Knowledge management systems: what they are and how they can help your business succeed

A rise in globalization and a subsequent rise in digital technology has led to more knowledge management systems. These systems are designed to help organizations store, manage, and distribute company knowledge more effectively. 

According to recent market research reports, the global Knowledge Management industry was valued at USD 474295.5 million in 2022 and is expected to expand at a CAGR of 18.1% during the forecast period from 2023 to 2030.

In the past, knowledge management was often seen as a way to simply keep track of corporate information. However, with the advent of digital technologies, knowledge management has become an essential tool for businesses to compete in the global marketplace. 

Wondering what a knowledge management system is and how it can help your business succeed? Here's a complete guide. When it comes to making your business work, a knowledge management system might be your best bet. 

For starters it is important to understand what knowledge management is and why it is important.

What is a Knowledge Management System?

A knowledge management system (KMS) is a system for managing organizational knowledge base. It includes:

• People, 
• Processes, 
• And technologies that capture, store, and share knowledge within an organization. 

Purpose Of Knowledge Management

The main purpose of knowledge management is to improve organizational efficiency by making it easier for employees to find and reuse knowledge.

A KMS can also help organizations keep track of their collective knowledge and expertise, and make it available to others who need it. 

Knowledge Management Types

There are many types of knowledge management, ranging from simple document management systems to complex enterprise-wide systems. The features and functionality of a KMS will vary depending on the needs of the organization.

What are Knowledge Management Tools

Knowledge management tools are software applications that support the activities of knowledge management. Organizations use KMSs to improve performance by creating, capturing, and sharing institutional knowledge. They can also be used to manage intellectual property or to support compliance with regulations. 

Common features of KMSs include 

• Document management, 
• Content management, 
• Records management, 
• And web-based collaboration tools. 

There is no single type of KMS; each one is designed to meet the specific needs of the organization it serves. 

Some organizations may choose to use a commercial off-the-shelf (COTS) solution, while others may develop a custom system. In either case, it is important to select a KMS that will fit well with the organization's existing culture and business processes.

How can Knowledge Management Systems Help your Business Succeed?

As the world becomes more and more digital, businesses are increasingly turning to KMS to help them organize and make use of all the information they have at their disposal. 

A good knowledge management system can help your business in a number of ways, from improving customer service to increasing efficiency and productivity. 

• For one thing, a KMS can help you keep track of all the data and information you have, both internally and externally. This includes everything from customer data to product information to financial records. 

Having all this data organized and accessible in one place can save you a lot of time and effort, and it can also help you make better decisions by giving you quick access to the information you need. 

• In addition, a knowledge management system can help you share information more effectively within your organization. It can provide employees with quick access to the resources they need, which can improve communication and collaboration. And when employees have easy access to the latest information, they can be more productive and efficient in their work. 
• Finally, it can also help you improve your customer service. By having all your relevant customer data organized and accessible in one place, you can provide faster and more accurate responses to customer inquiries. 

You can also use your knowledge management system to create automated responses to common questions, which can free up your customer service team to focus on more complex issues. 

Overall, a knowledge management system can be a valuable tool for any business. 

To sum it all up, it is a systematic process for acquiring, storing, and using organizational knowledge to improve performance. 

An effective knowledge managementenables organizations to better capture, share, and apply the tacit and explicit knowledge of their employees to solve problems, make decisions, and create value. KMS can help businesses succeed in several ways. 

• First, they can improve communication and collaboration by making it easier for employees to find and share information. 
• Second, they can promote innovation by providing a platform for employees to exchange ideas and learn from each other. 
• Third, they can improve decision-making by giving managers access to the collective knowledge of the organization. 
• Finally, they can increase operational efficiency by automating tasks that would otherwise require manual effort or expertise.

Knowledge Management Approaches

There are different knowledge management approaches that a business can take. By considering and possibly combining these approaches, businesses can effectively capture, share, and utilize knowledge in formats that suit their unique needs. 

The key is to choose approaches that align best with their business and facilitate seamless knowledge management.

Let’s have a brief look at the definition, benefit, and use of the most common ones:

#1 Knowledge Mapping

Definition: It visually displays the knowledge within an organization and how it moves between different groups.

Use: Acts as a visual guide to locate knowledge in various areas of the company.

Benefit: Useful for inventorying knowledge assets and centralizing them.

#2 Knowledge Harvesting:

Definition: Capturing and transferring employee knowledge gained from experience.

Process: Involves structured interviews with experts and sharing recorded insights for wider organizational benefit.

Value: Proactively collecting knowledge, not just when employees leave, enhances organizational knowledge.

#3 Taxonomy Design:

Definition: Provides multiple paths to find knowledge based on specific criteria, like online shopping filters.

Application: Configurable categories relevant to the business facilitate efficient content search.

Example: Categories for departments, regions, or product lines streamline content retrieval.

#4 Sensemaking Sessions:

Definition: Collaborative sessions enhancing shared understanding of a topic or issue.

Purpose: Combines diverse perspectives and expertise for collective knowledge growth.

Tip: Recording sessions for later access ensures wider participation.

#5 Q&A Documentation:

Definition: Establishing a process for subject matter experts to answer common questions.

Benefit: Reduces repetitive queries by making Q&A searchable within the knowledge platform.

Outcome: Grows a repository of documented expertise over time.

#6 Content Feed Creation:

Definition: Curates and groups content for personalized user consumption.

Purpose: Provides a tailored experience, similar to personalized media feeds.

