Most mid or large size enterprises don’t have a formal Knowledge Management team and most of their associates think that Knowledge Management is information management.
When technology is changing at a very rapid pace and employees are tasked with larger goals, knowledge management becomes a daily necessity for any organization. One employee gains a knowledge over a period of time and that knowledge is lost or wasted if not shared. Creating same knowledge would require similar amount of time by another associate. Impact of not sharing is huge but often not measured because none of the organizations measure cost of unknown.
Ignorance is not a bliss: Enterprises are hesitant to invest in a knowledge management program because they are not aware of the cost of unknown. They believe that by adding more people, they can accomplish their yearly goals. If an associate is not aware of a policy and that ignorance costs the organization a big contract or a huge fine, then by firing that employee would not solve similar future problems.
As an enterprise grows, knowing all knowledge and keeping its track becomes more and more difficult. As per Nucleus Research an average $1B revenue organization wastes $42M in failed searches annually. The same organization spends $36M to recreate the content that already exists but not known to associates. An average associate spends 25 minutes per day and takes 8 attempts to get to some information.
What got you here will not take you to the next level. CDSBureau can help you start a successful KM program or improve your existing one. Contact us to know the impact of a sound KM program on your enterprise.Share and like us at