Knowledge Management in indian banks

Abstract

Knowledge Management (KM) as a tool has a strategic importance. The paper seeks to define KM along with its objectives and the benefits accruing therein. The key objectives highlighted are exploiting internal and external skills and intangible assets in attaining leadership status. Banks, being an important pillar of services sector, have a special place for KM. The paper talks in detail about the various areas where KM can be a suitable fit, the approach that needs to be taken to implement and nurture it and also the challenges that banks may face in sustaining the use of KM as a tool. It identifies IT infrastructure and IT enabled tools as the focus areas where KM can be implemented. The approach suggested in implementing is of working backwards from ensuring the desired result to collecting the data accordingly and creating the required information. As against the traditional sector, knowledge-based goods and services should create and sustain increasing returns. The role of all stakeholders i.e. Management, employees, shareholders, Government and Unions -would be crucial for the success of the banks with the new approach.