Effect: Reduces information overload, improves content engagement, and connects users to relevant information.

These six knowledge management techniques provide organizations with a range of strategies to capture, share, and utilize company knowledge effectively, catering to their unique needs and goals. 

The choice of approach should align with the organization's business context and objectives, facilitating seamless knowledge management.

Knowledge Management Best Practices

Here are six essential practices for successful knowledge management:

• Align with Company Culture: Understand the skills and communication styles of those implementing KM. Clearly define roles and responsibilities early on.
• Gradual Implementation: Create a user-friendly framework that integrates with existing processes. Seek feedback from KM teams during development.
• Focus on Relevant Content: Prioritize content that meets internal and customer needs. Ensure a user-friendly search experience and use feedback to improve.
• Incentivize Employee Participation: Recognize and reward contributions to the KM system. This boosts engagement and enhances the system's value.
• Establish Ownership and Continuity: Assign responsibility for specific knowledge areas. Appoint knowledgeable managers for larger initiatives. Plan for knowledge transfer in case of employee turnover.
• Emphasize Continuous Improvement: Regularly engage with KM teams to identify successes and areas for enhancement. Adapt practices to meet evolving needs.

Examples of Knowledge management systems

There are many different examples of knowledge management systems, each with its own advantages and disadvantages. Some common examples include:

Document management systems

These are software programs that help organizations manage their electronic documents. 

• These systems can track who has access to which documents when they were accessed, and what changes were made. 
• They can also help with version control so that different versions of a document can be tracked and managed. Some DMS also include features for workflow management, so that documents can be routed through the appropriate channels for approval or review.
• These systems help organizations to store, track, and manage documents. 
• They can be used to keep track of intellectual property, customer records, or any other type of information that needs to be centrally managed.

Content management systems

When it comes to personal knowledge management, a content management system (CMS) is software that helps you 

• Create, 
• Edit, 
• And publish content. 

They're often used for websites, but can also be used for other types of digital content, like documents, images, and videos.

There are many different types of CMSs, and they vary in features and complexity. Some are simple and easy to use, while others are more complex and offer more features.

The type of CMS you choose will depend on your needs. 

• If you need a simple way to create and edit content, a basic CMS will suffice. 
• However, if you need more advanced features, like the ability to track changes or manage multiple users, then you'll need a more complex CMS.

Enterprise social networking

Enterprise social networking is a type of online communication that enables businesses and organizations to connect with their employees, customers, and other stakeholders. It allows for the exchange of ideas, information, and files between users securely and efficiently. 

Enterprise social networking platforms typically offer features such as 

• Forums, 
• Chat rooms, 
• Blogs, 
• Wikis, 
• And document sharing. 

These tools can help businesses foster collaboration and knowledge sharing within their organization. Additionally, enterprise social networking can help businesses build stronger relationships with their customers and partners.

These platforms provide a way for employees to connect with each other and share information. They can be used for 

• Collaboration, 
• Communication, 
• Or simply building relationships within an organization.

Expertise location systems

Enterprise location systems are used to track and manage the locations of assets and personnel within a company or organization. 

• These systems can be used to monitor the whereabouts of employees, vehicles, and equipment in real time, as well as to track the location of inventory and other assets. 
• Enterprise location systems can also be used to generate reports and analytics on the locations of assets and personnel, which can be used to improve efficiency and optimize operations.

Help your Business Succeed with Oreed

Oreed is a platform that enables businesses to improve their internal capacity building. 

• It provides a range of features and tools that can help businesses save time, money and effort that can be better spent supporting company outcomes. 
• Oreed also offers a range of support and training services to help businesses get the most out of the platform.
• With a wide range of powerful communication tools, you can make sure your employees as well as customers are kept informed and engaged at all times. 
• Not only this, but you can also track and evaluate employee performance and progress with the platform. This would help improve and enhance employee knowledge, skills and motivation.

Promote lifelong learning through Oreed by experiencing the most powerful all-in-one training and development intelligent platform that streamlines all your organisation's learning, training and development activities in one place.

Final Thoughts

As we come to the end of our exploration of Knowledge Management systems, it is important to reflect on what we have learned. 

These systems are designed to help organizations capture, store, and share knowledge. They can be used to support a variety of activities, from managing customer information to developing new products.

There are many different types of KMS, each with its own advantages and disadvantages. It is important to select the right system for your organization, based on your specific needs and goals. 

So what are you waiting for? Partner with Oreed today to make the best use of the platform’s features to make your business a massive success.

FAQs

1. What is Enterprise Knowledge Management?

Enterprise Knowledge Management (EKM) is all about gathering the information and wisdom within a company and storing it in one convenient place using fancy tech. This makes it super easy for everyone in the company to access and reuse it. This system boosts productivity by tapping into the combined brainpower of the whole team.

2. What is a Knowledge Management Process?

The knowledge management process involves efficiently gathering, distributing, and overseeing organizational knowledge. This discipline distinguishes between explicit, tacit, and implicit knowledge management concepts.

3. What are the examples of knowledge management technology?

Knowledge management technologies include artificial intelligence (AI) technologies, electronic discussion groups, computer-based simulations, databases, decision support systems, enterprise resource planning systems, expert systems, management information systems, expertise locator systems, videoconferencing, and information repositories

4. What is the goal of knowledge management?

Knowledge management aims to enhance a company's effectiveness by preserving its internal knowledge. This deliberate process includes tasks like defining, organizing, retaining, and distributing the collective wisdom and expertise of its employees.