What Are The Benefits Of Knowledge Management?

Thursday, September 09, 2021 6:11:27 PM

What Are The Benefits Of Knowledge Management?

Or, What are the benefits of knowledge management? may want to create a customer-facing knowledge management system Romeo and juliet critical essay on love allows your audience to quickly find the What is an example of a bibliography suitable for the end of an academic book? they need to accomplish their goals. Ethical dilemma law school essay order to make more space for more valuable information, you can save things like Romeo and juliet critical essay on love or lists of books in How many milligrams are contained in 100 IU of vitamin E? place where you can always find them. Create as many What are some tips for full-time RV living? as you'd like. Of course, gaining highly qualified employees takes investment. Data stored in databases can be very secure because the system prohibits manipulation. Keeping everyone up to date on the latest What is an example of a bibliography suitable for the end of an academic book? greatest changes and updates to your product requires a streamlined solution accessible to everyone.

The benefits of Knowledge Management

With a CRM, you can track the engagements with a prospect to learn how they came to you, and which information they have consumed on your website. You can then track your sales team communications with them during the buying cycle, and proceed to track other interactions such as repeated purchases. Storing customer data in a knowledge management tool enables your entire team to understand the customer relationship, so you can offer a more informed response to any issues that may occur. This knowledge management tool can include technical content about troubleshooting your software, answers to frequently asked questions FAQs , and other information that will provide your customers with a better experience using your software or product. Tools that facilitate knowledge socialization.

In other words, what competencies the company employees need to maintain or advance to achieve those goals. Many enterprise companies are using LMS tools as a way to manage the employee training and education process. Companies can use LMS technology to share online training modules and job-related educational resources that will help their teams optimize operations and improve performance. LMS courses are also often used to address compliance issues, ensuring that employees are aware of new regulations that may affect the way they do their jobs. By using the right Knowledge Management Tools suitable for your purposes, your business will be able to embrace these benefits:.

Indeed, the business landscape is now defined by companies that leverage their human and knowledge capital, and so a Knowledge Management system is crucial for any large organization. Document Team. Knowledge Management. Book a Demo Sign up. Sign up Now. Sign up for your day free trial with Document now Get Started. Document Team Knowledge Management Jul 5, With proper knowledge management processes in place, your new employees should always know their next steps. Demonstration videos, creatives portfolios, and other such knowledge creation activities by your previous employees all hold intangible information that can only be understood when seen. An effective approach to knowledge management also benefits your customers—in two key ways.

For one thing, management of customer-facing knowledge involves creating and delivering content for self-service purposes. This allows them to navigate the use of your products or services complete with any troubles they may face along the way without needing to reach out to your team for assistance. Because your customers can solve smaller issues on their own, your team will likely experience fewer support tickets for said issues.

Basically, the more knowledge-focused your organization, the more focused on growth your team will inherently be. More than just using their collective knowledge in various ways, KM-focused teams also continually look to improve the knowledge they hold, as well. Knowledge management is a systematic process that needs to be ingrained in your organizational culture. In order for your knowledge management initiative to be successful, it must be approached intentionally.

This means developing KM-related processes, procedures, and protocols for your team to follow. Still, in the interest of keeping your KM-related initiatives headed to your true north, your efforts must be intentional from the get-go. As we discuss in our article on knowledge management software , knowledge can be presented in a variety of formats, on a variety of platforms. While creating a robust text-based library of knowledge is a good start, creating multimedia content can put your organization way ahead of your competition in this regard:. It just makes sense:. Earlier, we talked about how introducing knowledge management into your organization can help maintain and enhance alignment throughout your organization.

This alignment must at least be somewhat in place before you try to get your KM-related initiatives off the ground. One way to get people on board is by identifying people who are interested in utilizing knowledge management and enabling them to build a Knowledge Management Community of Practice CoP. Communities of Practice consists of individuals that are looking to interact with others in the pursuit of attaining knowledge regarding a common practice in this case the practice of knowledge management. There will always be more for your team to learn. Your organization will always encounter new experiences—both good and bad.

Your audience, competition, and industry will always be evolving in some way. Each new piece of information that trickles through your organization provides an opportunity for growth. Knowledge management is about ensuring your team takes full advantage of these opportunities not just as they come to them—but as they actively work to discover them, as well. This first step is pretty straightforward, and can be done by answering a single question:. You might be aiming to create a comprehensive database of knowledge for your internal teams to pull from as they go about their duties. Or, you may want to create a customer-facing knowledge management system that allows your audience to quickly find the information they need to accomplish their goals.

Moreover, you also want to define your rationale for undertaking such an intensive initiative in the first place. These roles can include:. Rather, these roles should shift with each initiative you pursue, as each may involve different departments and team members to varying degrees. Again, the goal is to get each of your team members involved in your KM efforts in various ways. The advent of modern technology has completely revolutionized the concept of knowledge management altogether.

That said, you definitely want to take full advantage of the tools and technology that can enable your KM-related initiatives to succeed. First things first, you need to have a comprehensive knowledge management system—or knowledge base—at the ready. A searchable knowledge base is the backbone of your knowledge management processes. For example, industrial automation giant Yokogawa developed a KB to be used internally by over 10, employees. Organizations can also use knowledge bases to provide self-service and automated support options to their customers.

Once you have your knowledge management framework set, you can effectively allow your team to create knowledge that is easily stored, organized, and shared. The first step toward creating knowledge is to find as much relevant data as you can on the topic in question. At this point, the focus is just on collecting the necessary data to be analyzed at a later time. The way you go about doing so will depend on your overall purposes.

