Globalization has placed businesses everywhere in new and different competitive situations where knowledgeable, effective behavior has come to provide the competitive edge. Enterprises have turned to explicit and systematic knowledge management (KM) to develop the intellectual capital needed to succeed. Further developments are expected to provide considerable benefits resulting from changes in the workplace and in management and operational practices. Changes will partly come from information technology and artificial intelligence developments. However, more important changes are expected in people‐centric practices to build, apply, and deploy knowledge and understanding for support of innovative and effective knowledge‐intensive work. Much remains to be done. Next generation KM methods will still be crude. Our understanding of knowledge and how people use it to work has a long way to go. We need a“theory of knowledge” and perhaps a new theory of the firm to create a solid foundation for future KM. Still, users can expect significant benefits from KM as it develops over the next decades.
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