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How to use Knowledge Management to reduce business costs

Knowledge Management allows to manage at best business resources to support business costs reduction.

Business Knowledge Management aims to optimise the resources inside the companies and foster the access to knowledge. Completing knowledge management methods in your enterprise can represent an advantage in terms of reducing business costs. Let’s see how.

Resources management with Knowledge Management

Resources can be classified in two main categories: tangible business resources (include all physics a financial resources that can be revealed in the financial statements) and intangible (not measurable resources, such as production methods, capacity of innovation and access to information)

Among the intangible resources we also find the best practices that allow to face new processes and solve problems, but often they are not capitalised, that is they are not collected and organised to be put at disposal of who needs.

The dispersion of precious information can cause high costs for the company. Costs linked to the research of these information and costs linked to time for the recreation of the ones not found are traduced clearly in time not dedicated to profitable activities.

For these reasons, it is necessary that each company or organisation has knowledge management systems. Knowledge Management software, indeed, allow the resources optimisation to achieve the goal of business costs reduction.

Business costs reduction: how to do it?

Business knowledge management is based on implementing systems to store, manage and track the information contained in the Knowledge Base.

The use of a knowledge management software should, indeed, guarantee some base advantages:

-being compatible with every file format (desktop and web);

-that can be integrated with different platforms and apps;

-making possible the division in users and groups to documents access;

-making possible the follow-up and the content update, giving graphics and analysis about the activities;

-guarantee data safety, also on cloud.

In this way the working flow of the company is better, avoiding time wastefulness for documents research and processes, or ticket opening. Employees could dedicate to higher value added assets, promoting collaboration too.

Moreover, by guaranteeing the access to knowledge, y with clients improve too, they will not phone the Customer Service or wait for a response anymore, but they will be able to receive the information they are looking for promptly or searching it independently.

Costs that are reduced from the introduction of a data management software are ascribable above all to material resources, linked to creation and storage of paper physical documents.

Thanks to cloud storage the access to information and file rescue are assisted and possible even remotely.

Focus on people: 3 advantages of business resources optimisation

Knowledge Management has been developed with the aim of manage business knowledge, explicit and implicit.

So the aim of this company branch is not mere explicit and documented knowledge, but also people.
Everyone that, being part of an organisation, constitute the most important capital, know-hoe and experience holders, represent the so-called “tacit knowledge”.

For this reason, focusing on the development of a good knowledge management system means create the possibilities of share and have access to information in the fastest and easiest way possible, for all employees and clients of an enterprise, in this manner costs and resources to use in your business workflow.

Creating an on cloud database, where it is possible access every time and everywhere, it guarantees for each sector knowledge circulation. But before the adoption of a KM system, it is good to highlight (and putting into practice) some suggestions linked to the culture of their own organisation: 

1- Among these there is surely the good practice of identifying and enhancing the experts you have in the company.

If, indeed, a colleague is gratified by virtue of his role as an expert on given topic, he will be more inclined to share his knowledge and experiences.

2- To do this it is also necessary to spread the practice of document the best practices to the problems resolution.

In this way, when each employee has to do with a new problem solving process, he will be used to note the steps, that will build a new knowledge base.

3- Finally, all that remains is to foster collaboration between people. How? Giving to employees and partners social tools for connection and teamwork.

These expedients will be useful to bring out the so-called “tacit knowledge”, exchange advice and information on the base of everyone’s expertise, with a view of fostering the culture of Knowledge Sharing.