The Gartner Group defines Knowledge Management or KM as “a discipline that promotes an integrated approach to identifying, capturing, evaluating, retrieving, and sharing all of an enterprise's information assets. These assets may include databases, documents, policies, procedures, and previously un-captured expertise and experience in individual workers."
It is described by some as a fad because of ambiguity in the field. Ask yourself this: “If one of my employees was hit by a bus today, would my organization have all his or her knowledge captured and available to give to the person stepping into the role?” If the answer is no, KM is an aspect of your business to consider improving.