Benefits of knowledge management
What are the advantages of adopting a knowledge management strategy?
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 capital
- Focus on their most important assets: their human capital
- Re-orient their culture by opting for an optimal knowledge sharing strategy
- Link 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 practices
- Increasing efficiency, productivity and work smarter by reducing cases of “reinventing the wheel”
- Improving innovation through wider and borderless collaboration
- Reducing loss of know-how by capturing explicit and tacit knowledge
- Speeding productivity with on-board trainings and timely access to knowledge
- Increasing client satisfaction by delivering value insights
- Enhancing quality and ability to collaborate by standardising ways of working and enabling discussions with leading experts
According to a Global Deloitte survey, over 80% of Deloitte Knowledge users indicate that sharing knowledge leads to competitive advantage and adds a real client value.
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