The process of putting the knowledge you have to the best use, gathering new knowledge, and bettering your understanding of the knowledge in the process is a general definition of Knowledge Management. Another definition, found on Wikipedia.org, describes Knowledge Management as the organization, creation, sharing, and flow of knowledge within organizations. You can also say that Knowledge Management is the management of intellectual assets, or the safekeeping and use of proprietary knowledge.
The process is not about learning for the sake of learning, but acquiring new knowledge that will help you do your job better, more efficiently, more effectively, and more economically. It’s taking knowledge, and gaining knowledge, that will have the most impact on your company or organization. Data is just that—a set of information—until you understand it and make it yours. That’s what Knowledge Management is about; taking the information you have, and making it work for you.