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Knowledge management is a core capability for financial institutions as well as the business, finance and control functions of every organizations. It is being used to make existing financial processes, such as account receivables and billing, faster and cheaper by re-using better practices that emerge from system improvement initiatives and Six Sigma applications.
Most recently, knowledge manangement is helping accelerate the adoption of new regulations and policies. Where this is having a profund impact is when companies and professional service firms apply fast learning and knowledge transfer techniques to a change in policy or regulation. In this way, companies learn immediately and use this knowledge to adjust their rollo-out or adoption strategy.
Knowledge management is also being used to transform experience and insights into software to automate accounting practices and methods. The knowledge of an auditor or accountant doesn't just materialize out of thin air. It has to be elicited, distilled and harvested in a manner that enables it to be converted to process, Which can then be systematically broken down into manageable pieces for automation.
Contact us today about applying KM to enhance your financial services and practices.