Knowledge Management is the practice of managing "intellectual capital" such as Subject Matter Experts, Technology and raw data that may not necessarily be tangible. This practice generally falls in line with Organizational Development, Change Management and (more and more often) Project Management. It focuses on learning and adapting in a constantly changing business climate. For more information, try searching kmresource.com or brint.com
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The basics are gathering all of the information on a specific subject, organizing it and making it accessible to people who want to use it. For example, a company may have a knowlege management system for their HelpDesk. All of the customer problems and solutions would be stored in the same location; there would be tools for determining patterns to see which the most common problems were; users could search for their problems or their customers’ problems to find a solution; it would be well organized and constantly updated. The opposite of knowledge management in the same HelpDesk would be every person keeping their own records; one tech not sharing customer solutons with others; and no one adding new solutions when they were found.