Impacts of Knowledge Management in Business Operations

A lot of companies nowadays are interested in Knowledge Management (KM). But before getting into the hype, several questions are being raised including Why do we need it? and How can it be incorporated on the current system? Having such questions made organizations devise their own KM programs. While most of the KM efforts are leaning towards production gain, others focus more on sharing of knowledge. It is always good to promote sharing of knowledge within the organization as this creates a certain kind of discipline that directly impacts business performance. Thus, this results to the promotion of smart business activities that include the following:

(a) Quality management of knowledge-It is a fact the sharing of knowledge is important. But then again, it is recommended to share knowledge in its highest form or quality so as not to sacrifice the integrity of the whole system. Because of this, there is a need to assign someone who is responsible for reviewing, approving and improving the quality of knowledge before it is shared to others.

(b) Sharing of best practices-Building more consistent processes and standards is one of the objectives of knowledge management teams. This promotes cost effectiveness in the elimination of redundant work, and consistency on how business decisions are made. These are the prime candidates for knowledge management, which makes sharing of best practices and developing consistent processes two of the major business impacts of knowledge management.

There are still a lot of positive impacts brought about by an effective KM business solution in place. For as long as sharing of knowledge is being prioritized, nothing will ever go wrong.