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Is Knowledge Management the Key to Modern Business Growth?


If you’re in business and you want to spark growth and boost productivity at your company, you will be pleased to learn that Knowledge Management (KM) is an effective means of achieving your goals. In case you’re unfamiliar, knowledge management is all about making choices which support the efficient handling of information, data and resources within a company. In essence, it is the discipline of identify, capture, evaluate, retrieve, distribute and use data, resources and knowledge to maximum potential and benefit toward achieving organization objectives.

Efficient, optimized knowledge management is what separates successful organizations from those that fail to effectively make the leap to the next level. When knowledge is managed capably, not only does the organization benefit, so do its staff members, business connections and clients.

Knowledge management entails the implementation of efficient methods to capture, distribute and effectively use knowledge within an organization. It’s about integrating approach using data assets at a company, for example documents, expertise, recorded experiences of employees, databases, policies and procedures.

Knowledge is built upon data (fact and figures) and information (contextualized and categorized data) to deliver insights that can be used toward organization objectives.

Should You Manage Knowledge In-House or Outsource?

Organizations in fields such as financial services, health services, education and the public sector who want to improve knowledge management to make their companies more efficient and productive may undertake “KM” on their own or create teams which handle KM-related tasks.

Some corporate visionaries prefer to outsource the task to companies who bring experience and skills to the table. KM consultants have extensive expertise and know-how to refine the entire life cycle of knowledge. This begins with an audit and evaluation of knowledge processes to make sure that usage of data assets is optimized across the board. A consultant or company may take care of improving knowledge management for a particular firm.

Knowledge management consultants know how to capture data assets which are not currently recorded and how to optimize its usage which are already on record. This generally involves a multi-disciplinary approach. Knowledge is a powerful asset and the usage of it may be improved and streamlined with a mind to boost company performance, access a higher level of competitive advantage, innovate and share experience and data within an organization.

Organizational learning will improve when KM is treated with the respect that it deserves. Whether you choose to take care of knowledge management on your own or hire a business process solutions firm, you will find that paying attention to it gives your company more value. It’s an important facet of effective management and gives organizations the right tool kits for future success.

Learn more about Octacom’s customized document management services today.

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