The paper takes an in-depth look at knowledge management, a comparatively new business concept that is attracting the consideration of informed and global-oriented companies because of its promise to introduce new rudiments of flexibility and efficiency in the entire business spectrum - from management, plant and production to front line activities. This paper explains how knowledge management benefits businesses and the business community. It discusses how the need for active knowledge management in numerous companies is understood and acknowledged. The paper studies that how often, in practice, this understanding is misconstrued to a false belief that sophisticated and expensive information technology (IT), suffices for good knowledge management. It looks at the requirements of knowledge management and the role played by business intelligence in knowledge management. Further, the differences between organizations' actual and perceived success in knowledge management are discussed. The paper further examines how success, deemed as a firm's ability to generate sustainable growth and profits, is determined not only by knowledge management but intricately linked to the humans who seek straight forward business solutions and constructively counter challenges. ...
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