"Knowledge management" is a systematic approach in an organization of organizing and using knowledge. Knowledge is actionable information that companies use to implement routine activities, projects or significant tactical maneuvers. The goal of KM is to ensure a company gets optimum value from its gathered knowledge.
Technology, such as databases, is a common element of knowledge management. Databases allow company workers to input customer, product or resource data into a storage bin for retrieval by authorized employees at any point. A database allows the organization to capture and hold onto knowledge rather than having it leave when an employee quits or goes out of town. Structured communication and workflow processes also contribute to knowledge management.