In today’s fiercely competitive business environment, the success of a business dependent on the flow of business related information within the organization. This includes all the information assets of the organization such as documents, procedures, databases or expertise and experiences of employees. This requires a centralized pool of information and subsequent flow of information between the employee and the centralized information pool thus the need for knowledge management tools like LogicalDOC.
What is knowledge management?
Knowledge in this context can be defined as all the information assets of an organization. A systematic approach to identify, integrate, store, manage and share the information assets within the organization is known as knowledge management. The information assets include the expertise and experience of the employees that are resident in their mind.
Role and goals of Knowledge management
The knowledge management primarily acts as a bridge between a knowledge provider and knowledge seeker. This allows the availability of information, whether it’s the expertise and experience of an employee or any other information asset, to an employee in need of information to make an informed decision about a business situation. The goals of Knowledge management are as follows
- The storage or collection of knowledge – This goal is achieved by the creation of a single or multiple repository of available knowledge. The repository consists of easily retrievable documents in structured form containing information/knowledge such as reports, presentations, etc.
- Facilitating the access to Knowledge between individuals and organizations
- Enhancement of the knowledge environment by rewarding and facilitating the creation, usage and transfer of knowledge.
- Management of knowledge as intellectual capital and generating new income from it.
The need for knowledge management
The need for knowledge management can be understood by the following factors that can be gained by effective knowledge management
- To improve the knowledge management competency of an organization
- To help in becoming a competent player in the knowledge economy of the world
- To become a knowledge leader and knowledge driven business
- To develop and apply the knowledge management strategies across a number of segments like disaster management
- To better achieve and surpass the business objectives
The benefits and importance of knowledge management
The importance of knowledge management is clearly visible in the benefits gained by an organization through the effective use of knowledge management. The various benefits of knowledge management are as follows
- It results in a better access to the collective knowledge and its application.
- It helps in the reduction of cost by preventing repetitive efforts towards completion or achievement of an objective that’s already completed by someone in the organization.
- It helps in enhancing the overall efficiency of the organization
- It enhances the response time
- It helps in preventing the repetition of mistakes of similar nature.
- It helps in improving the quality of services and products.
- It positively affects the inter-relationship between the stakeholders, employees and customers
- It provides an organization and its employees the potential to grow and expand
- It helps in improving the profitability
- The effective knowledge management facilitates innovation.
- It provides an edge to an organization over its competitors
- It reduces the employee training costs of an organization by promoting self training through the available Knowledge.
Knowledge has become an important asset for an organization that allows the organization to become more effective and profitable. In today’s business environment, effective knowledge management is key to a successful business endeavor.
The need for an effective knowledge management software has become a necessity for every organization to better store the collective knowledge and provide timely access to the employees for improved productivity. The software also allows the organization to provide different level of access to different levels of employees.