Knowledge Management (KM) is a practice followed by present-day organizations to capture, organize, evaluate, retrieve, and utilize their intellectual assets. With contemporary digital technologies, knowledge management tools have emerged as a reliable source to enhance employee productivity, improve decision-making, and organize an ideal knowledge base for the company.
What is the importance of knowledge management in the workplace?
Re-inventing the wheel every time is no solution to the fundamental challenges faced by businesses. Certainly, organizations with sketchy knowledge management strategies find themselves in the same boat. Knowledge is what combines essential documents, information, statistics, tactics, and experience gained by employees over time. Implementing such knowledge gathered by organizations helps them enhance situational awareness, reduce response time, eliminate decision-making bottlenecks, and improve the overall productivity of employees.
Top 5 Benefits of a Robust Knowledge Management Tool
1. Well-Organized and Accessible Information:
Unorganized information usually accounts for lowered employee performance. However, SharePoint-based knowledge management tools allow employees to create, organize, edit, and store all their business-critical data in secure and centralized storage, making them accessible even in a hybrid environment. You can add keywords and metadata to the documents, pin them on top, and get quick links to critical documents to leverage its flawless navigation capabilities.
2. Effective Employee Learning:
How much money does a company spend on training newly hired employees? A robust knowledge management system can save you a few extra dollars. You can create a dedicated knowledge center comprising adequate technical and informational resources to promote the self-learning capabilities of employees. Offer your employees quick access to FAQs, company policies, product descriptions, employee manuals, and an expert column where they can learn from their coworkers’ experience.
3. Informed Decision-Making:
The contemporary agile organizational framework necessitates real-time information transfer and synthesized stats for more informed and faster decision-making. A profound KMS with added business applications like Teams, Calendar, and Power BI empowers you to promote discussions, evaluate stats, and execute decisions collaboratively, reducing overall response time.
4. Enhanced Productivity and Efficiency:
Unorganized knowledge usually gets dumped into departmental silos and desktops. Make organizational knowledge searchable and shareable by offering a unified platform where employees can freely share their ideas, information, and documents with their coworkers. Certainly, it helps you recognize potential knowledge gaps within the organization, improving overall productivity.
5. Strong Organizational Culture:
Embracing knowledge management is all about fostering a strong company culture. A knowledge base covers all the know-how, policies, documents, project details, and, most importantly, the skills and experience of employees. The readiness to collaborate and share ideas makes way for growth and innovation in employees, processes, and business research.
The above points claim that a robust knowledge management system takes into account some of the significant challenges faced by organizations. Above all, knowledge management provides you with a competitive edge over other businesses by tracking internal inefficiencies, miscalculations, and disengagement. And having a SharePoint platform that supports uninterrupted information flow becomes necessary to utilize untapped knowledge within the organization.