Unfortunately, there is no universal definition of knowledge management (KM), just as there is no agreement as to what constitutes knowledge in the first place. For this reason, it is best to think of KM in the broadest context. KM is the process through which organizations generate value from their intellectual and knowledge-based assets. Most often, generating value from such assets involves sharing them among employees, departments and even with other companies in an effort to create best practices. KM is not technology. It is a process. IT often facilitates KM.
Some benefits of KM correlate directly to bottom-line savings, while others are more difficult to quantify. In today's information-driven economy, companies uncover the most opportunities — and ultimately derive the most value — from intellectual rather than physical assets. To get the most value from a company's intellectual assets, KM practitioners maintain that knowledge must be shared and serve as the foundation for collaboration. Yet, better collaboration is not an end in itself. Consequently, an effective KM program should help a company do one or more of the following:
+ Foster innovation by encouraging the free flow of ideas
+ Improve customer service by streamlining response time
+ Boost revenues by getting products and services to market faster
+ Enhance employee retention rates by recognizing the value of employees' knowledge and rewarding them for it
+ Streamline operations and reduce costs by eliminating redundant or unnecessary processes
These are just some relevant examples. A creative approach to KM can result in improved efficiency, higher productivity and increased revenues in practically any business function.
See https://www.givainc.com/knowledge-base-software/ for Screen shots and Report examples.
See https://www.givainc.com/knowledge-base-software/ for a White Paper on Knowledge Base ROI.