Benefits of Knowledge Management

Before investing time and resources into new technologies and innovations organizations must have a clear understanding of the benefits offered by the technology or innovation.  We must be certain the benefits can justify the investment costs and that the benefits align with the organization's strategic needs.

Last week I was reading a knowledge management book and came across a good summary of the benefits of knowledge management.  The list below is paraphrased from the text:

1. Help stimulate innovation
2. Increase an organization's agility and adaptability
3. Develop institutional memory to prevent loss of knowledge
4. Create and grow a sense of community
5. Enhance internal and external effectiveness
6. Improve decision making

This list may not be exhaustive but it provides a good overview of the types of advantages offered through effective knowledge management practices.  This is a good list to have in mind when organizations contemplate investing in a knowledge management practice.