Knowledge Management in India is more a recent phenomenon relatively, picking up momentum in last few years, whereas it has been adopted in the West from around mid 90’s. In India, IT companies have been the first adopters apart from many large conglomerates and international organizations. Even today there is a large lack of awareness about what Knowledge Management is and how it can be leveraged for business objectives and business continuity.
In this age of Knowledge economy, where knowledge is the key to power of growth, corporate world cannot afford to miss to notice how knowledge is created, retained, shared or flows in their organization or even carried out of their organization. In such a scenario, only three alternatives exist before the Executive team of the organizations;
One, to retain all key employees or
Two, to adopt Knowledge Management effectively or
Three, deploy strategies that would combine both approaches optimally.
Today in the backdrop of fast-changing market-scenarios and customer-expectations in the external environment versus internal-challenges within organizations like high-attrition of employees or the vertical or horizontal migration of employees within an organization, the third option is perhaps the only feasible way.