Kuala Lumpur, 3 July 2024 – In an increasingly knowledge-driven global economy, effective knowledge management is essential for enhancing productivity and competitiveness. The Malaysia Productivity Corporation (MPC) is spearheading initiatives to promote knowledge management across various industry sectors, ensuring Malaysia remains a leader in innovation and efficiency.

Knowledge management involves the systematic handling of information and resources within an organisation. It includes capturing, storing, sharing, and effectively utilizing knowledge to achieve organisational goals. By leveraging knowledge management practices, businesses can enhance decision-making, streamline processes, and foster a culture of continuous improvement.

"Knowledge is a critical asset in today's economy. Effective knowledge management enables organisations to harness this asset, driving productivity and innovation," said MPC Director General, Zahid Ismail.

Knowledge management directly impacts productivity by ensuring that valuable information is readily accessible and used efficiently. Keyways in which knowledge management improves productivity include:

1. Enhanced Decision-Making: By providing easy access to relevant information, knowledge management allows employees to make informed decisions quickly, reducing downtime and improving operational efficiency.
2. Process Optimisation: Documenting best practices and lessons learned enables organisations to streamline their processes, minimize errors, and enhance overall performance.
3. Employee Empowerment: Knowledge management empowers employees by providing them with the tools and information they need to perform their tasks effectively, boosting morale and reducing turnover.

In a competitive market, the ability to innovate and adapt is crucial. Knowledge management helps businesses stay ahead by fostering a culture of learning and adaptation. This involves:

1. Encouraging Innovation: By facilitating the sharing of ideas and insights, knowledge management drives innovation, helping businesses develop new products, services, and strategies.
2. Enhancing Customer Service: Access to comprehensive knowledge repositories enables customer service teams to resolve issues quickly and effectively, improving customer satisfaction and loyalty.
3. Building Strategic Partnerships: Knowledge management supports collaboration both within and between organizations, creating opportunities for strategic partnerships and joint ventures.

"Competitiveness in the modern economy depends on our ability to innovate and adapt. Knowledge management is a key enabler of this capability," added Zahid.

Several Malaysian companies have successfully implemented knowledge management practices with support from the MPC, resulting in significant productivity gains. These success stories serve as models for other organisations looking to enhance their knowledge management capabilities.

"By sharing these success stories, we aim to inspire more organisations to embrace knowledge management. The benefits are clear: improved productivity, greater innovation, and enhanced competitiveness," emphasized Zahid.

Effective knowledge management is a cornerstone of productivity and competitiveness in the modern economy. The MPC is committed to leading the charge in promoting knowledge management across Malaysia's industry sectors. By harnessing the power of knowledge, businesses can drive innovation, improve efficiency, and achieve sustained growth.

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About Malaysia Productivity Corporation (MPC)

MPC is a statutory body under the Ministry of Investment, Trade and Industry (MITI). It drives national productivity holistically at the national, sectoral, and enterprise levels through three main thrusts: developing future talent, driving digitization and innovation, and building a robust ecosystem. It collaborates strategically with the private and public sectors by emphasising productivity as a key agenda to boost productivity growth and national competitiveness, ultimately leading to shared well-being and prosperity.

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media@mpc.gov.my