During one project, a team of consultants encountered a major problem. They used the Knowledge XChange to search for possible solutions and found documentation of similar project with a proposed solution. Following the recommended solution, the team was able to save 200,000 dollars in repair as well as deliver the product six weeks earlier. USAA Insurance Firm USAA Insurance Firm created a customer feedback system, which increased customer loyalty, cut sales, and marketing cost and significantly raised their profit. Conclusion Knowledge management allows companies to be more globally competitive.
Central repositories allow the sharing of information anytime, anywhere.
Knowledge management also allows products to be developed quicker and better at a lower cost. The technology needed to support knowledge management programs is available. If the company does not have a knowledge-friendly culture, then knowledge management programs most likely will not succeed. Significant changes in the way employees work will need to be achieved. We may see an increase in consultants with degrees in the social sciences hired to help facilitate changes in an organization.