AllThingsKM

15 Knowledge Management Benefits

•        Enabling Better and Faster Decision Making

By delivering the relevant information at the time of the needs through the structure, search, subscription, syndication and support the knowledge management environment can provide the basis for making a good decision. The collaboration will bring the power of large numbers, diverse opinion and varied the experience to bear when decision be based on the actual experience, large sample size and practical lesson learned. 

• Making it easy to find the relevant information and resources

     When the organizations faced with the need to respond to the customer, solve a problem, analyse trends, assess markets, benchmark against the peers, understand the competition, create new offerings, plan strategy and to think critically, you typically will look for the information and resources to support these activities.

•      Reusing ideas, documents and expertise

When the members of your organization have figured out how to solve a common problem and know how to deliver a recurring the service or have invented a new product, if the organizations want the same solution, service and the product to be replicated as much as possible.

• Avoiding Redundant Effort

Basically, no one likes to spend doing something over and over again. But they do so all the time for a variety reason which is in avoiding duplication of effort by saves time and money will keep the employees morale up and streamlines work. By not spending time reinventing the wheel, the organizations can have more time to invent something new.

•   Avoiding Making the Same Mistakes Twice

KM allows us to share the lesson learned and not only about the success but also the failures. In order to do that, the organizations must have the cultures of trusts openness and reward for willingness to talk about right and wrong.

•  Taking Advantage of Existing Expertise and Experience

Teams benefit from the individual skills and knowledge of each member. The more of complementary with the expertise of the team members, it will be the greater the power of the team. In large organizations, there are people with widely-varying capabilities and backgrounds, and there should be a benefit from this. But as the number of people increases, it becomes more difficult for each individual to know about everyone else. So even though there are people with knowledge who could help other people, they don't know about each other.

•  Communicating Important Information Widely and Quickly

Almost everyone today is an information worker, either completely or partially. Knowledge management helps address this problem through personalized portals, targeted subscriptions, RSS feeds, tagging, and specialized search engines.

•   Promoting Standard, Repeatable Process and Procedures

If standard processes and procedures have been defined, they should always be followed. This allows employees to learn how things are done, leads to predictable and high-quality results, and enables large organizations to be consistent in how work is performed. By providing a process for creating, storing, communicating, and using standard processes and procedures, employees will be able to use them routinely.

• Providing Methods, Tools, Templates, Techniques and Example

Methods, tools, templates, techniques, and examples are the building blocks supporting repeatable processes and procedures. Using these consistently streamlines work, improves quality, and ensures compatibility across the organization.

•      Making Scarce Expertise Widely Available

If there is a resource who is in great demand due to having a skill which is in short supply, knowledge management can help make that resource available to the entire organization. Ways of doing so include community discussion forums, training events; ask the expert systems, recorded presentations, white papers, podcasts, and blogs.

•            Showing Customers How Knowledge is Used for Their Benefit

In competitive situations, it is important to be able to differentiate yourself from other firms. Demonstrating to potential and current customers that you have widespread expertise and have ways of bringing it to bear for their benefit can help convince them to start or continue doing business with you. Conversely, failure to do so could leave you vulnerable to competitors who can demonstrate their knowledge management capabilities and benefits.

• Accelerating Delivery to Customers

Speed of execution is another important differentiator among competitors. All other things being equal, the company which can deliver sooner will win. Knowledge sharing, reuse and innovation can significantly reduce time to deliver a proposal, product, or service to a customer. And that translates into increased win rates, add-on business, and new customers.

•     Enabling The Organization to Leverage its Size

As an organization grows, the increasing size is only a benefit if it can use the knowledge of all of its employees. Through the use of tools such as communities, expertise locators, and repositories, the full power of a large enterprise can be exploited.

•         Making the Organization Best Problem-Solving Experiences Reusable

Consistently applying proven practices, also known as best practices or good practices, can significantly improve the results of any firm. For example, if a manufacturing plant in one part of the world has figured out how to prevent the need for product rework, and all other plants around the world adopt this practice, savings will flow directly to the bottom line. By establishing a process for defining, communicating, and replicating proven practices, an enterprise takes advantage of what it learns about solving problems.

•  Stimulating Innovation and Growth

Most businesses want to increase their revenues, but it becomes increasingly difficult as industries mature and competition increases. Creating new knowledge through effective knowledge sharing, collaboration, and information delivery can stimulate innovation.

If the organization can achieve all this benefits of KM, the organizations should be achieve to growth in the market.


Source from: https://www.linkedin.com/pulse/20140811204044-2500783-15-knowledge-management-benefits