Knowledge Management as Imperative for Economic Growth and Development

Abstract

We are now living in times of global business activity and the knowledge economy. Knowledge-based resources represent the organizational Know-how as the knowledge of employees, organizational production processes, and overall knowledge of one collective. Knowledge management has long been recognized as a factor necessary for the development of business organizations. Only those managers that embrace knowledge as the most important resource can expect to be better positioned than the competition. Know-how is very important segment of overall knowledge that is deposited within the organization. The value of knowledge is much more important than all other forms of assets that an organization possesses. But knowledge cannot be communicated without the interested employees. So, managers have to create the business environment which uses adequate business communication. Good communication stimulates ideas and creativity of employees. Management must be able to manage business information and achieve active participation in communication with employees and exchange the intellectual capital values with them.

Keywords

• knowledge economy
• Know-how
• knowledge management
• intellectual capital
• communication