Thus to conclude, today, knowledge management is an important part of any organization, and although it has not been an easy path for certain organizations, some of whom have been literally 'groping in the dark' where knowledge management is concerned, today things are indeed looking up, and it is to be expected that with an efficient knowledge management system in place, the world would indeed be a different place than it is today.

These are therefore, the five key themes of a knowledge management system: an understanding of 'tacit' knowledge, at a group level, and also at an individual level, and it must be stated that without tacit knowledge, a knowledge management program is more than likely to fail. The second key concept is the so called' corporate memory', which involves capturing insights, sharing one's experiences, preventing re-inventions, since one does know it already, and learning from past errors and experiences. The third key theme of knowledge management is the maintenance of an 'expertise directory', within which would be held important relevant information, like for example, skill databases, learning profiles, and so on, so that it would be a matter of ease to connect to other people, or to find an expert when needed. (5 key KM Concepts)

However, this is not as easy as it sounds, and this is because of the fact that at the outset, the organization must provide an information and knowledge sharing environment, and for the purpose, some firms provide incentives, such as, for example, monetary rewards, until the time when this becomes more the norm than the exception. Some other organizations expect their employees to be active in their contribution of and usage of knowledge for the betterment of the firm. One problem that many organizations face today is how exactly to assess and analyze and value knowledge. Some individuals like Annie Brooking, Lief Edvinsson, Michael Maloney, Robert de Hoog, Tom Stewart, and so on, have conceived of methods with which to value knowledge, 'value' here being done at the global or the firm level, and also at a lower level. However, it is quite impossible to value knowledge at the human capital level, and this is where the problem creeps in. another important factor that must be mentioned is that unless and until the knowledge management system within an organization is used by all levels of the team, like from the CEO to the lowest level employee, the system will not be able to bring in the intended benefits for the firm. (Liebowitz, 1999)

Knowledge management has today become one of the most discussed topics, and it is vitally important in today's working environment. According to Neil Fleming, mere collection of available data cannot constitute wisdom or even knowledge; data when taken 'out of context' is merely meaningless, and this means that one must find a way to attribute meaning to it, at the very outset. This is generally done by associating the data with other things, and this makes it 'information', which in turn can be described as the relationship between different pieces of data. Once this relationship between data has been established, the next step would be to create a 'pattern'. Pattern would embody stability and a completeness of relat

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Approximate Pages = 9 (250 words per page double spaced)