Abstract
AbstractThe objective of this paper is to evaluate the conceptual theories, elements, strategies along with the prospects and challenges of knowledge management (KM). The findings indicated that KM is a complex yet important process that requires organisations to create, process, disseminate and apply of knowledge. The findings also revealed knowledge is one of the most valuable resources of any organization. Therefore, effective KM is critical to the growth, performance, and survival of organisations. Furthermore, the many definitions of KM serve as a theoretical framework and empirical basis for multidisciplinary applications and prospects for organisations. Furthermore, the proper adoption and implementation of KM provides a systematic management approach for organisations to create, store, disseminate and apply knowledge critical to organizational performance and decision-making processes. Furthermore, KM can minimize the time, operational costs and material losses during product design, lifecycle, and quality assurance. Despite its merits, KM has numerous challenges. Most notable is the lack of an acceptable definition and understanding of KM concepts and practices. This can result in poor adoption and implementation thereby affecting sustainable organisational growth and development. Therefore, the paper concludes that KM adoption and implementation is critical to organisational goals, growth and performance.
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