In a recent CCH survey, accounting firms associated several benefits with having formal knowledge management programs, such as an increase in efficiency (76%), productivity (63%) and revenue (62%) and an improvement in client service (69%). These firms were also more likely to follow other management best practices, including:
Using a database for knowledge sharing
Conducting regularly scheduled training on knowledge management systems
Deploying supporting technology to further knowledge initiatives
The survey found, however, that only 36% of firms have established these programs. In them, firms are compiling specialized subject area information and legislative and regulatory knowledge in a centralized repository. Though not as common, these repositories are also used to analyze growth opportunities and gather industry intelligence.
For a white paper on the survey, which also explores intelligent business building blocks and best practices for transforming a firm’s practice, visit http://cchgroup.com/businesssurvey.
Source: The 2007 CCH Intelligent Business Survey, www.cch.com.