Answer to Question #209513 in Management for PAS

Question

SUBJECT : KNOWLEDGE MANAGEMENT

"A close link between Knowledge Management and the strategic plans of the organization ensures that Knowledge activities contribute to profitability and strategic advantage" Elucidate the statement in detail in 10 points with elaboration ?

Answer 1

1. Better communication. This improves teamwork.

2. Quicker problem-solving. It helps to detect and solve problems within an organization.

3.Increased rate of innovation. This enhaces creation of better products.

4. Improved business processes. Most of these business processes help in improving goods and services.

5. Faster and better decision-making. This mostly involves the top management.

6. Supported employee development and growth. It enhances teamwork.

7. Sharing of specialist expertise. It improves development of products for an organization.

8. Improved organisational agility. This develops better strategic plan.

9.Develop better strategies. These improve profitability.

10. Creation of better products and services. This can be achieved through reusing existing skills and expertise.