Knowledge management. It’s a term you may or may not be familiar with, but its definition is one that every business understands. According to Wikipedia, knowledge management or KM “comprises a range of strategies and practices used in an organization to identify, create, represent, distribute, and enable adoption of insights and experiences.” Or more simply put, it is the development and distribution of knowledge across an organization.
As businesses grow, evolve or shift due to market conditions, employees adapt by expanding their knowledge base while still retaining the experience and insights of the past. The knowledge of each employee at an organization is an invaluable company asset and the combined knowledge of a company is truly the engine that drives results. Just imagine the collective wisdom of the employees at Google or Facebook. (It may be able to power a small planet.)