15 Knowledge Benefits To Improve Your Company
“The Food Industry Digest” and “The Food Ingredient Digest”
Question: Why should you or your company use a knowledge management system and what benefits should you expect to gain from it?
The foundation and bedrock of any corporate knowledge management program is to have Industry specific “Master References” available for employees to use every day. Experts in knowledge management state these resources and programs benefit Food Industry companies in a multitude of ways. These knowledge benefits will be listed in the paragraphs below.
“The Food Industry Digest” and “The Food Ingredient Digest” are Master References designed to promote knowledge transfer for professionals in the Food, Nutraceutical and Beverage Industry. We offer these combined resources for less than a cup of gourmet coffee so every professional can pursue their quest for “excellence” without limitations.
These website resources are the first and only compendium format Internet based Master References for the Food Industry. Below is a list of some of the benefits that professionals will derive from their use. It is never too late to begin your pursuit of “excellence” and learning to use existing resources for the benefit of your employees and customers.
Publisher “The Food Industry Digest” and “The Food Ingredient Digest”
15 Knowledge Management Benefits To Improve Company Performance
Stan Garfield; Published on August 11, 2014
Knowledge Management Author and Speaker, Knowledge Expert, Leader of SIKM Leaders Community, Community Evangelist, Knowledge Manager
All organizations can benefit from their people sharing, innovating, reusing, collaborating and learning. Here is a list of 15 benefits which can result from knowledge management (KM) and enterprise social networks (ESNs).
- Enabling better and faster decision making
The reuse of knowledge in repositories allows decisions to be based on actual experience, large sample sizes, and practical lessons learned.
- Making it easy to find relevant information and resources
When faced with a need to respond to a customer, solve a problem, analyze trends, assess markets, benchmark against peers, understand competition, create new offerings, plan strategy, and to think critically, you typically look for information and resources to support these activities.
- Reusing and sharing ideas, documents, and expertise
If someone has written a document or created a presentation which addresses a recurring need, it should be used in all future similar situations. Just as the recycling of materials is good for the environment, reuse is good for organizations because it minimizes rework, prevents problems, saves time, and accelerates progress.
- Avoiding redundant effort
Avoiding duplication of effort saves time, saves money, keeps employee morale up, streamlines work, frees more time to invent something new.
- Avoiding making the same mistakes twice
Knowledge management allows us to share lessons learned, not only about successes, but also about failures.
- Taking advantage of existing expertise and experience
Teams benefit from the individual skills and knowledge of each member. The more complementary the expertise of the team members, the greater the power of the team.
- Communicating important information widely and quickly
Almost everyone today is an information worker, either completely or partially. We all need information to do our jobs effectively, but we also suffer from information overload from an increasing variety of sources.
- Promoting standard, repeatable processes and procedures
By providing a process for creating, storing, communicating, and using standard processes and procedures, employees will be able to use them routinely.
- Providing methods, tools, templates, techniques, and examples
Methods, tools, templates, techniques, and examples are the building blocks supporting repeatable processes and procedures. Using these consistently streamlines work, improves quality, and ensures compatibility across the organization.
- Making scarce expertise widely available
If there is a resource who is in great demand due to having a skill which is in short supply, knowledge management can help make that resource available to the entire organization. This is perfect for a one-of-a-kind set of compendium format Food & Nutraceutical Manufacturing “Master References”.
- Showing customers how knowledge is used for their benefit
Demonstrating to potential and current customers that you have widespread expertise and have ways of bringing it to bear for their benefit can help convince them to start or continue doing business with you.
- Accelerating delivery to customers
Speed of execution is another important differentiator among competitors. All other things being equal, the company which can deliver sooner will win. Knowledge sharing, reuse and innovation can significantly reduce time to deliver a proposal, product, or service to a customer. And that translates into increased win rates, add-on business, and new customers.
- Enabling the organization to leverage its size
As an organization grows, the increasing size is only a benefit if it can use the knowledge of all of its employees.
- Making the organization’s best problem-solving experiences reusable
Consistently applying proven practices, best practices, good practices, can significantly improve the results of any firm. By establishing a process for defining, communicating, and replicating proven practices, an enterprise takes advantage of what it learns about solving problems.
- Stimulating innovation and growth
Most businesses want to increase their revenues, but it becomes increasingly difficult as industries mature and competition increases. Creating new knowledge through effective knowledge sharing, collaboration, and information delivery can stimulate innovation.