Answer to Question #205488 in Management for Prince

Question

Subject: knowledge Management

The value of Knowledge to an economy comes from sharing with others. Discuss the necessity of knowledge management in the knowledge-based economy. (please answer in 150 words in points )

Answer 1

Knowledge management's is necessary because it;

1. Leads to more productive workplace
2. Decision-making that is quicker and more accurate
3. Improves Collaboration
4. Builds Organizations knowledge
5. The onboarding and training procedure for new employees is improved.
6. Increased employee satisfaction and retention when expertise, training, and innovation are valued.

Knowledge management is critical since it improves an organization's decision-making efficiency.

By ensuring that all employees have access to the organization's full expertise, a wiser workforce emerges, capable of making swift, informed decisions that benefit the company.

Customers gain from increased access to best practices and employee turnover is reduced besides innovation is easier to foster within the firm.