It’s true that what KM may be for one company may not be KM for the other. The five basic componets – viz. Knoweldge creation; Knowledge transfer; Knowledge Repositories; Knowledge Systems; Knowledge reuse – if addressed appropriately it will be a success.

Knowledge creation depends heavily on knowledge gap identification. One need to analyse what is required for the company and what is available in the company and then try to bridge the gap. This is what is knowledge creation.

Knowledge transfer is the process by which an environment is created for knowledge sharing and putting it into a repository. Making it easily retrieval is what Knowledge System should be handling.

Knowledge reuse is the backbone of knowledge management in any organisation. There should be users to use and reuse the knowledge available in the repository. A lot of money, in the time of recession, and time can be saved by any organisation, which will take KM as a serious strategy.

Because knowledge management can be anything to anyone. It is omnipresent across departments and individual functions. Because of this omnipresence, and the fact that KM touches such a broad range of people in an organization, improvements to KM has the unique ability to make the biggest impact to a company’s bottom line. When knowledge and information is organized, accessible, enhanced, and informed by the community, we gain productivity that results in substantial cost savings that can turn a company around.