What is Knowledge Loss? Knowledge loss refers to the loss of knowledge within an organization or project when individuals leave or when knowledge is not effectively shared and retained. This knowledge loss problem is not just limited to turnover. Given the sheer volume of meetings and data packed into today’s professional world,
it’s no wonder why so many businesses
lose track of important details. Faithfully transcribing whole meetings rarely happens and notes for an important meeting often get lost. Notes aren’t Qatar Mobile Number List always written down correctly, or they’re forgotten over time or they just aren’t easy enough to find within a digital maze of documents. How Much Does Knowledge Loss Cost Businesses? adds up.
A recent IDC study revealed
companies lose $31.5 billion annually due to poor knowledge sharing. According to the Panopto Workplace Knowledge and Albania Phone Number List Productivity Report, a firm with 1,000 employees can expect to lose $2.4 million in productivity annually due to day-to-day inefficiencies caused by knowledge loss, and a firm with 30,000 employees might expect to lose $72 million annually. How Speech Tech Bridges the Gap Clearly, the stakes are too high for companies to ignore this problem.
