Knowledge management involves creating, capturing, sharing, and leveraging the knowledge needed for an organization to succeed through systematic processes. It focuses on helping the right people apply the right knowledge at the right time through knowledge capture, sharing, and application. Effective knowledge management can help organizations avoid repeated mistakes, create new products and services faster, and improve cross-functional collaboration. Key aspects of knowledge management include knowledge mapping, capturing both tacit and explicit knowledge, and the three steps of knowledge acquisition, sharing, and utilization.
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