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In: Business and Management

Submitted By shishkrit
Words 1842
Pages 8
Knowledge Management (KM) refers to practices used by organizations to find, create, and distribute knowledge for reuse, awareness, and learning across the organization. Knowledge Management programs are typically tied to organizational objectives and are intended to lead to the achievement of specific outcomes such as shared intelligence, improved performance, or higher levels of innovation.

Role of knowledge management
The goal of Knowledge Management is not to capture all knowledge, but rather manage the knowledge that is most important to the organization. It involves applying the collective knowledge and abilities of the entire workforce to achieve specific organizational objectives.

* Increases customer service-responding to customer’s faster with more relevant and complete information gains sales and retains clients. * Compliance with regulations- effective knowledge management will reduce the cost of audits and assist in complying with regulations such as health and safety. * Reducing administration labour cost-less movement of information around and outside the company saves staff time and cost of labour. * Better collaboration- projects requiring content and information from different departments and external parties benefit from easy access allows greater team work and competition. * Reduce wastage of time and mistake-Access to constantly updated information from an easy to locate source prevents repetition of work on out of dated documents. Staff can add and edit information efficiently and quick. * Improving competitive advantage-The goals and expected outcomes of an organization with effective KM include improved organizational effectiveness, improved productivity, a way to capture best practices, improved decision making, becoming a more innovative organization and a source of competitiveness and improved performance.…...

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