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Knowledge Management and the Importance of Knowledge Management for the Organizations Performance

Lokman Hebibi, Naser Raimi and Raica Milicicevic

Ekonomika, Journal for Economic Theory and Practice and Social Issues, 2019, vol. 65, issue 1

Abstract: In the modern world, it is increasingly moving from the classic way of managing people, natural and material resources to the knowledge management process. Knowledge Management (Knowledge Management or KM for Knowledge) is a system that helps us understand how and why something happened in a particular organization or enterprise. In the business world, this process is also called “corporate memory”. Knowledge in this context is seen as an organization’s ability to function effectively. Knowledge management is a name that indicates a process in which an organization, collectively, intentionally and systematically collects, organizes, exchanges, shares and analyzes its own resources in terms of resources, documents, knowledge and skills of its associates. At the beginning of 1998, technological advances made it possible to eliminate the deficiency observed across business sectors: companies did not systematically manage the knowledge they gained in their work. If an employee leaves the company, there was an irrecoverable loss of knowledge, and the whole process of training, acquisition of knowledge and development of the methodology had to be repeated. Only a decade later, things have changed and many organizations have developed knowledge management systems. This concept attracted the attention to NGO because many of them generate knowledge, on the one hand, and face rapid changes of associates on the other. Knowledge management implies the ability to organize data (mining data), as well as some ways in which the searched data will “push” the target users, because the very existence of resources is not enough incentive for adult learning. Dealing with the knowledge component within business activities as explicitly expressed and integrated into all aspects of strategy work, through policy to practice at all levels in the organization.

Keywords: Institutional; and; Behavioral; Economics (search for similar items in EconPapers)
Date: 2019
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DOI: 10.22004/ag.econ.290233

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