Why is Knowledge Management Important?

 

Knowledge Management changes forms with new technologies

The Business Landscape is Constantly in Flux

New commodities, new technologies and new products and services are constantly being invented that change the knowledge and information. This is especially true in the Information Age. “Knowledge Management is important for all organizations because today’s decision makers face the pressure to make better and faster decisions in an environment characterized by a high domain complexity and market volatility” [1]

Down-sizing and High Turn-over Impacts Industry

Knowledge Management is important for “organizations that continually face downsizing or a high turnover percentage due to the nature of the industry. In short, KM is for everybody”[2].

Therefore, two reasons have been established as to why knowledge management is important. The first is because new forms of knowledge are continually being added to the business landscape that needs to be captured and preserved. The second is that high turn-over creates a shortage of the intellectual knowledge and the experience of each employee lost. Knowledge management training and workplace training helps reduce the effects of each.

Sources

1.       ab Becerra-Fernancez, I., and Gonzalez, A., and Sagnerwal, R., Knowledge Management Challenges, Solutions and Technologies. Page 5. Pearson Prentice Hall. New Jersey. 2004.

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