Knowledge management solutions are now the most important strategic technologies for large companies, according to a survey conducted by the Economist Intelligence Unit (EIU).
Conducted on behalf of outsourcer Tata Consultancy Services, the survey of 122 European companies found that 67% considered knowledge management/business intelligence solutions as important to achieving their strategic goals over the next three years.
63% accorded the same level of importance to new customer relationship management solutions, while 35% cited mobile/wireless technology as vital.
The EIU said that while there had been huge investment in corporate IT, companies still felt unable to exploit large amounts of corporate information.
Two-thirds of companies in the survey complained that while their IT systems generated huge volumes of data, much of it was not actionable, prompting the EIU to suggest that too much information impeded decision-making.
Over half (55%) of executives said that IT's failure to prioritise information was the main barrier to effective decision-making.
The EIU said companies were now seeking smarter IT tools that enabled them to filter, prioritise and analyse corporate data.
“Corporate knowledge is notoriously difficult to manage, but it is a problem worth solving,” said Daniel Franklin, editorial director of the EIU. “As this research shows, a growing number of firms now believe there are tangible rewards to be gained from sharing knowledge effectively.”
Subramaniam Ramadorai, chief executive officer of Tata, said, “Knowledge management is about more than effective IT. It has three critical and complementary components: people and culture, infrastructure and technology, and processes and information flow.
“Without addressing corporate culture as well as IT, or using technology to make information actionable, knowledge management projects are likely to fail.”
The survey report, Managing Knowledge for Competitive Advantage, is available free at: