Knowledge Management Strategies: Changing Business Environments Need New Strategies

Market changes and increasing competition warrant new management approaches. It also necessitates the creation of new knowledge management strategies so that companies can cope with the pressures of new business environments. The development KM strategies will enable companies to face stiff challenges. Failure to do so could have innumerable consequences on the business operations and overall corporate viability.

To be able to create effective knowledge management strategies, companies need to correctly identify the most pressing needs of their organization and devise ways to address those needs. Specifically, emerging trends point to two basic business processes that are deemed crucial in today’s business environment. These are the changing nature and increasing importance of customer support services and delivery of information products. These two business aspects dominate current concerns of business management systems. So it would be best also to focus knowledge management strategies on these specialized business processes.

Customer support for example has changed its nature. With the increasing sophistication of communication channels, customers now have greater access to companies and they demand prompt actions to their queries and concerns. Sometimes this demand includes on the spot resolution of product concerns. So a good knowledge management strategy is to enhance the capability of customer support and frontline services to answer the demands of customers. This involves significant channeling of knowledge resources to customer care. It also needs sophisticated sharing among knowledge controllers and agents in order to satisfy the demands of customers on the spot. In this way, customer loyalty can be achieved and the creation of opportunities to widen the client base would be possible.

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