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The Role of Knowledge Management in Building Client Relationships 2012 http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai/record/2/910 J. Boljanović J. Stanković Knowlegde Management represents an interdisciplinary business model which focuses upon knowledge generation and its exchange within an organisation. Employees hold the key role in the processes of knowledge generation and its distribution, and their satisfaction forms the paradigm of successful knowledge management execution. The shift from trading economics to new knowledge economics also requires alterations in approach to marketing. Consumers no longer want to be treated collectively, but individually. Therefore, the new economy implies a shift from marketing based on simple data collection and forming client databases to relationship management of key client segments. Over last decade Customer Relation Management proved to be a concept indispensable for achieving business success with companies operating in a global market. Its essence is based upon establishing and maintaining long term client relationships which aim to create value for both the client and the organisation. This presupposes learning about client needs, requirements and behaviour in the exchange process, continual updating of these and perfectioning all forms of communication with client. Like any other kind of relationship, organisation – client relationships experience alterations over the ’’client relationship life cycle“. Organisation itself causes ’’return on relationships“ to develop during this process. It is determined by the quality of interpersonal relations, communication efficiency, advancement of continuous idea and information exchange among employees, and also by the possibilities and ways of motivating employees to improve their knowledge. Directly aimed at their mutual goal – client satisfaction, CRM and knowledge management take effect in a synergetic form through an integrated concept of Customer i.e. client Knowledge Management (CKM). Multidimensionality of contemporary business practice requires linking competencies of experts in different core business fields, especially in knowledge sharing, communication and developing partner relationship within business practice. article 9 1 16 28 2217-8090 Singidunum Journal of Applied Sciences