There are various systems to invest in for businesses of all sizes. Among the most important platforms are knowledge and project management tools. If you have already invested everything in improving your project management practices, that’s good news! Now, you are probably looking for a knowledge management system. But before you stick to a platform, what is knowledge management? Is it crucial to your organization? Worry no more. In this guide, we will try to answer some of these questions.
Knowledge Management: What Is It?
As the name suggests, it is simply the management of a startup, mid-size, and large company’s knowledge assets to create value across the organization and meet any strategic requirement. It is composed of initiatives, systems, processes, and strategies that enhance the storage, creation, assessment, refinement, and sharing of data within a company of all sizes.
So, what is knowledge management in simpler terms? Well, it is the process of gathering, organizing, sharing, and analyzing data from people skills, documents, and other resources. Its primary goal is to allow managers to find and organize any necessary information without any hassle. This helps them make a well-informed business decision, get every project done according to deadlines, and take employee productivity to the next level.
2 Types of Knowledge
As you start to learn or navigate knowledge management, you may end up overwhelmed and confused. But congratulate yourself as you already know what knowledge management is. Now, what’s next?
There are two types of knowledge you should understand even if you have employees to supervise, products to develop, and other duties to focus on. These are tacit and explicit knowledge. What’s the difference?
Tacit knowledge is something unwritten. The best example is the knowledge of employees, which is critical to a particular company’s success. Without a team of competent and knowledgeable professionals, an organization will not function as it should be.
Here is the thing. Tacit knowledge is challenging and complicated to retain as a person does not commonly articulate it to another.
How about explicit knowledge? Unlike the first one, it is the kind of knowledge that is documented. Policy manuals, tasks, processes, and reports are common examples. Compared to tacit knowledge, it is easy to record, express, and quantify.
Is Knowledge Management Vital to Business Success?
There are various things that contribute to the success of an organization. Knowledge management is one factor that businesses cannot afford to underestimate. Below are some of its benefits:
Good Access to Up-To-Date Knowledge
Out of date knowledge is a big concern within a company as employees, team managers, and business owners need to make decisions every day.
Luckily, knowledge management can come into play. It particularly promotes the centralization of data from all available sources on a user-friendly and intuitive system in real-time.
As a result, everyone in a team can search for necessary information without too many problems, increasing performance and productivity at the same time. The access to up-to-date knowledge can also streamline business operations and transactions, helping the company stand apart from the competition.
Keep the Costs Under Control
According to a BLS study, 40% of the eligible workforce in the US is about to retire in the next five years. That will be a headache for businesses, as they will start to lose good talents, and effective knowledge management practices can play a crucial role.
Since we cannot control the retirement of competent workers, it is perfect for providing young professionals with an opportunity to be mentored by these people. While training initiatives require extra cost, it will lead to bigger savings in the future. That way, you can be sure your team remains capable, experienced, and productive as well.
Faster and Better Decision Making
Slow decision-making is the reason companies lose potential investors, sales/revenues, and other successful business opportunities.
How to improve the decision-making within your organization, though? Implementing knowledge management is the answer you have been searching for.
Even if you have a well-skilled and diverse team of specialists, they will not be effective without having enough data at hand.
It’s good news you already have a capable workforce. But your job does not stop there when you do not have quality knowledge management practices. It is time to take it to new heights.
It Can Improve Customer Satisfaction
It’s good news that you have products that can fix the pain points of your targeted market. But do not relax as it is not enough to achieve and maintain high customer satisfaction. How about your customer service?
Clients may encounter problems when using your services, and it is normal for them to raise their queries and other concerns along the way. As a business owner, you have to ensure a quick response time.
Again, knowledge management will be of great help as your team has access to important details they can use to accommodate customers’ questions.
It Promotes Collaboration
We always hear people say that two minds are better than one. This is true, especially in the workforce.
Even if you are flexible and competent as a professional, it is impossible to handle responsibilities that require teamwork. Remember that you also have limitations.
To improve collaboration within a company, the best knowledge management practices can be a lifesaver.
If you are working on a big project, other people in a team would stay updated with the progress of the job and know what to do. Thanks to knowledge management.
How to Apply Knowledge Management to Every Project You Handle in the Future?
Both knowledge and project management can work hand-in-hand to take business performance to the next level. How to apply knowledge management to all projects your team will be working on, though?
It is crucial to demonstrate the value of your existing knowledge management practices and introduce them into your project management.
Plus, you can give your project manager the duty to develop knowledge management activities as part of your project. It may be daunting at first. But once your people explore how knowledge sharing works, they will be more eager to engage in the process.
Now, are you looking for a sought-after and leading knowledge or project management system but do not know what to select? Norton and Monday are the two popular names in the industry. But which platform can exceed your unique requirements and make your dreams happen? Please feel free to click this Notion vs. Monday for more information.