Why Knowledge Management is an Important Business Process

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.

About the Author(s)

Established in 1949, HBK serves clients ranging from individuals to small businesses to multimillion-dollar corporations across the United States through office locations in Ohio, Pennsylvania, Florida, and New Jersey. The firm specializes in a wide variety of tax, accounting, assurance, and business consulting services to help clients achieve their personal and business goals.

Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.