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On the following slides, we look at the reasons many companies fail at their knowledge management initiatives and common pitfalls to be aware of and avoid.
1. Knowledge is Not Accessible
While search and retrieval technologies are everywhere, paradoxically access to contextually-relevant information and knowledge is not. Hence existing knowledge is not properly leveraged and business is sub-optimal. Organizations dont know what they know and dont use what they know very well. This lack of access and relevance carries huge economic consequences: lack of relevance to customer needs, lower sales conversions and customer satisfaction, lower quality service, customer churn, sub-optimal products and services, costs associated with reinventing the wheel, etc. Extracting this knowledge presents a challenge for many organizations though, as it is housed in systems inside and outside the firewall, and, more importantly, in the minds and experiences of their employees and experts outside the firm. Data must be organized into information and transformed into knowledge, often with the help of contextually-relevant experts who must also be found, before it can be interpreted by humans into actionable insight for strategic decision-making.