Every organization practices knowledge Management (KM) in one way or the other, either consciously or unconsciously. The term “knowledge management” has different attributes depending on the industry, geographic location, organizational size and activities carried out. Some common alternative terms include Enterprise Social Network (ESN), knowledge exchange, performance management, social collaboration and the list goes on.

The benefits of Knowledge Management programs are innumerable, ranging from improved business processes, to enhancing organizational agility and performance, all the way to better and faster decision-making.

Yes, it is clear that we are all very busy with our daily tasks and activities and really don’t have any extra time to take on other activities. Hold on a second! Let’s look at this using a different approach. 

Say you are given two options, right? 

1. Spend more time now putting information together so that in future, you can spend less time searching for information.

2. Spend less time now putting information together, and spend more time in the future searching for information.

Which of the options would you go for? I’m guessing most of us would go for the first option. I would go for that as well.

If we agree that option one is the better option, it means we agree that it is important to set up a knowledge management system. Here are some reasons why:

• Saves time: Let’s say, for example, that you just pay 5 hours daily grouping data on “how to run your business effectively”. In two years you will save five hours searching for the same information, if you need to search for information on the same subject, you would not have to spend five hours searching. All it takes is a few clicks and bingo. There you have it. Spend more time designing and configuring a KM system now, so you can spend less time searching for it.
• Information in the future. Avoid repeating mistakes: Only insanity will make someone do the same thing over and over again, expecting different results. One way to avoid mistakes is to know what works and what doesn’t. A KM program gives you the opportunity to learn from the past and prevent making the same mistakes.
• Promotes better results: Implementing a km program promotes collaboration, especially with experts. Through this collaboration, there is a diversification of perspectives, which strengthens experience and expertise. A combination of these two elements definitely yields better results.
• Drives innovation: Setting up a Knowledge Management system enables you to assess the current state of your organization, determine if it aligns with the organizational goals and identify the areas that need improvement. Considering the highly competitive nature of organizations, filling these gaps will require high levels of imagination, creativity, and bold new ways of thinking.

Considering these benefits, do you still think setting up a Knowledge Management program is a waste of time? What are you waiting for?

In the next article, we will provide you with tips on starting a KM program. Stay tuned!

Interested in getting more information on how to start a KM program? Contact us.