Importance Of Knowledge Management In An Organization – Knowledge management (KM) is the process of organizing, creating, using and sharing collective knowledge within an organization. Successful knowledge management includes keeping information in a place where it is easy to access.
Only a few initiatives are capable of truly transforming the way an organization works, and knowledge management is one of them.
Importance Of Knowledge Management In An Organization
Knowledge is one of your organization’s most valuable assets. Storing, growing and sharing that knowledge is critical to any business.
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Looking from this perspective, the meaning of knowledge management includes the process that helps to acquire, organize and share:
At the highest level, a knowledge management process is how a company manages knowledge, from its creation to its organizational methodology to how it continues to make sure it is shared.
All these aspects work together to form a knowledge management process, which promotes collaboration and the exchange of information.
When an organization can easily access, share and update business knowledge, it can become more productive and profitable. The ability to access the right knowledge at the right time, through a robust knowledge management system, informs accurate decision-making and stimulates collaboration and innovation.
How Knowledge Management Can Help Your Business Cope With Crises
The more effectively and efficiently a company shares its information with its employees, the better the company’s performance. The benefits of knowledge management include:
A McKinsey Global Institute report indicates that a robust knowledge management system can reduce information search time by up to 35 percent and increase organization-wide productivity by 20 to 25 percent. International Data Corp’s findings also corroborate the value of a knowledge management system, highlighting that Fortune 500 companies lose approximately $31.5 billion annually by not sharing knowledge.
As your business grows, so will the need to access a reliable knowledge base to effectively manage your business, serve your customers and increase revenue. Without a knowledge management system, your employees will be forced to learn and relearn processes and information. That is an inefficient and costly practice. In addition, you may also be at risk of losing those processes or information if a knowledge leader or legacy employee leaves your company.
A knowledge manager is responsible for ensuring that employees have easy access to the essential information they need to be productive. They ensure that organizational memory remains in the company and provide a faster time to value for people who take on new responsibilities. Knowledge management improves profitability and the knowledge manager establishes the processes and procedures for how knowledge is stored and shared throughout the organization. In many cases, they also maintain a single source of knowledge software.
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Knowledge managers have crucial roles in data- and knowledge-driven enterprises. They are at the forefront of providing each individual employee with the information they need to work well and increase overall efficiency. It is common for knowledge managers to set the tone for a culture of knowledge storage and sharing throughout their organization, ensuring that the right knowledge reaches the right people without the risk of information overload.
Done well, knowledge management streamlines the company’s knowledge, making it accessible and actionable for everyone in the organization. With a good knowledge management system, your entire company can say goodbye to lost or hidden information. A company that fosters a culture of knowledge sharing is one that creates an adaptable, aligned, engaged, resilient and high-functioning team.
Think of all the hours you waste searching through multiple systems trying to find the information you need. Was it in chat, in a document, or in email? When you find that information, how do you know it’s correct when the company’s knowledge is spread across all these systems? And when people who are constantly interrupted are doing key work?
A knowledge management system aims to create a single, trusted source of truth where everyone can go to find the information they need without performing multiple searches across multiple sources or constantly interrupting essential staff with repetitive questions. A great knowledge management tool makes a night and day difference in operational efficiency, saving time for service and IT teams and generating more revenue for the organization.
Chapter 1: Introduction To The Knowledge Management Guidebook
Decisions should never be made in silos of information. A company that has knowledge transparency across the organization ensures that everyone is working with the same information and to achieve the same goals. It unites all employees, making sure they have all the information they need to make the best possible decisions.
After you’ve spent time looking for information and finally found it, how do you know it’s the most reliable and up-to-date information? When business information lives in multiple systems, you run the risk of making decisions or referencing information that is not accurate. A single source of truth like Guru creates a space for reliable information to live so you can adapt faster and stay resilient without the risk of using outdated information.
Good knowledge management eliminates the risk of information silos and fosters a culture of transparency and communication. An information silo is when information is only known to one person or team, which can prevent other departments from knowing the information they need to collaborate effectively. Managing knowledge effectively ensures that everyone has access to the knowledge they need to work in line with company goals and stay productive.
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What Is Knowledge Management? The 2022 Guide
In a 2015 article for the Wall Street Journal, Thomas H. Davenport, an expert in business analytics, explained that there are many reasons why KM has historically failed, but the main reasons are three:
Knowledge management can promote organizational learning by creating a knowledge-oriented culture, where curiosity and openness to new information are a central part of a company’s operational structure.
Knowledge management can be implemented using change management methods to choose a knowledge base, establish success metrics and encourage high adoption.
Who owns knowledge management depends on the structure and size of the company. In smaller companies, it may be everyone’s responsibility to maintain the knowledge base and encourage good use, while larger companies may decide to hire a dedicated knowledge manager.
Pdf) Importance Of Knowledge Management Processes In A Project Based Organization: A Case Study Of Research Enterprise
When implemented correctly, the impact of knowledge management on organizational performance can be enormously beneficial. For example, in the survey of knowledge-driven companies that keep KM at the core of their cultures, 94% met or exceeded their growth expectations for 2019.
These systems act as centralized digital archives for company documents. They facilitate document retrieval, support regulatory compliance and improve workflow. Also, when a document management system is enhanced with passwords and backup procedures, document security is enhanced, but not completely protected from external access. Many typical document management systems have functionality limitations, so custom upgrades can increase costs. This type of system does not automatically capture or analyze data.
Content management systems are similar to document management systems, but they store audio, video, and other types of media in addition to documents.
A database is a computer application that allows people to capture, store, analyze and interact with data. Databases are indexed to make information more accessible. Data stored in databases can be very secure because the system prohibits manipulation. However, they can be volatile and are often expensive to design and set up. They also require a high level of skill to use and maintain.
What Is Knowledge Management And Why Is It Important To Your…
These enterprise-wide systems pull data from different parts of your organization and can be very effective for reporting and analysis. They store current and historical data and transform the data into meaningful information. However, data warehouses are often high-maintenance systems that require complex integration to provide a unified view of data.
These private computer networks built on search platforms can provide an easily accessible resource for information that improves collaboration and social networking within your company. But intranets have some risks, including easy access by unauthorized personnel. In addition, they are expensive and time-consuming to maintain.
These web pages are easy-to-use collaboration tools that allow anyone to post and store information in a central location. They can be good places to keep business documents or product catalogs. However, because they can be edited openly, wikis often contain incorrect information. Furthermore, they are not optimized to show what information within them is being viewed or used or where knowledge gaps exist.
Social networks allow people to connect with each other, join groups, contribute information and discuss issues that interest them. Social networks can influence organizational knowledge. Knowledge management systems can apply social networks to identify, document and transfer knowledge.
Why For An Organization Knowledge Management Is Imperative? By Techindusone
Create a culture where employees freely share knowledge with each other, rather than hoard it. This is done by implementing knowledge management tools that make it easy to find and access knowledge.
Don’t make employees reinvent the wheel every time they have important knowledge to share. Relying on templates and other documents that are easy to share and edit makes knowledge sharing even more effective and simple.
Reward those who contribute more knowledge. Implementing knowledge management tools that make it easier for contributors to gain recognition can help encourage more people to contribute knowledge.
Asking questions is fine, but if employees are just interrupting colleagues for answers instead of checking the knowledge base, start creating gentle reminders to check the
A Synthesis Of Knowledge Management Failure Factors
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