Highlights the emergence of the knowledge‐based economies reliant on their effectiveness in developing and utilising knowledge. Knowledge embodied in new products and services has become the primary source of wealth creation. Digital networks provide access to vast amounts of data and information, but knowledge management is required to translate data and information in a meaningful way. Knowledge management initiatives are unlikely to be successful unless they are integrated with business strategy, and related to the development of the core capabilities of the organisation. Sharing the discovery and synthesis of intellectual activity involves the creation of knowledge communities of practice.
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