An effective Knowledge Management program provide the following benefits:
- Fostering innovation by encouraging free flow of ideas
- Improving customer service by streamlining response time
- Helps ensure the right information gets to the right people at the right time to make the right decision.
- Enhancing employee retention rates by recognizing the value of employees’ knowledge and rewarding them for it.
- Streamlining operations and reducing costs by eliminating redundant or unnecessary processes.
- A creative approach to KM can result in improved efficiency, higher productivity and increased revenues in practically any business function