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We can divide all the functions performed by Knowledge Management in five main categories:
1) Intermediation: Intermediation refers to the brokering or knowledge transfer between an appropriate knowledge provider and knowledge seeker. Its role is to "match" a knowledge seeker with the optimal source of knowledge for that seeker. By doing so, intermediation ensures a much more efficient transfer of knowledge.
2) Externalization: Externalization refers to the transfer of knowledge from the minds of its holders into an external repository, in the most efficient way possible. The function of externalization is to provide the sharing of knowledge. This is where Competitive Intelligence/Business Intelligence comes in. Through KM tools it is possible to track the vast quantity of data about competitors — from news stories to price changes.
3) Internalization: Internalization is the extraction of knowledge from the external repository, and the filtering of this knowledge to provide greater relevance to the knowledge seeker. Knowledge should be presented to the user in the form most suitable to its comprehension. This, this function may include interpretation and/or reformatting of the presentation of the knowledge. To implement this function, companies can build yellow pages thus mapping and categorizing the skills and work experience of the organization. Another aspect of internalization would be the documentation of best practices.
4) Cognition: Cognition is the function of systems to make decisions based on available knowledge. Cognition is the application of knowledge which has been exchanged through the preceding three functions.
5) Measurement: Measurement refers to all KM activities that measure, map and quantify corporate knowledge and the performance of KM solutions. This function acts to support the other four functions, rather than to actually manage the knowledge itself.
The goal of a knowledge management system is to provide managers with the ability to organize and locate relevant content and the expertise required to address specific business tasks and projects. Some knowledge management systems can analyze the relationships between content, people, topics and activity and produce a knowledge map report or knowledge management dashboard
KMS is a new function that firms started using early 1990s, it is basically anything you use to utilize information. KMS it can be a lot of things, for instance, Databases, HR, Publications... etc.
Knowledge management systems refer to any kind of IT system that stores and retrieves knowledge, improves collaboration, locates knowledge sources, mines repositories for hidden knowledge, captures and uses knowledge, or in some other way enhances the KM process
This is not my area of expertise but I've learnt from Mr.Mikhail Vaskiyev's contribution!
Agree With mr. Vikas Bachhuka on his answer
MR Mikhail answer full , i can,t add any thing
I vote here for vikas as he had nicely covered the macro functions.
Knowledge management typically focuses on specific organizational objectives.
Criteria have been developed that help organizations measure the benefits they receive from knowledge management.
Technology plays a large role in the development of knowledge management tools.
Knowledge management efforts tend to overlap those of organizational learning and are, in fact, seen as an enabler of organizational learning.
Great answers by the colleagues, I might add that the KMS that serve it's purpose the best is the one that is tailored for the company use.
