2. Value of Knowledge:
Applied know-how can enhance the value (and hence the price) of products and services. Examples are the ‘smart Shoppe’ that understands a customer’s preferences and creates a tailor-made shopping experience for each customer and ‘ smart credit cards’ that understand the customer’s personal preferences and provide enhanced personalized services.
3. Minimize Effort Duplication:
By retaining knowledge as organizations downsize or restructure, organizations can save costly mistakes or ‘reinventing the wheel’, or in other words redundant learning’s.
4. Sharing of Best Practices:
Companies save millions a year by taking the knowledge from their best performers and applying it in similar situations elsewhere.
5. Enhanced Innovation:
Companies applying KM methods have found that the developments such as the Internet bring the ‘global village’ even nearer. This helps a company to proactively launch new products and services to cater to a global audience.
These and other benefits, such as improved customer service, faster problem solving, and more rapid adaptation to market changes, have resulted from a focus on corporate knowledge.