Knowledge management is indispensable strategy today

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For some decades ago, in business world, many companies had been successfully operated, and of course, many were eradicated out of the game. we can easily predict that the former firms might have good managers to run their business effectively, or such firms might have the right choice of offering goods and services that have high demand at that period, or it may be other factors contributing to their success such as employees skills, effective cost production and so on. For the later firms, the outcomes of these unsuccessful ones might be resulted from being lack of effective managers, or because of wrong goods and services they were offering, and etc. Today business world, in order to have long-lasting survival, in addition to effective managers, cost effective production, good employees, and right product choices, firms have to maintain, store, and enhance what their managers and employees know such as experiences about setting effective and efficient plan for their company and the way company is managed, understandings of customers , experiences about making products or services, and so on. In other words, knowledge of employees and staffs in the company must be maintained for the application of next generation. It is the truth that today firms are more focus on knowledge maintenance, especially in high technology industry in order to keep their position in the business world, and hence, knowledge management is one of the most important policy firms put it on priority among their goals and objectives. An in-depth analysis into this issue will provide you background of knowledge at different views, how knowledge management is performed in today business competitive industry, why it is important to entities, and its life cycle as well. Body Knowledge Suppose that two employees who have the same period working in a garment company but why their production is considerably different after a specific time? People may commonly answer that it is due to the difference of their working skills, knowledge, and experiences. Of course, we can easily realize that employee who has high production would have better skills, knowledge and experiences compared with the remaining one. It will be profitable if all employees are high production ones. The truth is that the more skills, knowledge, and experience employees possess, the more value the company will be added. That is why knowledge management will somehow play a major role in the company strategy. To understand about knowledge management, we have to know what is the knowledge. Imaging that we know how to cook a bowl of Hue-style-beef noodle, (a traditional food in Hue city, Thua Thien Hue province, Vietnam), the method and the skills we cook are considered as our knowledge. Therefore, knowledge can be come from physical ones such as books, newspaper, magazines, and etc, and hence people can learn cooking from any teaching-cooking boob. Besides, knowledge also can be drawn from experiences of people. For example, a person does not learn cooking through a book, but from what he or she observes other cookers,

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