This process is difficult tactically, but can also be delicate among employees who might feel competitive about their skill levels. Document storage and management: While not all knowledge makes for straightforward documentation, it will have to be stored and organized in some form. Document management is a challenge for many companies, but organization is a vital aspect of KM - otherwise, it will be impossible to locate and use the knowledge you have stored. Consider using a dedicated document management system to keep everything organized. This is complicated both theoretically and tactically, so many organizations opt for a software system designed specifically for this purpose.

Continual improvement: Like most process-driven strategies, you should continually improve upon the knowledge management system you implement. Stage periodic reviews or, if possible, dedicate resources to continually optimize your process. Remember, this department is not only responsible for effectively managing the knowledge itself, but also for maintaining the community of knowledge sharing and organizational learning. How Does Knowledge Management Work? As Nonaka and Takeuchi first stated in their seminal academic papers, there are three main ways that people approach knowledge management: People-centric: Centered on people, relationships, and how people form learning communities and other informal ways of knowledge sharing.

This idea is also known as ecological KM theory. Tech-centric: Focused on the technology that facilitates knowledge storage and transfer, and aims to create technology systems that encourage knowledge sharing. Process-centric: Interested in how the organizational structure and processes accommodate and encourage knowledge sharing and organizational learning. This concept includes the production processes, the organizational hierarchy, and the cultural framework. The common strategies include: Storing knowledge vs.

This is a good first step, but successful knowledge management also requires a system to disperse that stored knowledge. Codification vs. Codification is any activity where you are collecting knowledge creating and maintaining databases, content architecture, training to support software storage systems , and creating awareness of these collection systems. Personalization, is connecting people to this codified knowledge by forming learning communities, promoting active discussion and knowledge transfer, and facilitating group interaction.

Push vs. In a push strategy, individuals actively encode their knowledge to make it available for others. In a pull strategy, team members seek out experts to request knowledge sharing, so you only transfer knowledge on an as-needed basis. SECI model: This is the knowledge transfer and strategy model first proposed by Nonaka and Takeuchi in , and is considered the cornerstone of knowledge management theory. It outlines the four different types of knowledge transfer: Socialization: Tacit to tacit, where knowledge is transferred intuitively through observation, guidance, and practice.

Externalization : Tacit to explicit, which codifies intuitive, intangible knowledge in order to be taught. This type of knowledge transfer is the most difficult because tacit knowledge is extremely difficult to break down into digestible directives. Combination: Explicit to explicit, where codified knowledge is transferred or combined with other codified knowledge. This type of knowledge transfer is the simplest. Internalization: Explicit to tacit, where an organization follows and practices codified knowledge so that it becomes intuitive. How to Improve Knowledge Management Even with an understanding of the KM life cycle, knowledge management can be difficult to implement.

Below are a few tips on how to improve knowledge management: Understand the flow of knowledge in your organization: While the various KM life cycle models list phases to follow, they are merely a blueprint. Knowledge management will only be successful if you understand how your organization already naturally gains, stores, and shares knowledge, so use the existing flow of information to structure your formal knowledge management process. Choose objectives and how you will measure them before you implement KM. Encourage socialization: One way to foster an environment of knowledge transfer is to let it happen naturally, by talking and casually sharing.

Allow team members to talk and form relationships in-office, which will make them more likely to turn to each other for information or advice, or to learn new skills. Generate new knowledge: Remember that knowledge management is not only concerned with storing existing knowledge; rather, you need to create processes to manage the ongoing stream of new information. Actively generate new knowledge within your organization not only to create a robust knowledge stream, but also to show your employees that you treat new knowledge - and their knowledge - as an asset. This will make workers more apt to adopt KM.

Employ technology: Technology can play a huge role in standardizing and organizing the KM process. However, remember that technology itself is not knowledge management, but simply a tool to enhance your processes. What Is a Knowledge Management System? When choosing a KM system, make sure the platform can support the file size, type s , and volume that you need. This is especially important for enterprise companies who will need to store massive amounts of data, and scale regularly. For this functionality, look for enterprise portals. Lessons learned databases: These are systems that aim to make intangible often tacit knowledge clear and available to other users. The focus with lessons learned databases is as the name implies: on lessons learned by experts that others should follow think of it as best practices.

The key here is to find a database that can house this kind of qualitative information and make it accessible. Groupware refers to any collaborative work platform, and is usually intended for workers who need to communicate remotely. Groupware is broken down into two categories: synchronous groupware collaborate and update in real time and asynchronous groupware. Today, cognitive computing, adaptive technology, and intelligent filtering tools, in particular, have huge implications for codifying knowledge, and will likely be adopted by more KM systems. Kevin Murray offers four key things to look for when choosing a KM system: Security: Information is valuable. Like any other valuable, there are people who will steal it.

Accountability: Information is valuable only when it is accurate. Limit access.

The latest product information, delivered to What are the benefits of knowledge management? in their workflow. As Nonaka and Takeuchi first stated in their seminal academic papers, there are three main ways that people approach knowledge management:. They store current, as well as historic data and transform What are some tips for full-time RV living? into meaningful information. Start diagramming with Lucidchart today—try it for free! Glossary Knowledge Management. There Ethical dilemma law school essay so What is the purpose of a thesis statement in a speech different ways people What are the benefits of knowledge management? and What are some Apple-compatible card readers? their knowledge. Accountability: Information is valuable only when it is accurate.