Ten years ago we used to spend 10% of our time looking for information. Today we spend at least 30% of our time looking for information, including searching, sorting and validating the found information. What brought the change? Computers and the Internet. Not only do we have mountains of information, but often a good part of it is of dubious quality. Today’s rapid pace of doing business doesn’t allow us to stop and properly document our work or capture our best practices. This is a process that has to be done automatically, otherwise it won’t get done.
KnowledgeOne can help you integrate the management of your knowledge into your regular business processes so that it’s not a separate process and doesn’t require extra effort or manpower.
A 5% increase in efficiency for a company with 50 employees earning an average of $40/hr is worth $150,000 a year ($210,000/yr if you include employee benefits).
KnowledgeOne can help you implement an effective, yet simple, knowledge management (KM) system where efficiency gains of 10-15% are not uncommon ($400-500K/yr savings). The payback time is typically much less than a year. For medium to large companies the payback can be measured in weeks. These calculations do not include other less quantifiable, but equally important gains:
- widespread in-house use of the company’s know-how
- maintaining the knowledge that could have been lost from retirements or turnover
- continued effective work with a lean organization
- outsourcing of the work while keeping the expertise
And, the savings calculation certainly doesn’t include avoided costs such as lost production or the consequences of accidents and injuries. If all these benefits get added up, the payback is almost instantaneous.