Get The Most Out Of Your Knowledge Management Investments
It is true that the success of any organization is inextricably linked to the knowledge and expertise of its employees. Employees are an organization's most valuable resource. An organization’s ability to utilize its knowledge resources and manage them effectively contributes greatly to its ability to grow. It doesn’t matter how unique your business idea is, it is your employees who work for it and make your organization unique. Thus, it is imperative for organizations to invest in robust tools that will help employees to work productively. In this era of remote and hybrid work, to be fully productive, employees need access to the right information at the right time. If the organizations fail to invest in the right processes and advanced tools, employees may not have timely access to the resources they need. This may result in a huge drop in employee productivity, which may adversely affect the success of the organization. The research conducted by International Data Corporation (IDC) found that Fortune 500 companies lose $31.5 billion per year as a result of not sharing their knowledge. If you want to avoid this huge loss and empower your employees – an advanced knowledge management system is the solution.
A robust knowledge management tool is an excellent resource for centralizing your business processes and standard operating procedures, no matter your’s is a start-up, mid-sized, or a Fortune 500 company. In this article, we’ll go over what knowledge management is all about, how organizations can benefit from it, and what best practices are for implementing knowledge management.
What is Knowledge Management?
Knowledge management is a conscious process for defining, organizing, retaining, and sharing employee knowledge and experience within an organization. When an organization grows, expands into new areas, and defines its approach to business, it develops significant institutional knowledge. These insights become extremely valuable as the company grows. For successful operations, it is vital to pass knowledge and skills on to less experienced staff.
Knowledge management aims to make it easier for staff looking for information, or institutional knowledge, to find the people who have it. By implementing a knowledge management system, organizations will improve the efficiency of their practices by sharing information and raising the level of expertise of individuals and teams. A training and learning program is usually conducted within an organization or for its customers. An expertise management program consists of creating, sharing, structuring, and auditing knowledge to maximize the effectiveness of an organization's collective expertise.
Why Robust Knowledge Management Is Imperative For Organizations?
“Knowledge is at the heart of every business made within your company”.
Knowledge management is the continuous capture, optimization, and delivery of information. It is not a one-time investment in a new support center tool. To calculate the ROI, you must consider the cost of implementation as well as the cost of management. The cost of implementation includes the initial purchase of software, hardware, communications, training, and services needed to put the knowledge base into production for daily use. As per the prediction by Business Wire, the knowledge base management market is estimated to upsurge at a CAGR of more than 22% between 2017 and 2025. It is impossible to have knowledge sharing without knowledge management. How can you successfully share knowledge if you don't manage it correctly?
By following the knowledge management features, one can effectively share the results of knowledge management. Lack of knowledge base leaves employees with no choice but to ping shoulders, send emails, make calls, and do a lot of back-and-forths to obtain what they need. And do you know the result?
Poor Knowledge Management Can Impact Your Business's Growth In Various Ways
- It takes employees longer to find resources when information is disorganized and difficult to access. This results in wasted time and productivity.
- When knowledge in an organization is hidden or difficult to discover, employees may end up recreating already existing information, which is both inefficient and inconsistent.
- Inefficient customer support may result from a lack of access to research insights, consumer feedback, and necessary paperwork.
- The effectiveness of decisions made within the organization is influenced by information that is inadequately managed, outdated, and inconsistent.
When you put it all together, you'll see a sharp decline in your business ROI. A smart, robust and reliable knowledge management system could be beneficial in this situation. By implementing an advanced knowledge management system, you can establish a secure platform for capturing, managing and sharing knowledge across the organization. It allows employees to gain insight from colleagues and learn from experienced employees. In this way, an organization can develop a growth-focused culture that promotes innovation, collaboration, and knowledge sharing.
Why Investing In Rezolve.ai's Twitter-Age Knowledge Management Can Be A Good Move?
Undeniably, the unprecedented events from the past two and half years have created a paradigm shift in the way organizations worked. Today, the entire business world is under the threat of pandemic and its variants, Great Resignation, Great Attrition, recession, lack of employee support, employee absenteeism, etc. Thus, employees are reassessing their priorities and interests with their current employer. Since the pandemic outbreak, employees have been forced to work from home or adapt to hybrid work culture. In this circumstance, it is important for organizations to provide all necessary support to each employee regardless of their location. The lack of on-time support at the workplace is often the cause of employee disengagement, dissatisfaction, and a sense of isolation. As a result, employees look for other companies that prioritize employee experience and provide seamless employee support –leading to resignation.
According to Gartner’s recent study, investing in an advanced and effective knowledge management is important for both Fortune 500 companies and Start-ups, as it will help employees in providing the right support at right time. Subsequently, this will boost employee productivity and engagement. In this way, both remote and hybrid employees can access self-service solutions whenever they encounter problems using a robust knowledge management system. It will prevent the necessity for internal communication between helpdesk agents and customers. And when it comes to a robust knowledge management tool, Rezolve.ai is the final frontier. Rezolve.ai, a next-generation service desk’s advanced Twitter-Age knowledge management tool, provides the right, essential, and advanced statistics to remote and hybrid employees whenever they require assistance. With the Twitter-Age knowledge management system, employees can access sufficient information to help them carry out their day-to-day tasks efficiently. Rezolve.ai, integrated within collaborative platforms such as MS Teams and Slack, allows employees to access data at their fingertips within seconds. If employees encounter problems, like difficulties opening files or assistance programming multifaceted software, they just need to interact with Rezolve.ai’s intelligent chatbot, which provides real-time support right within the collaboration channel where modern employees spend most of their working hours. Answers will appear in engaging and digestible multi-media content such as images, text, games, videos, and gifs without switching tabs.
This feature avoids employees’ direct interaction with a helpdesk agent. Employees who are unsatisfied with the L1 support provided by the smart chatbot can create a ticket and route it to a dedicated Subject Matter Expert or live agent for L2 support. In this way, Rezolve.ai offers an amazing experience to your employees. When instant support is provided, it will help employees to save a lot of time and stay more productive at the workplace, leading to accelerated business profit.
Benefits Of Twitter-Age Knowledge Management System
- Quick, and easy access to information
- Eliminate information silos
- Reduce redundant information gathering
- Avoid errors
- Better decision making
- Ensure seamless alignment of goals
- Enhance employee collaboration
- Streamlines the learning process
- Boost Employee satisfaction and retention
- Elevate employee productivity
- Ensure an exceptional customer experience
- Reduced operating costs
“Your investment in a knowledge management system determines your success.”
You can't afford to put off starting to evaluate and improve your IT organization's knowledge management capabilities. Despite all the advantages you have just learned about, organizations are still reluctant to invest in a robust knowledge management system. Invest in a robust knowledge management platform to give employees quick access to the knowledge they need to flourish in their jobs and successfully navigate hurdles.
Rezolve.ai’s Twitter-Age knowledge management has a lot to offer. It will enhance employee productivity and performance, streamlining employee onboarding, ongoing training and development, and collaboration.