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The most recent expansion of the concept and scope of knowledge management was the one into systemic thinking: the turning point was to accept that it’s actually living systems, that contain and embody knowledge. It was key to recognise that knowledge is not confined to individual brains. In opposition to the initial assumption of knowledge being an object, it was recognised that knowledge has very much a volatile characteristic, rather a process, in constant flow and morphing and that it actually rather appears in the interaction and relationship between individuals and thus is property of a system as a whole. As much as this may appear a rather academic discussion, as much is it a real world issue with concrete practical implications – in fact it was the observation of failing practical concepts lagging behind expectations in terms of impact (eg. the aforementioned “black hole” of the first days of knowledge management) that drove the knowledge management evolution. And as a source of “frustration”, wrong conceptual assumptions were identified – like the one of knowledge having a shelf life like any object, which turned out not to be the case. As Kurt Lewin put it, there is nothing so practical as a good theory – however, if the theory is wrong, then the practices won’t work out.