Effective Knowledge Management for small and medium enterprises

Knowledge Management is emerging concept of management. It involves a range of strategies and practices used in an enterprise to create and represent the implementation of insights and experiences. It is the systematic management of an organization's knowledge assets for the purpose of creating value. It involves meeting tactical & strategic requirements. It consists of the initiatives, processes, strategies, and systems that sustain and enhance the storage, assessment, sharing and creation of knowledge. In another word, knowledge management system of an organization is the collection of information and technologies used to facilitate the organization, and distribution of knowledge of employees. Three levels are used to describe knowledge, they are explicit knowledge, tacit knowledge, and potential knowledge. Explicit knowledge can be thought of as book knowledge. Tacit knowledge remains within the people of the organization and isn¿t formalized into written or documented form. Potential knowledge describes that knowledge hidden in the data that are upon collected but not yet used.