The Role Of Knowledge Management In Modern Business
The Role Of Knowledge Management In Modern Business

Summary/Abstract: This paper examines the role of knowledge management in modern business. Last decades indicate this is the time of great and rapid changes demand of organizations to adapt them if they wish to remain or become competitive. The concept of knowledge management sets the requirement for the creation and exchange of knowledge within the organization, and holders of knowledge are employed. Knowledge management is the effective management of information within the organization, but also effective potential management and skills of employees. Knowledge is the most important capital of an organization. For successful business organization, it is necessary to identify knowledge, develop and put into operation of the organization’s objectives. Knowledge management in the organization is realized with the use of processes and procedures for the human resources management. The aim of this paper is to show that knowledge into practice business organization is treated as a resource that is essential and that has to be improving in the function of creating new values. The effect of human resource management in the application of knowledge management program includes the possibility of sharing knowledge, training, and the ability to evaluate and reward employees. The main factor in today’s economy are people, i.e. human resources, their knowledge, application, development, opportunities, job satisfaction.

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