Why Implement KM?
By setting up a successful KM process, a business can reduce costs, enhance productivity, and improve knowledge sharing processes among teams, managers and employees. KM focuses on managing business critical knowledge and, as a result, it helps improve efficiency and productivity throughout all work stages and managerial levels.
What’s at risk if you don’t implement KM in this ever-changing global economy? HR Magazine
reported that Fortune 500 companies are losing up to $31.5 billion a year by failing to share knowledge. By proactively implementing knowledge management systems, companies can improve their chances for success by expediting decision-making, building more efficient learning environments, supporting innovation and inspiring cultural change.
Successful implementation of KM demands an alignment between the strategic objectives of the organization and the process itself. Based on those goals, it makes sense to assess the information, tools and processes required for meeting the company’s knowledge management needs.
The best early steps in the KM process involve strategy, planning, and needs gathering, while later steps focus on implementation and continual development and improvement. The steps listed below will take you seamlessly through setting up a successful knowledge management program.