5 reasons why knowledge management is so important

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Importance of Knowledge Management

Knowledge management is vital to get right, no matter what area your business or organization specializes in. After all, the failure to document, organize, and share information properly is one of the quickest ways to guarantee that your organization fails.

The importance of knowledge management is something that every corporation should be aware of, but alarmingly few of them are. The concept of knowledge management isn’t new, even if people may be unfamiliar with the term. Every organization should have some way to manage the information that is specific for their company that minimizes mistakes and miscommunication. Without proper knowledge management, any organization is doomed from the start.

What is Knowledge Management?

Knowledge management is a term used to describe the method an organization chooses to handle vital information. So…

What is knowledge management, and why is it important?

Knowledge management is a business’s ability to create, store, share, and use information in a way that’s ideal for the company. An organization’s ability to store and share information properly can either rocket them to success or struggle. Getting knowledge management right is vital for all organizations, but people often struggle to find a way to do so. That’s because they have yet to discover a knowledge management system that works well for them.

What is a knowledge management system?

When it comes to knowledge management, there are several benefits to using the right knowledge management system for your organization. Still, before you can even think about doing that, you have to step back and understand what a knowledge management system is. If you don’t know already, don’t sweat it—many people don’t. The good news is that the term knowledge management system is not as complex as it sounds. A knowledge management system is a structure and method you use to handle the information your company needs. The right software makes it easy to manage your knowledge in a way that is accurately documented, conveniently organized, and easy to access for all who need it.

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5 Benefits of Knowledge Management

There are many benefits to knowledge management, and they’re important to consider when evaluating how your organization will go about it. Here are just a few of the many examples of the objectives of knowledge management.

Knowledge base software is a tool used most commonly by large organizations with a lot of essential information to keep track of. It helps prevent the struggles that an inconveniently compiled knowledge base can cause. Here are just a few ways that knowledge base software can benefit your organization.

1. Saves time

Accurately documented and organized pieces of knowledge allow employees who need information to work faster and more efficiently. This saves not only their time but the time of their colleagues as well. Now, employees no longer need to postpone what they’re working on to help a teammate find information. Additionally, the employee who needs the information won’t have to waste time researching or asking around for data that someone else already has. Spending time looking for information they need to do their job is one of the biggest time wasters for most employees. By implementing a proper form of knowledge management, it is estimated that you can improve overall efficiency by up to 20% on average.

2. Increases productivity

By saving their time and not having to research or hunt down information as often, employees will have more time to complete tasks and complete more tasks overall. As a result, productivity will be higher than ever before, an estimated boost of around 25%, which means more revenue for your organization.

3. Improves onboarding and training

Not only can you store information needed to complete tasks more efficiently with proper knowledge management, but you can also file and share skill-related information to help new employees acclimate better. In addition, it will help train current employees on new policies or technologies and sharpen or renew other skills.

4. Streamlines workflows

By giving all employees access to the same information and equal ability to access workloads, you make it easier to communicate and understand what is expected of each employee or team.

5. Scales communication

Proper knowledge management improves communication to allow people to communicate information more quickly and accurately than ever before.

The Strategic Importance of Knowledge Management

For companies that want to scale, knowledge management is an integral resource for growth. By maintaining control of and access to a consistent method of data management, your company can save resources and pull ahead of your competitors. Reduce the burden of onboarding and empower your employees to access vital information at need to enable a rise in productivity across the board.

Importance of a Knowledge Management Strategy

Knowledge management can only benefit your organization if you have a strong goal regarding how to use it and a plan for what to do with it ahead of time. Without understanding and implementing all the key components of knowledge management strategy, there are actually some disadvantages of knowledge management. That’s where the importance of a good knowledge management strategy framework comes in.

1. Increase awareness and understanding of knowledge management within the organization

The first step to any good knowledge management strategy isn’t merely implementing better knowledge management. In contrast, it’s making sure that all of your employees know what knowledge management is and truly understand its purpose.

2. Get buy-in from teammates and executive leaders

If one person proposes a new way of doing things within an organization, they’re not likely to be taken seriously. Talk to other people and try to get them on board with your new plan. The more teammates and executive leaders who back your plan, the better. A good knowledge management strategy will help you go far, and other people will see that if you present your case.

3. Communicate best practices, goals, and plans

The next step in your knowledge management strategy should be to communicate to your team. Communication is a vital component of the success of any organization. Talk with the other members of your organization and come to an agreement on best practices for your team, as well as what types of knowledge management you want to use. Then make sure your employees understand the goal for this new system and what the plans are going forward.

4. Track progress

Lastly, use your knowledge management system to track the progress of employees in the use of your new knowledge management strategy. Set clear goals regarding what skills you want them to achieve and what jobs you want them to do, then routinely compare where they’re at to where you want them to be.

Benefits of Knowledge Management Systems

There are many important benefits of knowledge management systems, and no knowledge management process is complete without it. A good knowledge management system software will help you through this process, provide you with all the resources you need, and give you access to a suite of helpful tools. A good example of a knowledge management system software that does this (and more!) is the all-new Lessonly Knowledge.

Lessonly Knowledge has everything you need to plan, organize, and implement your new knowledge management strategy as easily as ever. There are a lot of knowledge management system software options to choose from, and they all offer their own benefits. However, Lessonly Knowledge is one of the few that will help you through every step and will never leave you to struggle through it yourself. See Lessonly for yourself with this free lesson.