Posted On: July 29, 2019
Knowledge is an extremely valuable asset in any business organization. The proper management of knowledge can lead to a company’s improved efficiency and productivity, which then equates to profitability and growth. The non-practice of a decent knowledge management process is costly. Poor implementation of knowledge management practices has cost businesses in the United States over $400 million a year, according to the 2018 Panopto Workplace Knowledge and Productivity Report.
Thus, it is clearly evident why businesses need to have a knowledge management system in place. But how does a knowledge management software gives your enterprise a boost?
One of the most obvious knowledge management system benefits is the acceleration of its users’ access to knowledge. In any workplace, people are faced with the need for information to leverage how they perform their tasks, from analyzing business trends and making reports to providing knowledgeable responses to customers.
Imagine having to scour through hundreds of files and folders or going through different sources before you get your hands on the information you need. You have to spend a significant amount of time and energy before you find the data you’re looking for. In this modern age, access to information should be fast as well as precise.
Being able to quickly research and retrieve the right resources and data makes it easy for users to do their work. It impacts the organization’s overall efficiency and productivity as tasks become more streamlined and optimized.
Companies all over the world have reported numerous benefits after implementing new knowledge management standards, according to a 2018 knowledge management (KM standard) survey on the new ISO 30401:2018.
Sharing knowledge is as important as being able to access it quickly. In any collaborative effort, it is crucial for individuals and parties to work on the same version of information. With knowledge management software, users can easily provide co-collaborators access to their files, images, documents, contacts, and more.
When people are working based on a single version of the truth, it eliminates confusion in any collaborative work. People are on the same page, communication and collaboration become smooth and seamless.
People can also share new information by updating their database or incorporating recent data to their knowledge base for others to access. This is a critical component in the knowledge management cycle.
You can assign permissions to your employees and partners so they can add and update certain sections of your company’s database or create wikis to further equip your workers with new knowledge that they can use to enhance their individual and collective performance.
One of the mistakes SaaS sales managers should avoid is keeping information to themselves. While this may benefit them in terms of individual achievements and goals, not sharing vital information with people in their team can be detrimental to the overall success of the team.
Knowledge is an important keystone in innovation. People simply can’t create new things, realize new concepts, implement new processes, and make huge advances in any field without knowledge gathered from different sources and assimilated fully.
In the workplace, your people are constantly looking to create products that your customers can easily relate with or optimize your existing processes to boost performance while bringing down operational costs. Simply put, you strive to give your business a distinctive edge over the competition by innovating your products, services, best practices, and more. What better way to innovate than to go and review the knowledge in your repositories, analyze all the data you have and generate insights and learn practical lessons along the way?
With a knowledge management system, you and your workers can collect and dissect market trends, reports, historical data, graphs, and more. The ease and speed of access to information empower people to unearth exciting discoveries that have the potential to be the next big thing.
Your customers expect you and your team to be knowledgeable with anything that pertains to your brand, products, and services. Whenever a consumer contacts your company for expertise and guidance, they look forward to quick and assertive information-driven resolutions to their concerns. Customers don’t anticipate representatives stammering for answers and spending significant time searching for related information.
Some information can be used more than once. Documents can be rehashed for another purpose. Expertise that has been utilized for a previous need can be reactivated for a similar concern in the future.
A knowledge management system helps your business record all the processes and steps that have been taken to address previous problems and concerns so that they can be repeated whenever a similar situation arises. Reusing information in this particular manner speeds up the rework, minimizes instances of mistakes, and save you time and resources.
Utilizing modern knowledge management technology systems and practices certainly has considerable advantages in addition to those mentioned above. From accelerating decision-making processes to enhancing collaboration and communication to improving the quality of customer service and more, it would really seem imperative for any business or organization to invest in a knowledge management software.
That said, it is essential for any company prior to making such as an investment to really define their goals and set a sound knowledge management strategy in place. It is crucial that you choose a system that is suited to your existing processes and tailored perfectly to meet their needs and shifting business requirements.