Knowledge Management Works | AccountingWEB

Knowledge Management Works

How are world-class companies saving millions and improving systems? They are harnessing the power of knowledge management systems specifically designed to directly contribute to larger corporate goals, according to Best Practices, LLC’s report, “Knowledge Management of Internal Best Practices.

The report cites a leading chemical manufacturer that uses a systematic approach to ensure that knowledge management supports corporate strategy as an example. The company uses a six-step process for managing intellectual assets and says the program yielded $1 million in savings during the first year of use.

Successful knowledge management is tricky, however. Many companies have missed the mark when it comes to implementation. Although a surplus of writing exists on knowledge management theory, companies still don’t know what will work in practice and if a given strategy is suited to their company's needs and overall strategy.

Over 50 companies with world-class knowledge management strategies are profiled, including Xerox, British Petroleum, Dow Chemical, Hewlett-Packard, Monsanto and General Electric in the report. Learn more about "Knowledge Management of Internal Best Practices" by calling 919/403-0251 ext. 240 or email Lilly Gutwein.

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