The role of knowledge management in building client relationships

Abstract

Knowledge Management represents an interdisciplinary business model which focuses upon knowledge generation and its exchange within an organization. Employees hold the key role in the processes of knowledge generation and its distribution, and their satisfaction forms the paradigm of successful knowledge management execution. Over last decade Customer Relation Management (CRM) proved to be a concept indispensable for achieving business success with companies operating in a global market. Its essence is based upon establishing and maintaining long term client relationships which aim to create value for both the client and the organization. Like any other kind of relationship, organization - client relationships experience alterations over the 'client relationship life cycle'. Organization itself causes 'return on relationships' to develop during this process. Directly aimed at their mutual goal - client satisfaction, CRM and knowledge management take effect in a synergetic form through an integrated concept of Customer i.e. Client Knowledge Management (CKM). Multidimensionality of contemporary business practice requires linking competencies of experts in different core business fields, especially in knowledge sharing, communication and developing partner relationship within business practice.