Importance Of Knowledge Management

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INTRODUCTION
Knowledge management has become a factor that ensures the success of the organizations and the continuity of their businesses. Especially in today’s 21st century, organizations are competing to stay competitive. They must know how to implement and use knowledge management in effective ways. Knowledge has to be used in the organizational process in order to achieve sustainable competitive advantages. Knowledge management also creates innovation and ideas that are unique from others. Knowledge management has become a main key to create customer values. This has led to the consideration of knowledge as strategic source for organizations. Knowledge management acquires the knowledge from both inside and outside of the organizations,
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It refers to a multidisciplinary approach to achieving organizational objectives by making the best use of knowledge.
Knowledge management efforts typically focus on organizational objectives such as improved performance, competitive advantage, innovation, the sharing of lessons learned, integration and continuous improvement of the organization. These efforts overlap with organizational learning and may be distinguished from that by a greater focus on the management of knowledge as a strategic asset and on encouraging the sharing of knowledge. KM is an enabler of organizational learning.
Many large companies, public institutions and non-profit organizations have resources dedicated to internal KM efforts, often as a part of their business strategy, IT, or human resource management departments. Several consulting companies provide advice regarding KM to these
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Schuler and Jackson (1987) defined HRM practices as a system that attracts, develops, motivates, and retains employees to ensure the effective implementation and the survival of the organization and its members. Besides, HRM practices is also conceptualized as a set of internally consistent policies and practices designed and implemented to ensure that a firm’s human capital contribute to the achievement of its business objectives (Delery & Doty, 1996). Likewise, Minbaeva (2005) viewed HRM practices a set of practices used by organization to manage human resources through facilitating the development of competencies that are firm specific, produce complex social relation and generate organization knowledge to sustain competitive advantage. Against this backdrop, we concluded that HRM practices relate to specific practices, formal policies, and philosophies that are designed to attract, develop, motivate, and retain employees who ensure the effective functioning and survival of the
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