Knowledge management is a must for every company these days. It allows you to capture, store, manage and share your employees’ knowledge within your company. The main goals are to facilitate knowledge sharing and to find information and files more easily.
You can significantly improve efficiency and employee satisfaction with the right knowledge management systems. However, ineffective knowledge management affects the financial side and employee satisfaction.
If you keep reading, you won’t just find out why knowledge management is essential and should be used in any modern organization. We will also show you why you should definitely consider Wisdom as a knowledge management tool for your business.
Why the importance of good Knowledge Management keeps increasing
Changes are constantly occurring in the world of work because of digital transformation and the technologies that are constantly advancing with it. In addition, because of the pandemic and new ways of working, companies often have to redefine themselves and try to take advantage of the changes to maximize the potential in the workplace.
Due to the growing need to retain current customers and improve customer satisfaction as well as gain more leads, the global market is expected to expand significantly. Since the COVID-19 pandemic and the resulting remote work and hybrid work model, knowledge management systems have received a massive boost and have been gaining more importance. In other words, the need for knowledge management tools will keep growing, as most companies will probably continue with the work-from-home model at least into the near future.
Nonetheless, not only do knowledge management systems help improve customer satisfaction, they also help employees work together and share information in real-time. Another reason for the higher demand for knowledge management are the amounts of data being collected. This means that knowledge management is here to stay.
Every business needs Knowledge Management
Knowledge is a very valuable resource for companies, which is why it is extremely important to capture and store it properly so that it is not lost. Moreover, the specific knowledge of employees should be made equally accessible to the entire team.
Knowledge can be a competitive advantage. If, let’s say, a baker has the knowledge of how to bake good bread and he has a recipe book for this, he can pass his knowledge on to new employees, while a baker who does not have this knowledge gets into trouble because his on one hand, his bread is not as good and on the other hand, his knowledge cannot be passed on so easily because it is not written down. The goal of companies should therefore be to capture all knowledge, collect it, filter it, sort it and make it available in case someone needs it.
In product development, for example, knowledge is crucial. If it is stored in a central database, it can be useful for many, such as customer support. If customers have questions about a product, the support team has fast and easy access to the knowledge and can help them out quickly. In the same way, a translator can obtain all the necessary knowledge from the knowledge management system if, for example, he has to create an instruction manual in different languages.
What Key Benefits can you experience?
As mentioned above, knowledge management systems have always been important but they have become even more prominent since the pandemic.
With organizations changing their work models, they have to find ways to keep up with their storage and management of knowledge to ensure productivity and efficiency. If they haven’t been using a suitable knowledge management tool before, they have to find one now.
The right knowledge management tool brings many benefits to modern businesses. We have already mentioned a few benefits above.
In a study by the Amman Arab University in 2018, they found a direct significant relationship between knowledge management practices and organizational performance, including financial performance. This shows that implementing a knowledge management tool can be very valuable for a company.
The following six benefits of Knowledge Management will convince you to implement it for your organization if you have not already done so:
- Better accessibility: The company’s knowledge is equally accessible to everyone and not separated by different business units. At the same time everything is stored systematically and logically. Documents can be found quickly and easily, which saves time that can be invested in other areas.
- Increased productivity and efficiency: Thanks to the fact that knowledge is well-structured and that the whole team has more knowledge, productivity as well as efficiency improve significantly. Employees can get their work done quickly and qualitatively and can answer potential questions easily. On the other hand, employers can focus on managing their company without extra work.
- Improved employee satisfaction and reduced employee turnover: Effective knowledge management systems help employees become more knowledgeable, which in turn makes them feel more empowered and valued doing their job. They also make less mistakes, and there are less misunderstandings. All of this increases employee satisfaction and also ensures reduced employee turnover.
- Increased customer satisfaction: An important point for any business that offers a service or products is to build trust, loyalty and long-term relationships. This is where knowledge management comes into play: Since your employees have more knowledge and are better prepared, not only do your customers have more confidence in your company’s services, but you also achieve higher customer satisfaction.
- Higher outputs and increased revenue: All of the above benefits influence one another. The improved customer service as well as the enhanced productivity and efficiency lead to higher company outputs. With better informed and more knowledgeable employees, they can handle workplace challenges better. This leads to increased revenue.
- Reduced costs: As already mentioned, all the benefits work together. As all employees have access to all the knowledge of the company, you save time and money, because there is no need to organize additional training. Onboarding processes are also faster and more effective. The costs saved can be invested in other important areas such as the IT department.
Why you should consider using Wisdom
In previous blogs, we have talked about the benefits of Wisdom. In this blog, you can read about how Wisdom is a valuable addition to your business during the era of remote and hybrid work, since it brings your customers and employees together and improves engagement and communication greatly.
However, this knowledge community platform is also a great tool to improve knowledge sharing and collaboration. It works as a perfect knowledge management system because of the variety of features.
Some of the amazing knowledge management features include:
- The ability to create, manage, tag, and translate an unlimited amount of content elements, giving you a lot of freedom to add as many important files as you need.
- The ability to create FAQ pages for fast support with dynamic navigation and vertical menus. This feature is especially useful, since FAQs have shown to be immensely valuable and have many benefits for businesses, such as time and cost saving, increasing your visibility on Google and other search engines, which can drive more people to your website, and improving the user experience.
- Fast loading times and intelligent search suggestions, which helps enhance your customers’ and employees’ satisfaction and reduces frustration.
- The ability to create and manage multi-dimensional categories of content (markets, products, etc.). This helps organize content in a meaningful way and provides a clear overview.
Both employees and customers have access to the knowledge databases that can be created on the platform (knowledge pages or FAQs). Knowledge can be entered there directly by qualified people. The search function accelerates processes of preparation and information retrieval, which in turn leads to even higher efficiency and customer satisfaction.
What is the conclusion?
Knowledge is a company’s most important asset, which is why it’s particularly important to use it in a targeted manner. Use it to your advantage and take your company to the next level. As we have seen, knowledge management systems have been proven to positively impact all aspects of business performance to a high degree.
If you haven’t already implemented an effective knowledge management system, now is the time to do it, because the knowledge management market will keep growing and you should always be one step ahead. Technologies are constantly evolving. That’s why you should always evaluate the tools you use and eventually replace them with more effective ones. It’s essential for businesses to have the right knowledge management tool in order to experience the benefits we have talked about before.
The problem of implementing a new software can be the loss of efficiency and the cost of switching now. On the other hand, you have the opportunity to prepare for the future and modernize your business. Thanks to new technologies like Wisdom, the transition is made easier because it is an intuitive and practical platform where the community takes over the work.
You are guaranteed to experience all of the mentioned benefits with Wisdom thanks to its features and the possibilities you have by using it. Bring your customers and employees together, improve your team’s communication, knowledge sharing and collaboration, and you will enable high employee satisfaction. This will have a positive impact on your business. You will significantly grow your customer base and increase your sales.