organizational success have been designed. Major advantages of implementing knowledge management were elaborated. Findings reveal that for an organization to effectively implement knowledge management, and to achieve optimal organizational performance, attention must be paid to three key components: - people, processes, and technology. These components should liaise strategically, with knowledge creation, sharing, and application processes. The paper strongly recommends knowledge management as the key to sustainable organizational performance.