In the present day, the idea of personal knowledge, which was introduced by the philosopher of science Michael Polanyi in the 20th century as a critique of logical positivism, serves as the cornerstone for various contemporary lines of research in the field of the humanities and social practices. This became possible by incorporating the individual as a fundamental element in pedagogical, economic, and sociological studies. The theory of knowledge management developed by I. Nonaka, which is widely recognized in both academia and practice, is rooted in the concept of personal knowledge, effectively adapting it to the context of the emerging knowledge economy. Nevertheless, the advent of large language models (LLMs) fundamentally alters the dynamics between cognitive abilities and knowledge, prompting us to rethink the future of the job market and education as a societal institution. In this context, knowledge management theory must be revisited, considering the capabilities of LLMs and the exponential growth in the quantity of diverse information. In this context, we envision a potential path for sustaining and advancing higher education through the adoption of tailored knowledge management frameworks. However, it is crucial to acknowledge that these frameworks do not fully encompass the essential elements of M. Polanyi’s concept. The transformative nature of technological and societal advancements has necessitated a reevaluation of aspects that were once considered secondary. The aim of this paper is to delve into the intricacies of M. Polanyi’s theory, which holds the potential to enrich and revitalize the field of knowledge management in light of the increasing prevalence of large language models.