Knowledge Management: The Key to Sustainability of Economic Crisis

Abstract

Today, crises occur everywhere. One of the recent crises was the economic crisis which began in 2008. Crises carry the element of uncertainty and complexity. Crisis situations need for planning, organizing, directing and monitoring organizations experiencing difficulties that directly threaten their existence. Despite the nature of their occurrence they return to crisis management, which must be managed carefully by using the institution's organizational resources. One of the most valuable resources is knowledge. Knowledge management in the organization will enable the identification of critical information about the situation of the crisis and its management to cope with the crisis and to become competitive. An organization during the crisis if it arrives better manage its knowledge, will then enable coping with the crisis. Also, the organization will have more opportunity to revive by crises. The aim of this study is to examine the importance of knowledge management during periods of crisis in order to confront it successfully. This study is based on the receipt, collection and analysis of data from various studies about this field. Knowledge management plays an important role to successfully cope with crisis situations. It is an effective tool.

DOI: 10.5901/mjss.2015.v6n1s1p548