Importance of Knowledge Management in the 21st Century Knowledge-Based Economies

To survive, compete and grow in the world of heightened competition in the 21st century, knowledge has emerged as most critical competence for any business. Knowledge based economy is the new economy with new rules and new ways of doing business. Knowledge has become the most crucial resource and how an organization manages its knowledge resource, makes all the strategic difference in an economy where the only certainty is uncertainty and the one core source of lasting competitive advantage is knowledge. Successful companies in the 21st century shall be those that consistently create new knowledge, disseminate it widely throughout the organization and quickly embody it in new technologies and products.