Why knowledge management is important to the success of organizations

Data is the new oil. It is well organized and analyzed data that will support increasingly assertive, aligned, and intelligent decision-making. Reduced risk of losing data and information that can easily be digitally misplaced or deleted.

This also decreases the amount of time spent rewriting reports or reevaluating data. Over the years, we carried out a series of projects for clients that required the availability of prior information. Because of the difficulty of obtaining this information, we noticed that most companies have a common problem: the decentralization of knowledge generated within the company.

We then built a solution factory that allows you to explore the actual value of digital tools. The service covers migration to the cloud, process automation, and integrated knowledge control to guarantee:. We also created a simple step-by-step guide that you can use to start implementing Knowledge Management in your company today! Some organizations include intellectual capital on their balance sheets, while others are leveraging the asset to generate new revenue forms, reduce costs, and innovate.

Knowledge is one of the key components embraced by ERP software implementations. Categories: Process Consulting. Topics in this article:. Stay current. According to a study by Gartner , Knowledge Management Will Transform CRM Customer Service , behind a paywall , improving access to contextual knowledge by an employee or a client reduces the time that a provider requires to give an answer by percent, increasing customer satisfaction.

Also, an organization can reduce the cost of customer support by 25 percent or more, when using appropriate knowledge management activities. Of course, in this context, technology plays a very important role: it must not be perceived simply as an enabling tool, but as a driver for new collaborative practices and sharing of knowledge.

Modern business communication and collaboration solutions are limited at times to include the latest trendy features, often following the trends coming from the consumer world. Organizations considering the adoption of new communication and collaboration tools must also define their product strategy with respect to knowledge management.

What are the reasons why knowledge management is necessary? Actively managing organizational knowledge can also stimulate cultural change and innovation by encouraging the free flow of ideas. In this complex, global business environment, these types of knowledge management programs can help managers embrace change and encourage ideas and insight, which often lead to innovation, even for local mom and pop business owners.

Actively managing knowledge can help companies increase their chances of success by facilitating decision-making, building learning environments by making learning routine, and stimulating cultural change and innovation. Speak up! Join me on Twitter and Facebook. This is a BETA experience. Explicit Knowledge - Explicit knowledge is systemized and easily taught to others.

Knowledge transfer may occur through manuals, documents, training videos, case studies, or a company's policies and procedures. In general, there are 4 operational components of a knowledge management solution, including- Organization Knowledge Management - Allowing an organization's data explicit knowledge to be available through the use of dashboards, content management systems, document management systems, or other management software.

Expertise Location - The process of utilizing tacit knowledge to share knowledge from an expert, management, or the leadership team. Lessons Learned - A lessons learned database manages and delivers knowledge that shows workers how to perform a task. Communities of Practice - Individuals who have a set of shared principles or interests and then use that experience tacit knowledge to discuss best practices or advice to a group of other employees.

Implementing knowledge management and utilizing management tools help ensure a company's success. It makes certain that employees are appropriately trained for their positions and that knowledge sharing is part of the organizational culture. An effective knowledge management strategy provides opportunities for everyone to learn best practices, increase their awareness, make better business decisions, and gain a competitive advantage.

Management systems knowledge is essential because it increases the efficiency of a company's decision-making capacity. By ensuring that all workers can access knowledge easily by utilizing a knowledge platform, the organization creates a more proficient and streamlined workforce.

Highly informed individuals who know where to look for data to answer a question tend to make better decisions. It's easier to foster a culture of innovation when knowledge-sharing and learning is the norm. Customers also enjoy the increased access to the information data they need and workers feel more equipped to do their jobs.

As a result of utilizing knowledge management tools, sales will improve and employee turnover will begin to decrease as workers are more satisfied in their positions. In the data-driven world where information gathering is standard practice, it's becoming more difficult to stay competitive.