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The aim of this paper is to point out to the role and importance of the application of the concept of knowledge management in the functioning and development of business systems and Adresa autora zaduženog za korespodenciju: Jelena Krstic  krstic.jelena@vpsle.edu.rs Krstic J. Upravljanje znanjem kao ciniocem razvoja FBIM Transactions Vol. 4 No. 2 pp. 103-110 104 │ MESTE Published: July 2016 organizations. The knowledge held by employees of the organization is it’s the most important resource. Once neglected, the knowledge is now indispensable as a factor of progress and gaining the competitive advantages. After the brief introduction, the second chapter of this paper describes the knowledge as a strategic resource by describing the gaining, use and exchange of knowledge; dispersion of knowledge by answering a question about all the knowledge necessary staff and particularly managers; awareness of the importance of knowledge in organizations. In order to perform the activities for which they are responsible, all employees must gain a fundamental knowledge of the profession. After that, they need to have necessary technical and technological knowledge, as well as the knowledge about strategies for market penetration. However, it is not enough to have the knowledge. They need to use the knowledge effectively and exchange it. Only in this way used the knowledge can become a source of organizational development and to achieve the competitive advantage. Knowledge management has become imperative for the survival and development of business systems, as discussed in chapter three of this paper. Unlike to the other resources, which are limited in their volumes, the knowledge is an inexhaustible source of business improvement. The knowledge: initiates the emergence of innovation; selects the proper functioning of the market strategy; is the core of the competence of the organization. The organization is recognized on the market by its know-how. The fourth and fifth chapter of this paper refer to the research conducted in small and medium enterprises of Jablanica District, and conclusions arising from this research.

KNOWLEDGE MANAGEMENT AS A FACTOR OF THE DEVELOPMENT OF BUSINESS SYSTEMS