Information sharing and knowledge management are critical for all businesses, regardless of their type and size. According to International Data Corp, Fortune 500 companies lose at least $31.5 billion a year due to poor-knowledge sharing practices. That is why several companies invest in knowledge management platforms to share knowledge within an organization.
So, what is knowledge management?
Knowledge management is not all about gathering, storing, organizing, retrieving, and sharing knowledge within the organization. Rather it is all about enhancing corporate learning, collaboration and communication, and the organization’s productivity. Given the power of knowledge to work efficiency and business productivity, companies must have a knowledge-based system in place.
There are two types of knowledge management – internal knowledge management & external knowledge management. Internal knowledge management is used within the organization to:
- Optimize knowledge sharing among staff
- Boost collaboration among staff
- Improve organization performance.
On the other hand, external knowledge management is used to deliver information to individuals outside the organization. It helps companies to
- Streamline their customer experience
- Enhance collaboration with peers
- Provide business insights through websites, blogs, articles, presentations, etc.
So, a knowledge based system is not only a center of knowledge for the company’s employees but also for the customers and audiences. It allows your customers to access the information promptly.
How to choose the best knowledge management system?
Effectiveness of search functions: When searching for information, your knowledge base management system needs to be accurate and fast. It should provide the right information to the user, no matter if the user is from your organization or outside the organization. In addition, it should be intelligent enough that it should account for spelling errors and typos and link the user to the right information. So, before you go ahead, check how effectively and accurately it responds to queries.
Data & security compliance: Being a reputed organization, complying with safety and privacy regulations is vital. While the European Union has passed the General Data Protection Regulation (GDPR) in 2018 to strengthen the privacy restrictions, you must ensure that your knowledge management solution meets these regulations and provide data encryption and safety facilities to protect your company’s crucial data.
Understand your workforce: There is nothing like one-size-fits-all when it comes to choosing a knowledge platform for your organization. It doesn’t mean a knowledge-based tool that is ideal for an organization will cater to your needs efficiently. So, before you go ahead, make sure you choose your knowledge management platform as per your employees. Consider who will use it and how, what is the location of your team members, OS compatibility, user interface, etc.
AI compatibility: Some companies harness the power of AI to supersede a search engine. The AI bots direct the user to the right information page based on the keywords. However, sometimes the AI bots can’t find the right information & it will direct the user to the right person in the staff. Not only does it enhance the user experience but also sends a message that your company values your customers. So, if you also use AI and want to implement knowledge-based solutions to enhance your productivity, make sure it is compatible with AI.
The Bottom Line
Investing in a knowledge management platform is a great investment. When used in the right way, it can eventually give you back tones of time to focus on your business activities. So, it is worth investing in a knowledge platform.
Now that you know what a knowledge-based system is and factors you should consider when choosing a knowledge platform, what are you waiting for? Explore the internet and find the best knowledge management solution to enhance your business productivity.
I am the content writer for Allblogsidea, where I love what I do. Writing is my passion; it’s what drives me in life. It makes me happy when people share their stories with the world so they can be heard.