Knowledgeable Organizations are Nimble and Efficient
Most organizations seek to implement Knowledge Management (KM) because they fear losing vast amounts of vital knowledge when employees retire or otherwise leave the organization. The truth is, KM solutions provide numerous benefits to the organization that benefits employees at all levels and should be a core focus for most organizations.
Communities of Practice and Excellence
Bringing together employees to create communities or networks of practice provides untold benefits to the organization. Newer employees are able to quickly identify key Subject Matter Experts (SMEs) enabling them to leverage experience that could otherwise take years to obtain, resolving issues more quickly and efficiently. Onboarding new employees is shortened as they have immediate access to vital information resources. New ideas drive innovation and continual process improvement across the board.
Recognition and Reward – The Employee Experience
Successful KM programs encourage and reward participation and knowledge sharing. KM programs enable organizations to identify key contributors and SMEs, enabling them to reward those employees either through promotion or incentives. This, in turn, improves employee retention and overall satisfaction.
Improve Innovation and Protect Intellectual Capital
Effective implementation of KM technology improves security around knowledge assets including how knowledge is accessed and disseminated.