Why Every Organisation Needs a Knowledge Management Strategy

Over the last couple of couple of years global markets have seen an economic turn down, which has yet to show signs of a reversal. Organisations and businesses are now facing new pressures and heighten competition which has led to restructuring and the loss of jobs.

Whilst this may cut costs in the short term, the long lasting effects of loss of personnel is further reaching that just a reduction in salary costs. Organisations invest a lot of time and money into developing and training their staff so they can acquire the knowledge and skills they need to perform their jobs effectively. When an employee leaves the organisation they take that knowledge with them which could result in a knowledge deficit for the organisation, which in turn will leave them disadvantaged in comparison to their competitors.

One way of tackling this problem is to institute a knowledge management system into the organisation. Such systems provide a way of harvesting knowledge from the organisation and then storing it in an accessible format that allows employees to access it and unitise it. They provide a way of getting scare resources to a wider audience and protect against the loss of information from the business. In addition when designing a knowledge management system the organisation is encouraged to go through a period of consultation and reflection around its everyday practices which provides a unique insight into how the business is running.

All management systems will require some initial expense to set up and the need for some enhanced IT project management capability, however the benefits will outweigh these initial costs. Systems for knowledge management have been proven to be successful in protecting companies from information loss – in particular those that operate call centres or who employ front line customer facing staff, due to the typically high turnover of staff in these fields.

There are many reasons why an employee may choose to leave the company at any time and it is important to keep any organisation as protected as possible. Knowledge management systems are a great way of doing that.

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