Knowledge management: the new challenge for the 21st century

Abstract This paper defines the newly emerging concept of knowledge management. The topics presented include: principles and practices of knowledge management, organization, distribution, dissemination, collaboration and refinement of information, and the effect on productivity and quality in business today. The technical applications and tools currently utilized within this discipline are also discussed. Case studies are included on the following firms: Teltech, Ernst & Young, Microsoft, and Hewlett Packard. These are analyzed to determine the effect knowledge management practices have on quality improvement and increased productivity. The authors have included a recommended strategy for implementation of knowledge management "best practices". Finally, conclusions are drawn regarding the strategic direction of this new discipline and its effect on competition, productivity and quality for the business of tomorrow.