Knowledge Audit and its link to Knowledge Strategy and Knowledge Management

Knowledge is considered as the lifeblood of an organisation in knowledge economy. Having the right approach towards the exploitation and management of knowledge will enable organisation to optimally leverage its present knowledge resources in realising the organisational goals. However, many organisations have yet fully benefit from their knowledge resources as they are still unclear on what to do, how to start and where to start with regards to managing knowledge. Knowledge audit can be utilised as the mechanism to explore, understand and appreciate the current and future knowledge resources and requirements, which could later be transformed into a knowledge strategy. This paper aims to show the relationship between knowledge audit, knowledge strategy and knowledge management; and how these interrelated concepts facilitate organisations to translate their business strategy into action plans. With proper Understanding of organisational knowledge resources, it helps to steer organisation towards the correct directions of attaining its strategic goals that results in business performance improvement and innovation.