Organizational memory (OM), sometimes called institutional memory or corporate memory, is the accumulated body of data, information, and knowledge created in the course of an organization's existence. The concept of organizational memory includes the ideas of components knowledge acquisition, knowledge processing or maintenance, and knowledge usage like search and retrieval. Falling under the wider disciplinary umbrella of knowledge management, it has two repositories: an organization's archives, including its electronic data bases; and individuals' memories. Organizational memory can only be applied if it can be accessed. To make use of it, organizations must have effective retrieval systems for their archives and members with good memory recall. Its importance to an organization depends upon how well individuals can apply it, a discipline known as experiential learning or evidence-based practice. In the case of individuals, organizational memory's accuracy is invariably compromised by the inherent limitations of human memory. Individuals' reluctance to admit to mistakes and difficulties compounds the problem. The actively encouraged flexible labor market has imposed an Alzheimer's-like corporate amnesia on organizations that creates an inability to benefit from hindsight. Organizational memory is composed of: Prior data and information All internally generated documentation related to the organization's activities Intellectual property (patents, copyrights, trademarks, brands, registered design, trade secrets and processes whose ownership is granted to the company by law, licensing and partnering agreements) Details of events, products and individuals (including relationships with people in outside organizations and professional bodies), Relevant published reference material Institution-created knowledge Of these, institution-created knowledge is the most important. The three main facets of organizational memory are data, information, and knowledge. It is important to understand the differences between each of these.