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Knowledge Management: Importance and Benefits

In: Knowledge Management

Knowledge Management is a means, not an end.

Bill gates
knowledge management on laptop

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Recent studies in the US concluded that around 76% of people feel that data overloading adds to their daily stress. From push notifications to breaking news; everything is data contained which keeps the human brain unnecessarily occupied with useless information that’s nothing but a pure facade to consume (Study source: here).

The fast pacing internet and on-time communications have made information easily accessible. At least for now, the human brain hasn’t evolved at the pace of technological advancement and hence is suffering from its consequences. As per the sources, use of the internet and social networking sites increased depression and anxiety levels by 70% in the past 25 years

This gap gave birth to a science that exclusively includes accessing, organizing, and managing the data for an organization as well as for an individual which is now referred to as Knowledge Management. Keep reading more to know how knowledge management will change the course of the data-driven industry in the upcoming years. 

What is Knowledge Management?

knowledge management with charts

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As data is the new fuel, each organization has to make the most out of all the knowledge that it possesses. The knowledge can be in the form of employee experience, domain- expertise, consumer data, or market insights to name a few.

All of these are innate assets of the company in the form of knowledge and resources. Leveraging them can help the company to make the most of the available information. 

As companies operate through various verticals such as human resources, demand analytics, and production processes, they’ve got a plethora of past knowledge with them regarding each of the said areas. It can serve as a base to derive actionable insights.

But why knowledge management, you may ask? The answer is to derive reliable predictions and conclusions from past data and skills and utilize them for future decision-making. Thus, knowledge management caters that all the acquired knowledge and insights collected until now should help the business and whole organization in the best possible way. Let’s understand the different layers of a knowledge management system.

Levels of Knowledge Management 

As the KM process includes the involvement of knowledge/data of an organization, it consists of three levels that segregate its cycle from acquiring to sharing knowledge. An efficient knowledge management tool can help at each level of the knowledge management process.

The levels are segregated below

Acquiring knowledge: 

Accumulating all the knowledge about what has worked for the company in the past and what has gotten into trouble is crucial. It helps to monitor their recurring chances and helps as a coping mechanism.

Storing knowledge

After accumulation, parking this information at secured data servers and channels is essential to fetch it when required. While storing information, data privacy and security become important points to consider.

Sharing knowledge

If the relevant knowledge isn’t shared at the correct time, it loses its potential. Organizations must develop a culture of learning and sharing by providing resources and help through these stored data. This has the potential to fasten the skill upgradation of junior staff.

Benefits and Importance of Knowledge Management 

Efficient data operations: 

A decent KM system across an organization can improve organizational agility. It can help in a great way to find the relevant information at the required time without digging the data piles. This makes it easier to reuse old data and insights across many business verticals.

Competent staff: 

Existing staff and even the new joiners can extract wisdom from the senior executives by using knowledge management tools. It paves a way for freshers to get well-versed with the product, their duties, and the organization in general. This can escalate their learning speed along with enhancing their expertise due to better insights and resources.

Cost Effective: 

A centralized knowledge management software across the organization can help the organization in streamlining its operations. This paces up the whole process with a slight effort which enhances productivity. Thus we can carry out more work at the same cost and hence the overall cost reduces.

Enhanced user satisfaction

Companies have a plethora of consumer data stored with them over decades of their existence. Integrating it with the user service department can accurately assist them in delivering exceptional customer experience.

Data-driven decisions

Projections based on insights and analysis are more inclined toward actual results. Knowledge management can be a data mine for getting invaluable insights to have better prospects.

The bottom line 

In the end, the sole purpose behind Knowledge Management is to enhance the untapped potential of an organization that was lying dormant and unexplored. But not at the cost of ruthless costs and complex systems. 

For this, Nowigence has come up with a specialized knowledge management software named Pluaris which is a comprehensive and ready-to-use artificial intelligence (AI) platform.

Pluaris logo

Nowigence is a Software as a service (SaaS) company that is pioneering into the field of “Personal Knowledge Management” by introducing this one of its kind tool that caters to all the needs related to storing, assessing, and using the organization’s as well as an individual’s knowledge to the best of its potential. This knowledge management tool is a one-stop solution that mimics the human ability to learn but at the speed and accuracy of a machine. To sum it up, it speeds up the pace of data reading along with curating critical insights from the data.

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