An information management strategy that is intended to support the integration and distribution of knowledge is referred to as a knowledge management system (KMS). The knowledge and competence at all levels of management within a company are the main concerns of a KMS system. In other words, it possesses the tools necessary to convert information into knowledge. Any business that makes the most of the KMS's benefits will reach its full potential. The system has the potential to boost employee productivity, customer satisfaction and quality service, and creativity.
When employees receive fast access to pertinent information, they may take timely actions that benefit the business. The system eliminates duplication of work. This means the company will save money and time (Du Plessis,2007). The entire organization benefits from the unique individual talents of the members. The system also revolutionalizes the communication within the business.
Quality and speed is an essential element among the competitors. All other things held constant the company that focuses on these two factors will win the customers. Knowledge sharing can help a group realize its weaknesses in customer relation and work to improve on them (Maier, 2007). The company that can deliver the goods quickly will have a competitive advantage. All these will translate to increased win rates and overall profits.
KMS can significantly improve innovation and stimulate growth. An enterprise can come up with new creative ways of solving problems. Innovative information sharing can stimulate growth in any organization (Maier, 2007). The company finds new opportunities that will increase its overall income. With innovation, a business will always stay ahead of its competitors.
Overall KMS help the staff stay up to date with the changes in technology, reduce cost without compromising on quality, improve communication and help in ensuring accountabilities. With all these, in place, a company will register increased profits and cut expenses.
References
Du Plessis, M. (2007). The role of knowledge management in innovation. Journal of knowledge management, 11(4), 20-29.
Maier, R. (2007). Knowledge management systems: Information and communication technologies for knowledge management. Springer Science & Business Media.
