Abstract:

In the business world change has become the norm. The steady predictable growth till last century has given a way to global market competition, radical technical innovation and major shift in approach towards business. These changes have no historical precedent. Business activities have become more complex due to frequent changes. Due to these changes the type and quantum of information required by business enterprises is also increasing. Hence it has become important that one should use one’s wisdom to convert information into knowledge in the present scenario of business world. Now proven ways of applying knowledge in business is known as “Knowledge Management”.