The importance of knowledge resource management in organizations for business development

Abstract

After labor, land, and capital, knowledge is the most important factor in production. It is about managing and sharing knowledge for an organization's growth. Knowledge management (KM) has become increasingly important in the competitive business world for the long-term development of organizations. Knowledge management has become the most professional element in many fields of knowledge in the twenty-first century, including education, health, sociology, computer science, information and technology, economics, philosophy, psychology, artificial intelligence, and all branches of business. Organizations can improve their effectiveness and gain a competitive advantage by implementing successful Knowledge management systems. Knowledge management aids in decision-making for the benefit of a company. It leads to greater efficiency in terms of less work duplication, which leads to noticeably better performance, enhanced new staff capabilities, and better-quality decisions. The paper contains information about the company where I have done my internship along with some insight into their management and marketing practices, their financial state and accounting principles, as well as their operation and information system implementation. It also contains information regarding what type of Knowledge management system they use and how it leads to an advantage for them. The report also contains information regarding the impact of Knowledge management on the long-term development of the business as well as how this system helps in bringing innovation into the business. Moreover, it also discusses the findings of how KM implementation has led to an increase in productivity in the organization and its impact on future decision-making. Additionally, this paper also contains insights into the methodology that I have followed to figure out my objectives as well as the significance of my research. Finally, some recommendation has been given regarding the use of the KM system in organizations.