How an organization manages and utilizes its knowledge resources plays an important role in its overall growth. Employees must have access to the information they need at the right time to finish their tasks on time and be fully productive. When organizations don't invest in the right process and tools, employees may not have timely access to the resources they need. This may result in increased production time, which in turn will affect the success of the organization.
Here are some reasons poor knowledge management can affect the growth of your business:
- When information is unorganized and difficult to access, employees spend more time looking for resources, resulting in wasted productive time.
- If knowledge in an organization is hidden or difficult to find, employees may end up recreating already existing information, which can waste time and introduce inconsistencies.
- Lack of access to customer feedback, research insights, and requirement documents may lead to the delivery of inefficient solutions for customers.
- Poorly managed, inaccurate, and inconsistent information affects the quality of decisions made in the organization.
A good knowledge management strategy coupled with the right tools helps businesses organize information and make it easily accessible for their employees. This facilitates a continuous flow of information within the organization and enables employees to utilize it to drive growth. Read our article on the costs of poor knowledge management in an organization to learn more.