Question

Benefits of knowledge management systems to business

Answer 1

Knowledge management prevents staff from constantly reinventing the wheel, provides a baseline for progress measurement, reduces the burden on expert attrition, makes visual thinking tangible, and manages effectively large volumes of information to help employees serve their clients better and faster.

 

Being a fundamental business enabler, knowledge management will help organisations:

Protect their intellectual capitalFocus on their most important assets: their human capitalRe-orient their culture by opting for an optimal knowledge sharing strategyLink people to people by setting up collaborative methods



Knowledge management opens the doors to a new era of collaboration and sharing

Nowadays, with corporate mergers, employee turnover and global expansion, people must work differently: they need to collaborate with peers that are overseas, exchange ideas, keep current on global matters and have quick answers to their questions.

The power of Social Media plays an important role in knowledge management as it enables employees to collaborate, connect and rapidly access to experts and information.

Social networks also allow people to collaborate, to be human and to express themselves in the electronic environment. They have a solid foundation of trust and popularity among employees and they are part of the knowledge sharing culture.

Increasing company benefits with an effective knowledge management strategy

Knowledge management helps solve most of the common business problems and helps companies increase their benefits by:

Improving business decisions thanks to facilitated access to expertise and to leading practicesIncreasing efficiency, productivity and work smarter by reducing cases of “reinventing the wheel”Improving innovation through wider and borderless collaborationReducing loss of know-how by capturing explicit and tacit knowledgeSpeeding productivity with on-board trainings and timely access to knowledgeIncreasing client satisfaction by delivering value insights.