KM deals as much with people and how they acquire exchange and disseminate knowledge, as with information
technology. That is why it has become an important area for HR practitioners, who are in a strong position to exert
influence in this aspect of people management (Armstrong, 2006). KM is about getting knowledge from those who
have it to those who need it in order to improve organizational effectiveness. In the information age, knowledge
rather than physical assets or financial resources is the key to competitiveness.
Scarborough and Carter (2000) describe KM as ‘the attempt by management to actively create, communicate and
exploit knowledge as a resource for the organization’. According to them the components of KM are as follows: