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The definition of knowledge management is the process of developing, sharing, using, and capturing organizational knowledge in a effective way. In a business, it is handling the resources and information efficiently.

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What are the steps involved in a comprehensive Knowledge Management exercise?

In a typical organization-wide Knowledge Management initiative, the principal knowledge manager, be it an external consultant or an employee, undertakes the following activities working together with all members of the organization: * brief the top management and the members of the organization about the concept and practice of Knowledge Management and how it would add value to the organization; * develop a Knowledge Management strategy closely aligned with the business strategy of the organization; * conduct an extensive audit to identify the short-term and long-term business objectives of the organization, what the organization knows and wants to know, and the cultural and technological infrastructure and organizational structure of the organization through a variety of auditing tools including surveys, interviews, brainstorming sessions, facilitated workshops, focus groups and scenario planning; * analyse the data and information from the audit to define or redefine the Knowledge Management needs of the organization; * prepare a blueprint for implementing a comprehensive Knowledge Management process in the firm; * identify, set up and coach an internal team to carry out or assist in the implementation and monitoring; * implement the measures based on the analysis of the knowledge audit to promote generation, maintenance, sharing, usage and leverage of knowledge within and outside of the firm; and/or * closely monitor and constantly review the effectiveness of the Knowledge Management measures in the organization, and rectify or modify such measures as appropriate.