3.3.2 Why are Company Resources and Knowledge Management important?

It is almost impossible to transfer or to buy a company´s resources and skills, because the circumstances are always different. A competitor is therefore forced to run through an equivalent development process, which is time and resource consuming.
The benefits of implementing Knowledge Management strategies can be seen in terms of reducing costs and risks, improvement in the decision-making process and strategic planning, faster development of new technical approaches, and reduction of employee training costs amongst others.