Knowledge management is a group of processes that are implemented in an organization with the goal of creating, capturing, acquiring, managing, preserving, sharing and applying knowledge and competencies to achieve strategic objectives. All organizations have access to an internal knowledge base, your company is no exception! It could consist of your understanding of your client's specific needs or perhaps your professional environment, the experience/competency of your personnel, your service concepts/processes, files/documents, or even your plans for the future, including new product development. A knowledge management approach allows you to better distinguish issues in your organization related to innnovation, risk management, economic know-how and intergenerational transfer of knowledge.