Current Tools of Knowledge Management in Organizations

Abstract

The winning strategy for the national companies development in terms of “knowledge economy” accelerating dynamics and expanding market for technically sophisticated goods and services is based on building the qualitatively new intellectual capital, capable to synthesize and transform the diversity of organizational intangible assets in the intellectual property, which ultimately affects positively on the company overall financial performance and contributes to its market value. The paper presents the key approaches and tools of corporate knowledge management as an essential prerequisite for due development of all intellectual capital constituents and effectiveness of human resources management. Knowledge management as a separate area of tactical and strategic management can significantly contribute to the company’s profits through substantial reduction in losses of working hours, time, spent on seeking data necessary for timely decision making at all the managerial levels, as well as through mitigating risks of innovations implementation. Sustainable functioning of the knowledge management system requires due corporative culture involving all employees in a continuous process of learning and knowledge sharing, powerful organizational and technological support, clear concept of innovative development based on improving corporate development and education formats. The paper reveals how to implement modern knowledge management strategy through selecting, processing, storing, conservation and classification of both information and knowledge, “meaningful to the organization” from internal and external sources, providing access to the knowledge necessary for effective performance, as well as through dissipating and circulating knowledge within and outside the organization in the course of cooperating with partners and market contractors.