Knowledge management refers to the systematic process of identifying, capturing, organizing, and utilizing the collective knowledge and expertise within an organization to enhance its overall performance and competitiveness. It involves strategies, practices, and technologies aimed at facilitating the creation, sharing, and retention of knowledge assets among employees and teams.

Example
In a multinational corporation, knowledge management might involve the implementation of a digital platform where employees can share best practices, lessons learned, and innovative solutions. This platform enables HR professionals to access a repository of HR-related knowledge, such as global talent acquisition strategies, employee development programs, and compliance regulations. Through this system, HR teams can collaborate more effectively, reduce redundant efforts, and make data-driven decisions to optimize the company's workforce and HR processes.