This article gives a broad and rudimentary knowledge of management framework, the processes and the benefits. It emphasizes the fact that knowledge management caters to the critical issues of organizational adoption, survival and competence, in an ever-changing environment. It describes how knowledge management embodies organizational processes that seek synergistic combination of data and information processing capacity. The article also analyzes how knowledge management can be used effectively in an organization for its betterment.

Knowledge management is an emerging category of technology that promises to deliver a new way of managing information and enables companies to better utilize their information technology assets. Given the variety of companies touting knowledge management solutions, one must wonder if knowledge management is real or just a buzzword in search of a market. This article addresses the relevant issues: the basics of knowledge management, myths of knowledge management, reality of knowledge management, tools and techniques of knowledge management and success factors of knowledge management.

Some KM experts have defined knowledge as: The fluid mix of experience, values, contextual information and expert insight that provides a framework for evaluating and incorporating new experiences and information. Knowledge management is a systematic, explicit and deliberate building, renewal and application of knowledge to maximize an enterprise knowledge-related effectiveness and returns from its knowledge assets.

HRM Review Magazine, Knowledge Management, Information Technology Assets, Knowledge Assets, Human Resource, Socialization, Externalization, Business Environment, Information Resources Management, Organizational Culture, Data Mining, Information Audits, Data Warehousing.