What is Knowledge Management? By definition it is “the process of capturing, distributing, and effectively using knowledge.” It is the systematic handling of information, data, and knowledge assets held by an organization with the purpose of creating value and meeting both strategic and tactical goals and targets.
With the digital age, knowledge management has gone from something that was barely considered important to something that is used every day by organizations all around the world, even though some don’t label it as Knowledge Management.
The internet itself is a source of valuable information that can be tapped into by any person or organization with a connection to it.
What can be achieved with effective Knowledge Management?
Knowledge management as a discipline seeks to accomplish many different things. Whilst not all of these are applicable to every organization, value can be found in knowledge management no matter what your industry or vertical market.
1. Improved and open communication
When knowledge management is adopted by an organization, it creates the environment for improved and more open communications between individuals and departments. When employees and other key people within an organization are more informed, people naturally feel more empowered and are open to enhanced communication.
2. It makes finding relevant information easier
Organizations face many and varying challenges; the need to respond quickly and accurately to customers, solve internal business problems, analyze data and trends, watch the competition and plan strategically for the future. Knowledge management helps by making it easier to find relevant, impactful information efficiently and with relative ease.
3. It eliminates recurrent mistakes
If organizations do not learn from their mistakes, the same mistakes can be made over and over again, which can be costly and make it far less likely the organisation will survive and prosper. Knowledge management enables the sharing of both successes and failures, providing a reference point from which organisations and employees can learn and develop.
4. It helps differentiate you from the competition
It is important to differentiate your organization from others within your industry, particularly in a crowded and saturated marketplace. Demonstrating to your customers and clients that you have vast expertise helps to convince them that you are a leader within your industry and are worthy of their business ahead of your competitors.
Knowledge Management is a Growing Trend
As more and more organizations realize the benefits of applying knowledge management to their operations, it is becoming a more widely used and understood trend that will only grow more relevant as time goes by.