Knowledge Management is not itself a goal, it is a tool that enables organisations to operate efficiently and must be aligned to an oragnisation's strategic focus. Knowledge Management (generally referred to as "KM") can enhance an organisation's effectiveness by:
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- Promoting innovation by encouraging staff to share ideas;
- Facilitating the flow of ideas within an organisation;
- Improving customer service through improved response time;
- Streamlining operation and reducing costs through the elimination of redundant or unnecessary processes; and
- Improving staff retention rates by recognising the value of employee’s knowledge and rewarding it.
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