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Knowledge Management in Business – Not Just Core But Critical

Information is not knowledge, said one of the greatest scientists in the world, Albert Einstein. This is very much a fact; more so, in the modern world, where almost everyone has an access to information. The problem however is that most people do not know what to do with the information that they have access to.

Knowledge is not about being a dictionary; knowledge is about being able to create literary pieces from those 26 letters that we call the alphabet. Knowledge is not about crunching numbers, but the analysis of those numbers. Knowledge is not about knowing how many NGOs are there in the country or having their contact information, but about knowing what you want to do with that information

Similarly, in a business scenario, knowledge is not about the data related to how many customers you have, when they were born, which places they live in, what is their family size and average income; knowledge is about being to identify the products they might be willing to buy based on this information.

Knowledge is about being able to process this information and to be able to figure out how to sell the relevant product to them, what marketing strategies to employ etc.

Critical in Business Expansion

One of the major reasons why management of knowledge in business is no longer just a core process, but a critical process; is that without a sound management of the data you hold, you cannot even think of business expansions.

If you do not have a strong กระเบื้อง เซรามิค database of vendors, service providers, potential clients, customers and buyers for your products or services, there’s absolutely no way you can look forward to expanding your business. In this context it becomes very important to have structured databases and their regular updation, monitoring, validation and maintenance.

SWOT Evaluation

Further, it is your effective KM that helps you in evaluating the strengths, weaknesses, opportunities and threats for your business, both at the current stage as well as in future. If there’s effective handling of information, proper analysis and then also proper strategy and planning basis this information; it will help you know where your risks lie.

Where you might have to cut down costs, or spend extra money on customer retention, or outsource your business in order to reduce overhead costs, is something most effectively justified when proper knowledge handling is in place and is efficient.

The analysis of your competitors, the potentially untapped business areas, the customer-satisfaction, your USP and its strength are all analyzed perfectly only through a methodical approach to knowledge management in business.

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