The amount of knowledge and data that businesses have at their fingertips seems to only increase every day. This means that in order for businesses to be able to use this knowledge there needs to be an effective system to work with it. This is where the knowledge management system enters. Knowledge management, at its basic level, involves storing and managing information or knowledge. Gartner Group defines knowledge management as: “a discipline that promotes an integrated approach to identifying, capturing, evaluating, retrieving, and sharing all of an enterprise’s information assets. These assets may include databases, documents, policies, procedures, and previously un-captured expertise and experience in individual workers.”
In today’s data and knowledge-driven society, here are a few ways businesses can begin to use knowledge management to improve business, or improve the way they already use it.
Ensure your knowledge management system is easy to navigate
It is absolutely critical that your knowledge management system is easy to use. ‘User-friendliness’ and ‘ease of use’ are buzzwords among the world of technology, and for good reason. With a straightforward KMS, you are able to organise, navigate and share information quickly so you can see the benefits of the ROI even quicker.
Organise content in multiple ways
With a knowledge management system, you are able to organise content in the ways that make the most sense for your business. Common categories you will see in a KMS include ‘ERP’ and ‘SharePoint’. However, you can organise the information even further than this. Consider multiple variables in order to create the right pathway to the information you need the quickest.
Consider investing in analytics
Depending on where you are at with analytics, this is a vital part where you will see the return on investment. For your knowledge management system, analytics will make curating content easier and the whole system tailored for and easier to use. Analytics can help take the information that you already have access to but then make it easier to create insights from.
Encourage the use of your KMS
Having a knowledge management system is a major step, but another crucial part of having it benefit your business is by encouraging people to really use it. You can incentivise your workforce to use it through gamification, prizes and performance-based recognition.
The Journal of Knowledge Management says that, “the ROI – return on investment of knowledge management can manifest itself by improving efficiency, effectiveness and innovation.” So, it is absolutely worth the effort to implement changes and invest in knowledge management systems. Companies, such as Expert System, have software which provides businesses with knowledge management solutions to help them continue to grow and make money.
With the amount of information available now, knowledge management can help organise overall functions and practices for businesses. It can take some time to ensure you have the right system set up, but it is worth the time and effort considering the ROI you will see from it later. As with any change, in order to keep growing as a business, it is vital to keep up with the technology that can be used to provide clients with the best service possible.