Today is a world where cut throat competition in every business necessitates the use of best technologies coupled with top class employee productivity in order to stay ahead. A knowledge management system is one of the best examples of technology advancement that aids to improve employee productivity. This in turn directly impacts the profit making ability of the enterprise. This system is a kind of software that enables the storage and classification of data in an easily retrievable and understandable form. The information is stored in a central place and can be used by multiple users across the organization by running simple searches.
- Ready availability of information: all relevant information regarding a particular topic or area is available on a single click and this helps in easy, quick and most importantly informed decision making. This also aids the problem identification and problem solving process.
- Data accuracy: since the data is stored at a common place which is accessible to multiple people who can give their inputs, data accuracy does not remain questionable.
- Document management: all documents can be stored in the same format; can be numbered and versioned for easy and quick retrieval. This also ensures consistency of data.
- Knowledge sharing: data can be shared between employees across different departments and hierarchical levels.
- Avoids duplication: since all collected data can be stored and retrieved, it avoids duplication and also wastage of time and efforts spent in collection and archiving the same data over and over again.
- Increase in employee efficiency: easy availability of all required information saves time and increases the efficiency and hence productivity of employees.
- Cost Cutting: if all existing employees are able to demonstrate high productivity, it leads to the company spending less on hiring more employees for the same type of work.
- Boost in employee morale: this tool works to assist the employees in every possible format by providing all required information and as a result the employees feel well equipped to carry out the task at hand.
- Decrease in employee training time: proper and categorized data storage allows fast training schedules and employees can start delivering sooner.
- Customization: most of the time this software can be easily modified to suit the requirements of any business model.
Factors to be considered:
- Company’s need for knowledge management
- Company’s existing data management structure, if any
- Company’s specific requirements for customizing such a system
- How the implementation of such a system is expected to change or impact the company’s current business processes
The benefits of installing and employing a knowledge management system for business processes are tremendous and can greatly impact the company productivity and thus profits. These systems should thus be selected meticulously and after considering all impacting factors as well the expected outputs after installation. Surveys and reports on company productivity after installing efficient systems have clearly indicated that such systems have always had a positive impact on the profitability of organization employing them.