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The Importance of Knowledge Management in Business


the Importance of Knowledge Management in Business

is a significant issue may be found in many areas, and can easily be illustrated with some examples. . One of the earliest successful products in this category was Lotus Notes : it provided tools for threaded discussions, document sharing, organisation-wide uniform email, etc. First, it highlights the issue that the common NPV acceptance rule is easy, but it makes the false assumption that the investment is either reversible or that it cannot be delayed. . Zaino, Jennifer (23 September 2014). Essentially, these measures of knowledge management value can manifest themselves through many mediums, such as, enhanced effectiveness via better efficiency or best practices, or increased revenue generation from existing knowledge assets (IP licensing, trademarks, copyrights). . Once the benefit has been established, then ask: What cost is acceptable for this benefit? You should make sure that your employees' knowledge and skills are passed on to their colleagues and successors wherever possible,.g. 5, several universities offer dedicated master's degrees in knowledge management.

Importance of knowledge to a growing business
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Importance of Research in Business Management

The Blackwell Handbook of Organizational Learning and Knowledge Management. 7 These efforts overlap with organisational learning and may be distinguished from that by a greater focus on the management of knowledge as a strategic asset and on encouraging the sharing of knowledge. A b c d e f g "Introduction to Knowledge Management". This is because traditional measures of ROI are often measures of the past, or at best the present, and focus on things such as sales revenue, profit, etc. .

A b Nonaka, Ikujiro; Takeuchi, Hirotaka (1995). 2 The objective of CKOs is to manage and maximise the intangible assets of their organisations. Now, having followed the above guidelines and framework in an effort to establish a solid business case for any KM initiative, one could now proceed with a successful implementation of that program according to the framework developed by Albers (Albers, 2003). Bakke, Sturla; ygstad, Bendik (May 2009). Having staff who are knowledgeable can be invaluable in setting you apart from competitors. A large amount of KM can be done without incurring enormous IT expenses. . Knowledge Management for Development Journal. This is followed by a knowledge assessment or audit. . Law firm knowledge management: selected annotated bibliography. Finally, knowledge management can result in reduced costs (money saved through internal sharing or common practices) and/or reduced cycle times by improved business practices.

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