As we well realize, If we don’t learn from our mistakes, we will experience them over and over again. So, what about making mistakes in your business?! Don’t worry, Knowledge Management allows us to share lessons learned, not only about successes but also about failures.
What is Knowledge Management
Knowledge management is any system that helps people in an organization share, access, and update business knowledge and information. It refers to improving the organization organically by making the best use of the knowledge at its disposal. It reduces operational costs and improves productivity.
Imagine being able to extract the lessons learned from every piece of work in the company portfolio. Or find what you’re looking for without rifling through folders or needing to ask dozens of coworkers. Wouldn’t that make your daily work life easier?
Benefits of Knowledge Management
1- Avoiding redundant effort
No one likes to spend time doing something over again. But they do so all the time for a variety of reasons. Avoiding duplication of effort saves time and money, keeps employee morale up, and streamlines work. By not spending time reinventing the wheel, you can have more time to invent something new.
2- informed decisions
When employees share their experiences, lessons learned, and research on a searchable knowledge system, others can access and review that information in order to consider multiple pieces of data and differing viewpoints before making decisions.
3- Avoiding the same mistakes
Knowledge management allows us to share lessons learned, not only about successes but also about failures. In order to do so, we must have a culture of trust, openness, and reward for willingness to talk about what we have done wrong. The potential benefits are enormous.
If engineers learn why highways and buildings collapsed during a previous earthquake, they can design new ones to better withstand future earthquakes. If you learn that your last bid or estimate was underestimated by 50%, you can make the next one more accurate and thus earn a healthy profit instead of incurring a large loss.
4- Effective service to employees and customers.
knowledge management allows support teams to resolve employee and customer requests quickly and correctly. Employees are able to stay happy and productive, and customers place more trust in the company, which makes them more likely to purchase.
5- relevant information and resources
When faced with a need to respond to a customer, solve a problem, analyze trends, assess markets, benchmark against peers, understand competition, create new offerings, plan strategy, and to think critically, you typically look for information and resources to support these activities. If it is easy and fast to find what you need when you need it, you can perform all of these tasks efficiently
6- Reusing ideas, documents, and expertise
Once you have developed an effective process, you want to ensure that others use the process each time a similar requirement arises. If someone has written a document or created a presentation that addresses a recurring need, it should be used in all future similar situations.
When members of your organization have figured out how to solve a common problem, know how to deliver a recurring service, or have invented a new product, you want that same solution, service, and product to be replicated as much as possible.