Knowledge management: A breakthrough for preserving implicit knowledge in libraries and information centres

Today's global economy is in the transition towards a knowledge economy. Knowledge is rightly considered as the basic form of capital. Technology and knowledge in compliance are considered as the largest factors for productivity. There has been a rapid increase in the amount of information being produced and mostly standard organizations publish a large chunk of data and information on various web channels. The advancement and growing pace of information environment requires more advanced focus on the content of the documents for its organization and retrieval. This article reflects upon the importance of knowledge management today for individuals, for communities of practice, and for organizations with emerging knowledge management roles and responsibilities needed to ensure successful knowledge management implementations. Moreover, the article discusses key steps for knowledge creation and the drivers towards development of taxonomy.