What is Knowledge Management and Why do we need it?

2020-04-20 04:46

Knowledge management is the conscious process of defining, structuring, retaining and sharing the knowledge and experience of employees within an organisation. The main goal of knowledge management is to improve an organisation's efficiency and save knowledge within the company.

The goal is to enable organisational learning and create a learning culture, where the sharing of knowledge is encouraged and those who seek to learn to better themselves find it easy to do so.

Successful knowledge management will improve an organisation in several ways. It will ensure that the specialised knowledge of employees does not leave with them, or go un-utilized by other employees who would benefit from that knowledge.

Benefits of knowledge management
1. More efficient workplace
2. Faster, better decision making
3. Increased collaboration
4. Building organizational knowledge
5. Onboarding and training process is optimized
6. Increased employee happiness and retention, due to the valuing of knowledge, training, and innovation
7. Knowledge management is an important tool in any company that wants to increase their bottom line and market share.

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