Knowledge Management is the science of storing, indexing and retrieving information to add value to an organization. It focuses on creating a "repository" of collective knowledge, intellectual capital, skills and experience. KM is usually focused around developing processes and systems to help people in an organization answer questions such as: Who in our organization knows something about ____? What have we done in the field of ______? Where can I find information related to the ______ product or service? Who should I turn to for help on _______? Knowledge management focuses on leveraging an organization's collective knowledge and experience to improve performance; the focus in on processes such as strategic planning, problem solving, learning and decision making. It also protects intellectual assets from decay, adds to firm intelligence and provides increased flexibility. There are a number of companies which provide consulting services, software products or other services in the area of Knowledge Management. These range from specialized firms which focus solely on KM to large information technology companies which have specialized resources in KM.
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