Abstract

Over the past several years there have been intensive discussions about the importance of knowledge management within our society and in particular within the organization. There is increasing recognition that organizational knowledge represents the firm’s ‘intellectual capital’ and is a source of both current and future earnings. As Peter Ducker put it, “Knowledge is and will be the basic economic resource”. In simple words, the key function of management is to engineer and manage knowledge. Management of organization for harnessing man-power strategy must encourage new knowledge to come forward. Everyone’s knowledge must be tapped. Knowledge that one doesn’t understand must be managed and people must be encouraged to learn. Indeed, Ducker (1999) has gone as far as to suggest that a firm’s ability to recognize and manage organizational knowledge will be the single most important determinant of firm survival.

It is in this given perspective, the objective of this paper is to explore the key component of an effective system to leverage knowledge for an integration and sharing of the benefits to promote the progressive base of Indian business organizations in terms of asset based inflow of tangible resources in connection with physical, financial and information infrastructure in general and intangible resources of the human resource development and the management of knowledge in particular for managing, maintaining, regulating and sustaining the overall productivity and profitability as well as the status quo of the corporate sector both in national and international markets

Key Words: knowledge management, component, Indian business organizations