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 Knowledge
Retention
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Optimization of Resources using Knowledge Management Solutions
Different studies show that with the implementation of knowledge management solutions, productivity of an organization can be increased by
up to 30 percent.
Managers spend a significant amount of their time and energy searching for Knowledge. One of their most valuable resource, Time,
is not as productive as it should be. The required Knowledge is often available somewhere in the organization, but is not
accessible when needed. This happens because Knowledge in an organization
is often not structured and documented properly.
Reducing this wastage of Time, can significantly increase the productivity of an organization, as time saved can be invested
gainfully in other
areas.
Knowledge loss can result in high costs
Abilities and expertise once acquired, do not necessarily remain at the disposal of
organizations for all times to come. Knowledge collected over the years can be lost through a mere reorganization or with merger of different companies. Employee transfers can also lead to inefficiency and knowledge loss. Other circumstances, such as job cuts or attrition, force the organizations to respond to impending
reduction in Knowledge. Otherwise it could lead to a collective loss of Knowledge.
An aging workforce nearing retirement would lead to an enormous loss of Know How in
organizations. Regaining this Knowledge can be very costly. Leading experts believe that
it costs, on the average, up to two
years' salaries of an employee to regain
lost Knowledge.
This is making top management of many organizations very sensitive to this issue.
Knowledge Retention has won in stature and meaning in recent past. It is leading to concrete projects in
different organizations.
More
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