Knowledge Management is a relatively new but a fast emerging concept in India. It promotes integrated approach to identifying, managing and sharing information assets of an organization. The information assets may include but are not restricted to databases, documents, policies and procedures and also expertise in employees.

Knowledge Management involves the following practices,

• Identification
• Creation
• Representation
• Distribution

Knowledge Management has two facets:

1. Planning, capturing, organizing, interconnecting and providing access to organizational intellectual capital through such intellectual technologies as document markup, thesaurus construction or needs analysis.
2. Directing or supervising such assets and those that are involved in these processes.

For some knowledge management means to capture, retain, and reuse of knowledge and fit all the pieces of information together and convey the same in an effective manner.

Importance of Knowledge Management:

The importance of Knowledge Management today has increased greatly with so much knowledge floating around every organization. Its importance however, depends upon the effectiveness with which the managed knowledge is disseminated among the members of the organization to deal with everyday situation effectively.

Education of Knowledge Management is interdisciplinary. One has to master skills in organizations, particularly business, communication processes and strategies, the organization of intellectual assets, information needs analysis and inventories, methods of eliciting tacit knowledge and information capture, knowledge dissemination and packaging, information standards, policies and procedures.