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Skills management is the practice of understanding, developing and deploying people and their skills. Well-implemented skills management should identify the skills that job roles require, the skills of individual employees, and any gap between the two. The skills involved can be defined by the organization or by third party institutions. They are usually defined in terms of a skills framework, also known as a competency framework or skills matrix. This consists of a list of skills, and a grading system, with a definition of what it means to be at particular level for a given skill. In some cases, organizations can also use mutual feedback and assessments to crowdsource the calculation of skills. To be most useful, skills management must be an ongoing process, where individuals assess and update their recorded skill sets regularly. These updates should occur at least as frequently as employees' regular line manager reviews, and certainly when their skill sets change. Skills management systems record the results of this process in a database, and allow analysis of the data, typically to assist with project staffing or hiring decisions. To perform management functions and assume multiple roles, managers must be skilled. Robert Katz identified three managerial skills essential to successful management: technical, human, and conceptual. In 2003, the HR team at IBM saw the need to develop a set of tools and processes for managing their large workforce. IBM could see that data insights would become ever more vital to business success and they concluded that a system that tracks and provides ample information about their most important asset (their people) was needed for continued performance. As a result, they developed the Workforce Management Initiative. IBM recorded tremendous success from this initiative. Although the system cost millions of dollars to implement, IBM quickly saw the financial benefits of the system. They stated that the system "paid for itself just in the hard savings from better contractor management, not counting the improvement in full-time employee management.