What Are the Benefits of Knowledge Management?

What Are the Benefits of Knowledge Management?

Knowledge management can improve the speed and accuracy of content distribution, improve customer service and satisfaction, increase a desire for learning, encourage feedback, reduce training costs and stimulate change.

Knowledge management is valuable to organizations that need more efficient ways to manage large amounts of data. According to David Derbyshire, scientists found that in one year the typical person receives an amount of data that equals every person in the entire world reading 174 newspapers each day.

Knowledge management helps companies organize data so it can be utilized more efficiently. Managers are able to make better decisions when they have easy access to data reports detailing organizational failures, experiences and successes.

Customer service agents benefit from having quick access to a database of frequently asked questions. Answers and solutions are stored in a centralized location, and the information is retrieved when needed to provide help for customers.

Government organizations, like the military, are able to better identify areas of strength and weakness by analyzing managed data. This information is used to make changes and improvements based on past performance.

Corporations use knowledge management to promote the exchange of ideas. Collected data is a way to share innovation within the workplace. By sharing creative ideas, the company culture is able to embrace change.