Business Impacts of Implementing a Good Knowledge Management Solution

January 31, 2018
Business Impacts of Implementing a Good Knowledge Management Solution

According to a Deloitte survey, more than 80 % of knowledge management (KM) users reported that sharing knowledge results has an advantage over the competition while adding real client value. But do you know what positive impact has the implementation of robust knowledge management solutions on your business?

KM provides a baseline for measuring progress, decreases the impact on expert attrition, effectively manages massive volumes of data to assist employees with serving customers faster and better, and relieves your staff redundant efforts.

Good knowledge management solutions will improve robust data by adding context and relationship to other stored documents. Adding information to documents through semantic analysis, tags, or topic ontologies, your staff can find comprehensive answers to customer problems more quickly. That’s better customer service and happier consumers.

Solid knowledge management solutions will help your business:

  • Protect its intellectual assets
  • Focus on your most crucial asset: human capital
  • Link people through collaborative methods
  • Orient your corporate culture towards optimum knowledge sharing

Knowledge management flings open the doors to greater information sharing and collaboration. In today’s competitive landscape with global expansion, employee attrition, and mergers and acquisitions, your staff must think and work differently. They must collaborate with overseas peers, keep current on worldwide issues, exchange ideas, and have the right answers at their fingertips.

Social Media plays an increasingly critical part in knowledge management as it empowers employees to connect, collaborate, and quickly access expert information. Social networks also facilitate collaboration and allow people to express themselves across the electronic landscape. They can build popularity and trust among fellow employees and peers while participating in the knowledge sharing environment.

Positive Impact With an Effective KM Strategy

Good knowledge management solutions will help solve common problems and help your business realize greater benefits by:

  • Improving decision-making through access to leading practices and expertise
  • Increasing productivity, efficiency, and smarter working by decreasing the need to reinvent the wheel
  • Enhancing the ability to collaborate through standardization of work methods and facilitating discussions with thought leaders and other experts
  • Decrease the loss of legacy knowledge by capturing tacit and explicit knowledge
  • Increasing effective innovation through borderless collaboration
  • Increasing consumer satisfaction through delivery of value insights
  • Speeding productivity with more effective on-boarding and quick access to data

In the increasingly competitive global market, you need cost-effective initiatives like a robust knowledge management solution. You face the problem of constantly needing to improve in areas such as customer service and developing innovative products to meet the changing needs and requirements of your customers. Customer acquisition and retention is the only way to remain successful, and your knowledge management solutions will provide your business with the tools and data to do so. Contact us today to explore how KMS lighthouse can help you achieve your busniess goals.

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