With data volumes growing by 200 percent a year, knowledge workers are spending around 30 percent of their time trying to extract useful information. Furthermore a recent U.S. study asserted that knowledge workers spend more than twice as much time re-creating already created content as they spend creating new content. In addition to this time spent on maintaining structures for storing incoming unstructured information (e.g. mail, documents etc) is increasing rapidly.
Enabling search solutions makes information easy to find, however the key is to transform this information into knowledge. This is normally not done by simple intranet search functionality, however the intranet portal can act as a portal to a knowledge management system based on advanced search functionality withadded collaborative functions. This transforms your organization into a “knowledge finding organization”, creating an even more competitive organization.
Knowledge Management systems based on an Enterprise Search Platform (ESP) can, if implemented properly, significantly improve the efficiency of an organization. IDC Research suggests in their latest report (April 2006) “Hidden cost of information Work” that the cost for wasted time on the part of professional searching, but not finding relevant information, amounts to $5.3 million annually for an enterprise with 1000 knowledge workers.