Knowledge management, a term growing in popularity and a process used synonymously with both organisations and individuals, has been the highlight of the working pattern in recent years. On one hand where individuals have always adopted a diligent approach in utilising their skills, competencies and ideas to achieve success, on the other, organisations are no longer far behind in visualising knowledge as a significant intellectual asset that can be drilled and obtained from each employee and enhance productivity. The process essentially uses, both, inherent intuitions and capabilities of individuals and information around them and converts it into a significant tool for gaining a competitive advantage. Thus, the entire process of creating, spreading and using knowledge, known as ‘knowledge management', is what determines the pattern of each one's achievements.

Knowledge lying idle is of little use unless accompanied by a process that helps it flow to the point of use. Knowledge management prevents knowledge from decay and causes the generation of further knowledge, which can be put to additional use.

Knowledge management, thus, helps in nurturing an environment, within which people are willing to share and learn and improve productivity. However, we must remember that knowledge management, as a trend, also arises because it is a need of today. In other words, without the need, knowledge management as a trend ceases to exist.

Subir Mukherjee was previously working as an audit executive in a CA firm