ABSTRACT
The valuation of intangible, intellectual assets is becoming an accepted part of business today. This chapter focuses on all of the critical aspects of knowledge management. It looks at what is knowledge? What is knowledge management? And why implement a knowledge management capability? The chapter presents what are the essential elements of an effective knowledge management capability? And what is the required technology framework? The clearest way to understand the potential impact of knowledge management is to illustrate how one company is pursuing initiatives to improve its knowledge management capability in the field of insurance. Effective knowledge management is a complex proposition that involves a multitude of competencies to execute. The chapter examines the primary competencies required for knowledge management: strategy, process, people, and technology, paying particular attention to the technology aspects. Effective knowledge management requires a classification scheme by which to find knowledge components.
