Knowledge is a powerful asset that can help you grow your business. Capture and effectively use knowledge that can be shared with others and help you progress. How can you use this knowledge to gain a competitive advantage? Read on to learn how sharing knowledge helps you grow your business.
Develop a deeper understanding
One of the best ways to become an expert at something is to teach it. A cornerstone of knowledge management is educating others on certain topics, which can help you develop a deeper understanding of the topic and learn any new or unsure areas. Expand your experience and answer any questions, helping you learn yourself while strengthening your business.
Meet for the purpose of knowledge management
Monthly meetings with all staff, either company-wide or department-wide, with a few set questions, can uncover marketing ideas and competitive strengths that are unique to your business and can lead to more success. Effective collaboration and communication that spans your entire business will give knowledge the power to truly grow your business.
Create new marketing channels
Knowledge management will reveal the unique strengths and abilities of each employee. Having more than one person creating and taking on marketing activities can help turn your business into a customer-oriented company. Have knowledge sharing meetings videotaped or transcribed so you can capture all the big ideas. And remember that a mediocre idea, once knowledge sharing is added to it, can become a great idea.
Increase productivity
A deeper understanding of knowledge management can help optimize productivity and make the use of resources more efficient. The knowledge can be captured and assembled into an online course that employees can access to learn about the most efficient way to make or use something.
Through knowledge management, an online course can offer open access and instructions that provide insight into job roles and duties to streamline work processes and management time.
Establish your reputation in your industry
Knowledge management helps you establish an industry-wide reputation by making it easy to become a thought leader. While the best ideas can be competitive secrets, many ideas will emerge in meetings that can turn into talks, seminars, e-books, blogs, and online courses that will raise your business profile. This will position you as a thought leader who will help your business grow.
