The concept of "knowledge management" has been around since the mid 1990s. And while its definition is debatable, at its core KM is about getting beyond mere "data" to capture and leverage the collective information within an organization in order to better achieve its goals.

Yet, according to the book Six Billion Minds, Managing Outsourcing in the Global Knowledge Economy, only 25 percent of companies reuse knowledge, while a mere 10 percent have access to lessons learned and best practices. It's enough to make an ITIL practitioner faint.

So what's the problem? An interesting column on CIO Update by Michael Fillios, managing director of BTM Global 2000, a strategic consultancy, lays the blame on some familiar villains: lack of time and data overload:

When was the last time you had two hours of uninterrupted time in a week to kick back, put your feet up on your desk and think? If you answered, "I don't remember" or "I do my best thinking between the hours of 3:00-5:00 in the morning," you are not alone.

As I travel around corporate America, this seems to be a growing and disturbing trend, particularly in the middle management ranks. ...

Technology has created this tsunami of data and information, but we haven't yet learned how to use technology to turn it into knowledge.

Which, when you consider that KM began back when everyone was using dial-up, is pretty amazing. So how to make KM a reality? Fillios argues that it "requires a fundamental shift in the allocation of time spent doing versus the time spent thinking."

Easier said than done, no doubt, especially as corporate cutbacks increase workloads and pressure on knowledge workers. Fillios outlines "four critical dimensions" required to allow management capability "to reach its full potential."

I'd tell you what they are, but I'm a little short on time. The column is worth checking out, though.