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Is Knowledge Management the Key to Modern Business Growth?

Is Knowledge Management the Key to Modern Business Growth?

If you want to spark growth and boost productivity at your company, you will be pleased to learn that Knowledge Management (KM) is an effective means of achieving your goals. In case you’re unfamiliar, knowledge management is all about making choices which support the efficient handling of information, data and resources within a company. In essence, it is the discipline of identify, capture, evaluate, retrieve, distribute and use data, resources and knowledge to maximum potential and benefit toward achieving organization objectives.

Efficient, optimized knowledge management is what separates successful organizations from those that fail to effectively make the leap to the next level. When knowledge is managed capably, not only does the organization benefit, so do its staff members, business connections and clients.

What is Knowledge Management?

Knowledge management entails the implementation of efficient methods to capture, distribute and effectively use knowledge within an organization. It’s about integrating approach using data assets at a company, for example documents, expertise, recorded experiences of employees, databases, policies and procedures.

Knowledge is built upon data (fact and figures) and information (contextualized and categorized data) to deliver insights that can be used toward organization objectives.

Should you manage knowledge in-house or outsource?

Organizations in fields such as financial services, health services, education and the public sector who want to improve knowledge management to make their companies more efficient and productive may undertake “KM” on their own or create teams which handle KM-related tasks.

Some corporate visionaries prefer to outsource the task to companies who bring experience and skills to the table. KM service providers have extensive expertise and know-how to refine the entire life cycle of knowledge. This begins with an audit and evaluation of knowledge processes to make sure that usage of data assets is optimized across the board. An outsourcing partner may take care of improving knowledge management for a particular firm.

Knowledge management experts know how to capture data assets which are not currently recorded and how to optimize its usage which are already on record. This generally involves a multi-disciplinary approach. Knowledge is a powerful asset and the usage of it may be improved and streamlined with a mind to boost company performance, access a higher level of competitive advantage, innovate and share experience and data within an organization.

What can Knowledge Management do for my company?

Organizational learning will improve when KM is treated with the respect that it deserves. Whether you choose to take care of knowledge management on your own or hire a business process solutions firm, you will find that paying attention to it gives your company more value.

Learn more about Octacom's data capture, digital transformation and integration services to discover how partnering with Octacom can unlock your data and leverage knowledge management to create the right tools for future success. 

Octacom is a SOC 2, Type II Audited enterprise software and services company focused on document and data automation solutions, including automated data capture. Founded in 1976, Octacom specializes in accounts payable automation and automated invoice processing, among other digital / automated business process outsourcing services. 

If your organization is looking to learn more about our solutions and services, please contact us and we would be glad to help.


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