| | December 20196CIOReviewIn today's knowledge-focused economy, making knowledge is one of the critical business assets. According to a statistical study, poor knowledge practices cost Fortune 500 companies $31.5 billion annually. On the other hand, 74 percent of organizations estimate that effective knowledge management results in increased company productivity by 10-40 percent. This emphasizes the importance of knowledge, embracing organizations to manage effectively. Knowledge is frequently undocumented, lives in silos, challenging to access, and at risk of disappearing. It is an important area of focus for businesses and employee support teams, like IT, HR, and Finance, as it allows them to share, access, and update business knowledge and information.Some inevitable situations, like the failure of the hardware drive, stolen information, and lost devices, makes it clear that knowledge management is vital for organizations. These situations result in poor knowledge sharing leading to companies running less efficiently and productively. Several robust solutions for knowledge management include document management systems, cross-training programs, content management systems, social networking tools, and chatbots. It is mandatory for businesses today to have knowledge management systems as teams are much more distributed when they have multiple branches or remote employees.An effective knowledge management system can reduce the cost of inefficiency by making company knowledge more accessible, available, and accurate. Organizations that embrace the system can reduce operational costs and improve productivity. An effective knowledge management system delivers the following key benefits--greater access to information, minimizes errors, makes informed decisions, standardizes processes, provides better service to employees and customers of an organization. These organizations should have a goal to create a culture that prioritizes knowledge sharing.Knowledge management can become less daunting by incorporating the right solutions. CIOReview presents the special edition on knowledge management, featuring robust insights from industry leaders and in-depth reviews regarding the revolutionary technologies in the sector. We aim to simplify knowledge management by helping businesses to choose the best knowledge management solutions. Backed by exhaustive research by our editorial team and the knowledge and expertise of industry experts, we have compiled this special edition with your best interests at heart. We hope it provides the required insights to assist you in adopting a robust knowledge management tool. EditorialKnowledge Management: More than the Next Big ThingCopyright © 2019 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.CIOReviewContact Us:Phone:510-230-0395Fax:510-894-8405Email:sales@cioreview.comeditor@cioreview.commarketing@cioreview.com December - 23 - 2019, Vol 08, Issue - 135 (ISSN 2644-237X) Published by ValleyMedia, Inc.To subscribe to CIOReviewVisit www.cioreview.com CIOReviewEditorial StaffAlan ThomasCarolynn WaltersDean WinchesterBen ThomasShirley FaithSreejishnu N PVisualizersIssac George*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffJustin Smith Managing Editoreditor@cioreview.comManaging EditorJustin SmithSalesStephen Thomasstephen.thomas@cioreview.com
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