Knowledge management is the discipline of systematically using the intellectual resources available to organisations. Its aim is to maximise the return from the expertise, knowledge and know-how about customers, competitors, markets, processes and people. This intellectual capital is usually underused as it is locked in people's heads or in inflexible systems, procedures, filing cabinets and reports.

With knowledge management, organisations can unlock their intellectual capital and improve responsiveness, innovation, customer service and productivity. Organisations that adopt knowledge management learn and adapt faster.

The two key steps of knowledge management are:

• capture the intellectual capital available to your organisation; and
• leverage this capital in the form of effective business solutions which can be used by colleagues, clients, partners and suppliers.

• leverages the expertise available into business solutions
• enables people to make better decisions faster
• supports the implementation of best practices
• enables organisations to learn, innovate and respond faster
• enables organisations to adapt faster to changing circumstances
• protects organisations against knowledge losses due to staff turnover for example