It should be a strategy to propel your existing business into new markets, reduce your cost of doing business, and aid in distributing information and knowledge throughout your organization. The smart business uses technology to enable business goals and objectives. The computer is no longer just a repository of data, but an enabler of productivity, internal and external communication, client management, supply chain management, etc. Becoming digital allows companies to reduce the costs of client interaction. It enables clients to access them 24x7 online with ordering, inquiries, purchase tracking, etc.
Companies can now track data on client wants, needs, contacts, etc.
The Internet has even cut the cost of doing business. KM is defined as a principle, a collaborative approach, and an enterprise toolkit for initiating control of a marketplace. The benefits of working in collaboration, identifying expertise throughout the organization, and sharing key information on a timely basis are inherent, as is the value of extending knowledge sharing beyond the enterprise to customers, partners and suppliers. In the year 2000, we began to see brick and mortar companies see their Internet investments produce real, old-fashioned earnings. For some businesses the Internet is boosting current profits.