June 17, 2016

Importance of Knowledge Management

In the business world today where company relies more on data than ever before, knowledge management become increasingly important. With a good management of knowledge, the company are one step closer to success. Out of 15 benefits of knowledge management that are provided Stan Garfield, knowledge manager, these are the three most important ones in my opinion.

First, having a good knowledge management will allow the company to maker faster and better decision. When you are in a situation where you have to make strong decision, you need the right information at the time you need it. This will also help create more efficiency becauase the time for getting the relevent information will be reduced.

The second benefit is about reusing idea and expertise. This is also very important because it allows the good idea and helpful expertise to remain within the company without being forgotten. For example, if a great working process is created by one team, the company would not want that effective process to be gone if that team are to leave the company.

Last but not least is knowledge management allows the company to not make the same mistake twice. Because it enable people to share information and experience effectively, people willl get to learn about the failure case that has happened. As a consequence, people will not make the same mistake, in which lead the company to the successful outcome.

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