What Is Knowledge Management And Its Tools?

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What Is Knowledge Management And Its Tools?
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Knowledge management is the process and learning techniques, strategies and tools used to deliver the right, relatable and relevant information to the employees at the right time. 

Knowledge management is the critical factor of the organization’s growth and development. In this case, maintaining knowledge and keeping it up to date is a gigantic task, as it deals with big data sets that vary and change with every trend and development in technology. 

Employees are key assets that an organization owns, and their knowledge defines business accomplishments. Knowledge management aims to ensure employees have access to all the relevant information, which builds a smart and transparent workforce. 

And 74 percent of organizations estimate that effective knowledge management disciplines increase company productivity by 10-40 percent. 

What is Knowledge Management?

Knowledge management ensures creating a rich, deep and open communication system and environments by giving the employees access to the information repository and providing them with the relevant information for their queries. 

  • It helps develop new ideas as knowledge management gives access to the relevant information and organization trends, providing the employees and analysts with powerful insights to refine their strategies further.

  • It helps avoid mistakes as the organization can learn from the past data sets and what worked and what didn’t.

  • Reduces the wastage of time as the effective systems of knowledge refines the data and the content providing only what is asked and relevant solutions.

  • Improves the quality of the service as the recipients of the information receive updated and relevant information tailored to the employees' query.

  • It helps in collaboration as the communication between the departments is transparent and accessible, the collaborations between the departments of the organization can be smooth and accountable.

It’s estimated that poor knowledge-sharing practices cost Fortune 500 companies $31.5 billion annually. 

Therefore it is essential to leverage the power of knowledge management, and with the right tools, one can use the power of technology to one benefit.

Various tools that help leverage the power of Knowledge Management include:

  1. Knowledge Base creating an extensive knowledge base or knowledge repository is the first tool that keeps a tab of all the expertise and the knowledge available that can be accessed.

  2. The Learning Management System (LSM) helps create customized and personalized training sessions and educational programs such as webinars or videos based on the existing knowledge repository, helping in the organizations' better projection. It also helps in the training process of the employees.

  3. Knowledge-Centered Service (KCS) is the system that deals with how the employee service and support teams access and use the knowledge to deliver greater value to the employees by providing them with useful, meaningful and relevant content and updates.

  4. A.I Knowledge Management is the latest approach to knowledge management systems, which leverages AI's power. To capture, filter, display or apply the knowledge stored and maintain a regularly updated knowledge repository.

  5. Chatbots, the use of chatbots provides the employees with 24x7 support and answers the queries with the natural processing language mechanism, which understands the queries and provides the employees with relevant and relatable information. It can also assign the query to an actual service desk agent if required. This system provides the users with the first touch of contact between the organization and the employees.

The tools are the systems designed and crafted to assist the process of sharing the information within the organization, which helps in the transparent working of the systems, and the key information is wildly available that is accessible to all so that everyone is updated in their knowledge.

What are the Advantages of Knowledge Management?

By leveraging the power of technology, an organization can have numerous advantages such as: 

  1. Enhanced decision making: With the help of knowledge management, organizations can understand the data patterns with the help of artificial intelligence and use these powerful insights to strategize their plans further.

  2. Analysis and Classification: With the power of AI existing content and expertise get automatically classified with relevant tags.

  3. Processes Human Input: With multiple language support, one can easily get relevant and useful results to understand the wide inputs with the natural language processors.

  4. Deals with the Big Data: the data that seems indefinable and spins the head – can be categorized and organized into useful and actionable insights with A's power, and keywords can be searched.

  5. Information storage: The existing and upcoming knowledge can be easily managed and stored with the help of technology such as decentralized block-chains, which frees up additional storage space and all necessary hardware.

Utilizing technologies like SaaS, one can free themselves of the burden and hassle of managing data. Need modern ways of knowledge management? Get in touch with team.

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