Define "knowledge management" and describe three advantages that a management consulting firm could gain over its competitors by creating an internal knowledge management system.
Knowledge Management (KM) is the process of managing, organizing and utilizing an organization knowledge base for the benefit of all within the group. It involves the effective acquisition, utilization and dissemination of collective knowledge to promote improved processes, productivity and efficiency. Knowledge Management is usually in form of an internal knowledge or reference base and other informational resources.
Some of the advantages that a firm that implements a Knowledge Management system would have over the competition are:
- Increased internal collaboration and teamwork
- Enhanced quality and productivity
- Increase in efficiency and better business decision making process