Passage: 'Knowledge management' is the process of capturing, distributing, and effectively using a company's internal expertise. In a modern economy where intellectual capital is often more valuable than physical assets, managing what employees know is a critical competitive advantage. Many firms use digital databases and collaboration tools to document procedures and share best practices. However, a significant challenge is capturing 'tacit knowledge'—expertise that is deeply ingrained in an individual's experience and difficult to write down or formalize. For example, an experienced negotiator's intuition cannot be easily captured in a manual. To address this, some companies use 'mentorship' programs and 'communities of practice' to transfer knowledge through social interaction. Successful knowledge management requires a culture of trust where employees feel that sharing their expertise will lead to collective success rather than making them personally redundant.