What are the benefits of knowledge management?
Why start with knowledge management?
Only what you know can be purposefully changed in the desired direction. When an organization’s approach is based on knowledge management, it knows what it does, why, and what follows from it. Decisions are based on accurate and timely information. With the information, the manager knows whether the ticket price needs to be lowered to increase profitability, how changing circumstances affect customer behavior, etc. Data management is based on continuous measurement, which is why the effects of even the smallest change on the whole are immediately observed.
What are the concrete benefits of knowledge management?
The way information is managed is systematic and continuous. Benefits arise when the information obtained from the data is taken to the level of activity. Here is a list of the most common benefits that knowledge management can achieve:
- Better profitability
- sales growth
- Increased responsiveness
- leveraging smart forecasts
- crisis forecasting; "detection of the location and size of the fire"
- proactive action in changing circumstances
- Competitive Advantage
- development of services and products
- development of internal activities of the organization
- Business expansion
- product development and new products
- new business areas and new customers
- Staff satisfaction
- transparency of decision-making and operations
- increasing the effectiveness of one's own work
- staff development
What are the benefits based on?
A huge amount of information is generated from the company's operations. It is stored in different places; individuals ’own machines, various programs, databases, and the cloud. Knowledge management means having the right and relevant information available, at the right time, in the right place and with the right person. In practice, it means that you get all the information that is relevant to the problem or decision-making at hand, be it a smaller or bigger thing or a whole. This way, your decisions are better, better timed, and more productive than decisions based on gutt feeling, guess, or sleeve constant.
When managing information, goals based on the strategy and indicators to be monitored have been set for the operation. Up-to-date information enables up-to-date monitoring and the right actions at the right time.
"KnowUr.Biz has let us to manage the big picture of our business. The application is easy to use. We can see the best-selling products easily. We follow the sales in the adventure park, the pools and the café, and now we know exactly how the sales are. Reporting has become much easier." - Jari Roive, TG Klubben Oy ja Flowpark Ahvenisto
"By using KnowUr.Biz, we saw immediately that the number of pensioners visiting the venue dropped drastically after 9 a.m. Therefore, we launched a new season pass for the quiet hours from 10 a.m. to 3 p.m. to optimize the customer flow. This product has brought us significant new income." - Saku Kekäläinen, manager, Kuopion kaupunki