IMPORTANCE OF KNOWLEDGE TO A GROWING BUSINESS

All business needs knowledge, understanding of potential customers the business environment or the skills and experience of staffs. There is a great benefit when you first gather, share and exploit this knowledge that can be central to its ability to develop successfully.
These strategies explain the basic sources of knowledge available to your business, how best can you harness and exploit this information is listed below;
 What is knowledge in a business
 Basic sources of knowledge
 Exploiting your knowledge
 Making knowledge central to your business
 Share knowledge across your business create a knowledge strategy for your business

 Using information technology to gain and manage knowledge
1. WHAT IS KNOWLEDGE IN A BUSINESS
When talking about knowledge in a business it’s not necessarily about a new clever product and services or way of selling those product. Useful and important knowledge already exists in your business. It can be found in:
 The experience of your employees

 The designs and process for your goods and services

 Your file of document (whether held digitally, on paper or both)

 Your plan for future activities, such as ideas for new products of services

2. BASIC SOURCES OF KNOWLEDGE
The origin of business knowledge could include:
 Customer knowledge: in this case you should be able to discover customer’s needs and what they think of you, and also developing a mutual relationship with them by sensitizing your customer about your future requirements, and discussing how you might be able to develop your own product or services to ensure you meet their needs.

 Employee and supplier relationship: you can seek the opinion of your employee and suppliers in a nutshell they’ll have their own impression about you, and can use formal survey to gather information.

 Market knowledge: before you arrive at your plan to kick on, first watch development in your sector. How much are they charging? Is there any new entrance to the market?

 Knowledge of the business environment: there are various ways a business can be affected; these factors are developments in politics, economy, technology, society and environment could all affect your business.

 Professional associations and trade bodies: their publication, academic publications, government publications reports from research bodies, trade and technical magazines.

 Trade exhibition and conference: these can provide easy access to know your competitors to see the latest innovation.

 Product research and development: these have to do with scientific and technical research and development that can help you create innovative new products retaining your competitive edge.

3. Exploiting your knowledge: these are some guide to consider when looking at the various means of exploiting your knowledge they are as follows:
 An improvement in the goods or services you offer and the process that you use to sell them. For example identifying market trends before they happen might enable you to offer product and services to customers before your competitors.

 Increased customer satisfaction because you have a greater understanding of their requirements through feedback from customer communication.

 An increase in the quality of your suppliers, resulting from better awareness of what customers want and what your staff requires.

 Improve staff productivity because employees are able to benefit from colleagues knowledge and expertise to find out the best way to make things done.

4. MAKE KNOWLEDGE CENTRAL TO YOUR BUSINESS: the best way to this approach is to offer incentives to staff who supply current useful market news or suggest ways customers can be survey. You can use these knowledge management practices throughout your organization to build better processes.

5. SHARING KNOWLEDGE ACROSS YOUR BUSINESS: consider the best way of sharing new ideas and information with your staff. You may already have regular meetings when you can brief employee and ask them to share ideas and best practice. Technology alone isn’t the answer to sharing knowledge it has to be managed carefully so that information is channel properly.

6. CREATE A KNOWLEDGE STRATEGY FOR YOUR BUSINESS. If you want to get most from your business knowledge, you need to take a strategic approach to discover, collating and sharing it. When you’re drawing up the strategy you need to:

 Consider how effective your business currently is at using it knowledge

 Analyze your internal processes for gathering and sharing information

 Make sure that knowledge management acquisition and distribution is a continuing process, so that it becomes central to your business strategy.

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