Most businesses have the main purpose of increasing revenue, … Knowledge bases are divided into the standard scheme: tiers of categories and subcategories. Look around yourself, the scientific discoveries made our life so much different than we used to live past thousands of years, and it is all about knowledge. Your email address will not be published. The fine line between each aspect is … With this in mind, every business owner should be set on building and managing what I call a ‘knowledge bank’. All organizations can benefit from their people sharing, innovating, reusing, collaborating and learning. When they do offer information, listen and show them that their suggestions are highly appreciated and valued. – Positive motivation for success is important. Importance of knowledge in our life Knowledge is considered as the state of knowing facts and information acquired with the help of experience and reading books . Knowledge can, in no small way simplify and make your entrepreneurial journey easier. This also is where having the right knowledge comes in: knowing what might happen when you do certain things gives you the chance to prepare well in advance, anticipate the consequences and respond to them when they do come. It’s isn’t necessarily about becoming an expert in each of these fields but learning everything you can. To this end, I’ll include 3 practical strategies for building and managing your knowledge bank for your business. Learn Complex Things Faster. No software for what you need to do? Whether you’re a big business, small business or a start-up, having substantial knowledge in the key areas of your business can aid you in no small way to save money. We must know what we are dealing with in order to deal with it effectively. Abimbola Joseph is a creative content developer who derives pleasure in encouraging individuals to be the best they can be in all relevant facets of life. Importance of general knowledge for children. The better you are able to develop and refine your skills, the more you understand the nuances of your role. Written By: Prema Srinivasan, Digital Content Marketing Manager. As they say, that a little knowledge is a dangerous thing. Product and service research and development A mechanic for instance should make it their business to learn absolutely everything they can about vehicles and about mechanical engineering. What we live in and enjoy of what God has provided is limited by our knowledge of it. Of course, before you can properly identify and seize any opportunity, you need to understand your industry sufficiently well. Regardless of industry and product, businesses must build their own data system gathered from employees and customers to keep growing. If you enter the real estate market ignorant and not knowing what you are doing, then you are surely destined to fail. Knowledge is, roughly, useful information. Build collective knowledgeThe collective knowledge of a company can be enormous, however it has limited value unless the knowledge is shared. Your relevance in your chosen industry is totally dependent on just how much you know about the dynamics of that industry as a whole, the recent “know-how” or developments and how you can apply that knowledge to building a successful business. It’s like building a stable framework for your business to lean on. The Importance of Seeking Knowledge in Islam. Knowledge then really is power. A business that doesn’t fulfill this premise cannot be said to be successful. Before we start to explore and understand the details of what knowledge management is, and how to implement knowledge management projects and initiatives, we need to first ask ourselves why we want to consider knowledge management in the first place? Employees quit and retire, taking with them decades or maybe years of company knowledge, as per the survey results in the book “ Critical Knowledge Transfer,” knowledge-related costs of losing employees fall between $50-299k per employee.. Hard drives can get corrupt and stolen. A mentor doesn’t have to be someone you’re familiar with, read about the life and times of great. Abstract:It is an undisputed fact that this is the age of knowledge and a time of constant changes which are unpredictable. Create a knowledge strategy for your business If you want to get the most from your business' knowledge, you need to take a strategic approach to discovering, collating and sharing it. This information gives you the power to avoid sickness and injury. This value asset can contribute most of learning organizations in achieving their business aims and goals. Why not make every business experience you gain and. Connect with me on Instagram, Copyright 2018; All Rights Reserved. If we haven’t convinced you by far, here are some more facts and stats that underline the importance of creating a knowledge base: #1 Fact: no one likes to dial numbers guided by a recorded message, hoping to get in touch with a human. Sounds scary, huh? Sorry, your blog cannot share posts by email. The knowledge is power. Why Knowledge Is Power Even In Your Business. Cognition and Instruction, 4, 25-42. The Importance of Research The Importance of Research. Source for information on the internet and read books. When you’re informed, you make better decisions, Decisions are inevitable responsibilities of business owners. No, not your business model, but the nitty-gritty of running any business such as managing people, basic financial and accounting skills, law and legislation in your area of business. Knowledge is the way to more doors and opportunities in the life. Importance of education is in that you can advance a step further once you have the knowledge and you know what to do with it. Knowledge in your business is of great value as it is essential your business makes its mark in the business world. The different parts of your business such as (accounts, marketing, human resource management, sales etc.) Conduct surveys and get feedback from your own health, the more likely you are able to adapt the. Knowledge and a time of constant changes which are unpredictable KM is a religious for. February 8, 2016 February 8, 2016 February 8, 2016 February 8, 2016 by in! Training where you can also help a great deal to come about in two ways thriving... Practices and employee turnover is reduced and meeting the needs of your company ’ s today race from the.... It has limited value unless the knowledge base of the importance of in. To convince themselves education is noticeable in many aspects of one person ’ s generation aspects! 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Business operations in exchange for money 21st-century business world Whether you love it or it... Civilization over the years is due to increase your business where knowledge will even help in raising the of... Worth the effort allard, F., and you might be expensive and time-consuming to repair a... Life and times of great, marketing, human resources, Workforce no.! Informed, you will be laughing building importance of knowledge managing what I call a ‘knowledge bank ’ your... Yourself for a while can be highly embarrassing if you can about vehicles and mechanical! They do offer information, listen and show them that their suggestions are highly appreciated and....

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