Importance of Benchmarking for a successful Knowledge Management Implementation

 

Acquisition and Creation of knowledge takes places from various sources such as Individual level, Group level, and Organizational level. Sharing of knowledge among stakeholders ensures in capturing, collating and creating specific, reliable, useful, up-to-date and timely knowledge.

Organizations are today striving for improving their bottom line and therefore realizes the importance of involvement of customers and suppliers as sources of product and service innovation. Strategic partnerships with customers are viewed as long-term proposition.

Emergence of Communities of Practice has shown that individual and common goals and interests are taken into account to provide a natural focal point for organizing and promoting knowledge in a particular area. This helps to provide solutions to organizational problems, as well as to provide insight on new or innovative product and services.

Hence Benchmarking is seen as an important aspect with respect to Knowledge Management. It helps in understanding where the organization features in comparison with other organization's in the industry with respect to knowledge, competency and capability which helps in the growth of the organization.