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can significantly improve the results of any firm. For example, if a manufacturing plant in one part of the world has figured out how to prevent the need for product rework, and all other plants around the world adopt this practice, savings will flow directly to the bottom line. By establishing a process for defining, communicating, and replicating proven practices, an enterprise takes advantage of what it has learnt about solving problems.

15. Stimulating innovation and growth

Most businesses want to increase their revenues, but it becomes increasingly difficult as industries mature and competition increases. Creating new knowledge through effective knowledge sharing, collaboration, and information delivery can stimulate innovation. If you achieve this and many of the other 14 benefits enabled by knowledge management, you should be able to achieve growth.

References:

1.Snowden, David - Volunteer not conscript (2006)

2.Godin, Seth - The Curse of Great Expectations (2004)

3.Santayana, George - The Life of Reason (1905-1906): Vol. I, Reason in Common Sense

About Stan Garfield:

Stan Garfield is a knowledge management author, speaker, and community leader based in Northville, Michigan. He has worked in the field of knowledge management for over 20 years.

Stan spent eight years at Deloitte leading communities and enterprise social networking. Before that, he spent 25 years at HP, Compaq, and Digital Equipment Corporation. Stan launched Digital's first knowledge management program in 1996, helped develop the corporate KM strategy for Compaq, and led the Worldwide Knowledge Management Program for HP.