As the knowledge requirements vary according to the firm size, the industrial sector, level of technology and many other characteristics, there isn’t a unique system or KM suitable for each firm. However, there are some basic steps and prerequisites that any firm must follow to ensure the success of any KM policy decides to follow.

In deciding where to anchor your KM approach, it is important to lead with a style that is consistent with the firm’s culture. Some firms are strongly technology-based and hence it is reasonable for them to build knowledge management on top of technology initiatives and plans. Apart from that it is of critical importance to get the people feel sufficiently loyal and trustful to share their knowledge with the rest of their co-workers.

The top management must actively support every action aiming to change the way an organisation or a firm operates. Management board is responsible to create the appropriate culture where knowledge sharing is encouraged and the participation of each employee to the firm cognitive capital is also recognized.

KM is not an end in itself. Only the systematic alignment of the firm business strategy with the KM aims can ensure the achievement of the firm strategic aims. For example, if the firm under consideration is a customer oriented firm, then all the knowledge and information relative to customers must be the start point for the content of the Knowledge Management System.

It is obvious that the role of new information and communication technologies plays a catalytic role in KM especially in process such as knowledge dissemination, sharing. This is because a major part of knowledge exists in the form of texts and electronic documents. New systems such as intranets, documents management systems, collaboration systems and databases constitute a vital factor, which facilitates KM.

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