The more I practice as a KM consultant, the more I realise that organisations relate much more easily to the notion of 'knowledge asset management' than knowledge management.
They are not that interested in theories about what knowledge is and how it is created and shared, but they are very interested indeed in how to create profit, or value, or better service from tangible knowledge assets.
You can't manage and measure knowledge, but you can certainly manage and measure knowledge assets.
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