Business process management’s role in utilizing knowledge is, in essence, about alignment, making sure you have the key pieces of knowledge from individual employees, departments and operations. This way, businesses can make better decisions with greater context, based on the full picture.
‘Knowledge is power’ – a well-known phrase and one that is especially true in the business world. Statistics show that Fortune 500 companies lose $31.5 billion each year by failing to gather and share knowledge effectively. So knowing the best way to undertake every business process you have will help drive your business forward.
The early stages of adopting a data strategy often involve an ad-hoc approach to data management. Rather than invest in a suite of new tools, businesses tend to make do with what they have already, starting small and eventually formalizing the approach. In many cases, this could be the best approach – or at least...