We learn from experience. As we encounter new challenges, our
successes and failures improve our ability to face similar challenges in
the future. Unfortunately, progress by experience has classically been
limited to the individual; we learn from our own experience, and others
are forced to do the same. However, knowledge management has the
capacity to change all of that.
By creating a single IT system capable of storing and retrieving the
collective knowledge and experience of an organization’s workforce,
knowledge management shares expertise among employees. This allows for
increased efficiency, improved decision making capacity, and faster,
more-accurate issue resolution.
Additionally, knowledge management helps foster innovation. With easy
access to shared ideas, experiences, and up-to-date information,
employees have the resources they need to think outside the box and make
important cultural changes to adapt their organization to better
address evolving business needs.
Knowledge management may also help decrease employee turnover, by
giving employees advanced insight into how to more-effectively do their
But perhaps most importantly, knowledge management allows businesses
to remain competitive. By sharing experience and information through
easy-to-use tools, businesses become more flexible and intelligent,
better prepared to spot issues easier and innovate more quickly.