We all know what knowledge is, something that we can learn, but what exactly does knowledge management mean and what does knowledge management do for today’s businesses and what is in store for knowledge management in the future. According to TechEncyclopedia, knowledge management is an umbrella term for making more efficient use of the human knowledge that exists within an organization. It is the 21st century equivalent to information management. There are two different categories of knowledge management: tacit

Another problem Anchor faces has to do with jobs and departments. For example, in the accounts receivable department there are two employees; the manager and a cash analyst. The cash analyst can perform most functions of the manager’s job, but the manager can not perform the functions of the cash analyst’s job. So, if the cash analyst is out who does that work and how far does that jeopardize the company.

The future of knowledge management will dramatically change in the next ten years. One prediction has already been made by Tom Davenport. He says that Lotus Notes and the World Wide Web will merge, combining database, replication and discussion capabilities with hypertext and multimedia features (Davenport, 1996). The biggest change will be with humans. Every business is striving to incorporate knowledge management in day-to-day activities. This will reduce costs and increase revenue, therefore creating new jobs to monitor and maintain its success.

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