Why Knowledge Management is an Important Business Process

Date October 15, 2018
Authors HBK CPAs & Consultants

Knowledge management is the process of recording and managing an organization’s mission-critical knowledge.

One way to use it is to mitigate the ill effects of turnover. How? First collect and categorize knowledge as either explicit (already documented) or tacit (only in employees’ heads).

To gather tacit knowledge, get employees’ buy-in, conduct interviews and use an intranet to facilitate online discussions.

With all this information, you can more quickly disseminate a departing employee’s know-how and more easily train new hires.

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