Explained: what is knowledge management?
Published: Thursday, September 24th, 2020
What is knowledge management you say? Well, do you ever find yourself spending an unnecessary part of your day looking for information just to do your job? You're not alone, the average employee spends approx. 2 hours a day trying to source company knowledge. Imagine having all that information at the click of a button, and those 10 extra hours in your work week?
Define: knowledge management?
Knowledge is a company’s most valuable asset - it’s everything from policies to plans, systems to solutions and everything in between. When employees have easy access to connect, collaborate and share company knowledge it helps not only employee productivity but overall business costs. In fact, 74% of organisations estimate that effective knowledge management disciplines increase company productivity by 10-40 percent.
In short, an effective knowledge management system allows the access and ability to collaborate on company information internally.
It’s estimated that poor knowledge-sharing practices cost Fortune 500 companies $31.5 billion annually. Still not convinced? We’ve listed some benefits for you!
Benefits of effective knowledge management
Are you now thinking I know what knowledge management is, but do I need it? The answer is yes, yes you do!
Most employees want to feel valued and work efficiently. Giving them access to company knowledge empowers them to work autonomously.
Right answers, all the time
When everyone has access to the most up to date information, that means your team has the right answer at the click of a button. Say goodbye to out of date docs!
Single source of truth
Accurate and timely information available across the business creates a single source of truth, meaning there are no confusions or errors.
With information constantly updated and monitored that means that there more security for intellectual property.
When newcomers start (and given 2020, some from home) they have access to information to answer questions on their own. In fact, our customers have reduced their training time by 50%.
We know that knowledge management systems improve morale, productivity and accuracy, but it also has an effect on your business’s growth. The bigger your organisation gets; the more crucial knowledge management becomes. For a successful long-term business strategy, knowledge management needs to be a part of it.