Best practices for building an effective knowledge management strategy

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Knowledge Management Strategy

What is knowledge management, and how does it relate to business strategies? Knowledge management is a business’s ability to create, store, share, and use information efficiently. A knowledge management strategy allows organizations to do this uniformly.

Most companies rely on communication and shared knowledge. If employees don’t access the same information, nothing can get done without extra effort and processes or tasks may become inconsistent or ineffective. Employees have to research the information they need and come up with answers on their own. Without a knowledge management strategy, vital information gets lost, miscommunicated, or discarded altogether. Not only does the next employee have to research that same information all over again, but the last employee also wasted their time. And while implementing a knowledge management program is essential to overcoming these challenges, you need to implement a knowledge management strategy first.

The Importance of Knowledge Management

A knowledge management program is an important key to success in any business. It helps companies and organizations document, organize, share, and apply information needed for future projects, preventing miscommunication, saving time, and more. There are many kinds of knowledge management programs to choose from, and they all perform differently with their own unique purposes. Finding the ideal one for your business is crucial. However, figuring out which one to use is difficult. That’s the importance of a knowledge management strategy.

1. Increases awareness and understanding of knowledge management

Having a knowledge management strategy helps you increase awareness and understanding of your new knowledge management system implementation. This understanding is essential because if your team members don’t know how to use the new system, or even what knowledge management is, they won’t be able to use it efficiently.

2. Communicates goals and overall benefits

Discussing your knowledge management strategy before implementing a new knowledge management program communicates the purposes and benefits you aim to achieve. By sharing this clearly and concisely, you are giving everyone a better understanding of why implementing this program is important and what exactly they’re working towards.

3. Shares best practices for knowledge management moving forward

Discussing and implementing a knowledge management strategy enables a better understanding of what you and the employees should be doing to communicate and store information effectively.

4. Provides a clear roadmap and plan for the next steps

Lastly, this will provide everyone with a universal understanding of the company’s ideal future and your plan as a leader to get there. It makes information regarding your goals and the process to achieve them easy to access and even easier to understand.

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Knowledge Management Strategy Framework

Knowledge management is an integral part of any work environment, which means getting it right is vital. Unfortunately, there is no cookie-cutter way to make sure your method is ideal. But, there are a few things to consider when forming your knowledge management strategy framework to increase the chances of it being effective. Your company’s first knowledge management strategy example won’t be perfect, so keep that in mind. What’s important is that you know what needs to be fixed and how to do so. It helps to have a knowledge management strategy plan template or a preexisting knowledge management strategy document to reference.

1. Assess where your organization is at right now

If your current method of knowledge management is lacking, there will be signs which make it obvious. Take a look at your organization and assess how well or how poorly information is getting passed along, how frequently miscommunications occur, whether or not data gets misplaced often, and so on.

2. Identify business goals for where you want to be

If you don’t know your end goal, then there’s no way you’ll form a proper knowledge management strategy and program. So, take a step back and think about why you need this knowledge management system in the first place. What do you hope to see for the future of your company?

Next, look at the timeline. How quickly do changes need to be made? What happens if they aren’t made on time? Once you answer these questions, you can narrow the search by how quickly the knowledge management systems will take effect and how quickly you can put them into place.

You also need to determine what “good” looks like to you. Is it revenue or the number of customers? Is it improving employees’ skills so that they work more efficiently? You have to have some way of measuring success, gauging whether or not the knowledge management system you chose is working to meet your needs.

3. Know how you’ll get there

Now you know where you are and where you need to be. What can you do to get from point A to point B? How can you close the gap? Create an action plan based on your needs, your current abilities, and how much the knowledge management system will help. Form a team of people qualified and skilled enough to take on the responsibilities you give them during the implementation. Learn about and be aware of all the tools at your disposal. How could you use those to your advantage? What resources will you need, and how long will this plan take to put into place?

What’s Next? Examples of Knowledge Management Best Practices

Once you have a general idea of the knowledge management strategy you want, it’s time for the practical stages of the knowledge management process. This includes knowing which knowledge management practices you want to implement. Since there are so many examples of knowledge management practices to choose from, here is our advice on formulating the best one for you.

1. Plan knowledge (do this during the strategy phase)

During the strategizing stage of the knowledge management process, you will need to plan out the kind of information you plan to use this knowledge management program for and what exactly you’ll need from it. Then, create documents to file and organize any relevant information.

2. Apply and share knowledge

Once you have successfully documented and organized all of the information needed, apply it as you need and share it so that anyone who needs it for current or future projects can access it as they see fit.

3. Evaluate and manage knowledge

Pay attention to how your system appears to be working. Monitor the information and how people are adding to it, accessing it, and applying it. Use that data to fine-tune your system until you feel that it’s the best it can possibly be.

Bring your Knowledge Management Plan to Life with Lessonly

Having a knowledge management strategy is important, but making sure your knowledge management plan gets implemented as expected is just as critical. Bringing your knowledge management plan to life is less frustrating with Lessonly and the newest product, Lessonly Knowledge. Lessonly Knowledge gives your team the answers faster and more accurately than ever before. It will help you bring order to the chaotic world of knowledge management and empower your employees for success. So why not give it a try? Click here to see what Lessonly has to offer.