Influencing factors on the application of knowledge management

Abstract

The dynamics of the modern economy and the management environment, the responsibility and obligation of the implementation of knowledge management is based on the need to create collective knowledge of the organization that will be ready to respond to the requirements of knowledge-based business, complex products and services, and constant learning and improvement, as organizations, as well as employees. The importance of knowledge management comes to the fore in global economic processes that are expressed by the strengthening of competitive tensions, the increase in the rate of innovation; the need to replace informal knowledge with formal knowledge and ways of storing and sharing knowledge within the collective memory of the organization. The trend of workforce mobility opens up the possibility of loss of organizational knowledge as a consequence of reducing the workforce or changes in the strategic directions of the organization. Knowledge management provides an opportunity for the organization, by undertaking activities based on knowledge, to achieve efficiency and effectiveness in business, client satisfaction and various benefits for the organization itself as a result of improving and improving the process of making quality business decisions.