How Knowledge Management leads to Cost Savings

Knowledge Management is all about connecting people to people and knowledge enabling them to work better leading to a well-informed, efficient, and innovative workforce. Let's see below how it leads to cost savings for any organization.

·        Connecting people to people via the medium of Knowledge Management (KM) communities or knowledge-sharing platforms provide them with a streamlined channel to capture, store and share knowledge leading to increased efficiency and decreased response time.

·        With a KM framework in places, people are well versed with best practices followed by employees from other teams working on similar projects leading to a decrease in errors and an increase in quality of work output.

·        A higher degree of employee accountability is created when knowledge is easily shared and accessed via various KM channels and tools like communities, knowledge repositories and discussion forums.

·        With increased focus on KM employees get a chance to connect with global peers to share and learn from each other leading to Innovation and creation of new products and efficient ways to perform services.

·        Client satisfaction is a vital component of sales & delivery for any organization. By having easy access to the knowledge sources, you need to perform your job efficiently, you shorten the sales cycle.

Well, these are reasons enough to start putting together a KM framework for your organization if not already in place. And coming up in the next article is how to capture knowledge and make it available for value creation via various KM channels.

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