Why is KM important? What are the benefits to my business?
In today’s knowledge-intensive world, what matters is ‘What you know’, ‘Using what you know’, and ‘How fast you can know something new?’. This capability is the key, sustainable business advantage (according to Larry Prusak of IBM).
- Better and faster decisions – by tapping into the experience of your peers (whether next door or across the globe), you can avoid their pitfalls, apply their solutions, and make the right decision the first time.
- A step change in productivity – by building a full knowledge of our own part of the business, we can reduce costs & minimize new resources to meet growth targets.
- New Products & Services – a re-use of knowledge fuels innovation.
Knowledge management will reduce costs and time in the short term, and at the same time provide an inventory of experience and expertise for the future, allowing a flexible, fast-paced response to organization demands.
“It is a very sad thing that nowadays there is so little useless information.” – Oscar Wilde