THE KNOWLEDGE MANAGEMENT IN THE MODERN INDUSTRIAL COMPANY

Over the past decades, the emergence of knowledge based economies emphasized the need for a proper and efficient management system for intangible assets, as they often represent a company's true competitive advantage. Knowledge management is practiced by more and more companies from different economic areas, the essential idea being that employees and the record of their work embody the knowledge that makes the business work and even more, it represents the background for a long term sustainable development. This paper aims to examine the impact of knowledge management on modern industrial companies and tries emphasize that if the most valuable knowledge is captured, shared and reused, rather than always stalling from scratches, time can be saved, efficiency created and costs of production will drop as quality improves.