Knowledge is power and being able to apply it efficiently is essential to every business. However, knowledge workers spend hours every day just searching and merging information. Even then, they can often fail to find the information they need.
Lack of knowledge sharing practices can be costly. Research from IDC showed that Fortune 500 companies were losing an estimated $31.5 billion a year through poor sharing practices.
When companies struggle to find the information they need it has a considerable negative impact on productivity. So, how do you bridge the knowledge gap and improve sharing practices? This is where a Knowledge Management System (KMS) comes in.