What is knowledge management?

If you ask five in-house lawyers what knowledge management is, you are likely to get five different answers. Some think of it as document management, others, the place where they store their templates and precedents.

Whilst it will mean different things to different teams, it is important to ensure your team and your organisation have a common understanding of what it means for you in the context of your business. The following definition represents an inclusive view of knowledge management which may be a useful starting point.

Why is it important?

• Helps facilitate team cohesion.
• Supports better collaboration and communication.
• Saves time and costs by reducing duplication of work.
• Supports team development by enabling the sharing of best practice.
• Encourages the retention of not only explicit (or express knowledge) but also implicit and tacit knowledge.
• Ensures continuity as teams change and members leave.
• Important for improved risk management.