Five steps to effective knowledge management

Knowledge and Intellectual property play a crucial role in a company ability to generate and maintain a competitive advantage. Business leaders should look for a Knowledge management initiative that fit their organization and leverage available resources. Knowledge management must comply with existing legal standards for information disclosure or confidentiality and organizations should adopt best practice which are easy to adopt and are known for giving good results. Understanding knowledge transformations within an organization can help identify synergies for knowledge management, the initiatives achieve their greatest impact when they have sustaining leadership and sufficient resources and finally continuous monitoring should be there.