Though companies function as a single entity, there are multiple silos within every organization. The purpose of knowledge management tools is to unite these valuable yet fragmented pieces of information together and make them accessible to all the employees of an organization in a streamlined and organized manner to achieve goals and objectives.
According to a survey, Fortune 500 companies lose around $31.5 billion (about $97 per person in the US) a year by failing to organize and share knowledge. Though knowledge remains as the number one asset of an organization, companies are not doing enough to preserve and share it. Having a good knowledge management software will help companies in the following areas.
Whether it is top management or entry-level executives, every employee in the organization must be able to easily retrieve the information they need to make informed decisions. While knowledge management will help top executives to steer the organization by making informed decisions, it will help a customer service manager to quickly help customers, leading to an increase in customer satisfaction.
A study reveals 67% of employees are not engaged in the workplace leading to a loss of $7 trillion worldwide in terms of lost productivity. Having a good knowledge management solution will ensure employees at all levels share their insights and knowledge with other co-workers leading to better collaboration, morale, and teamwork.
Without a proper knowledge management in organizations, employees who are leaving or retiring will take all the knowledge with them and the companies will have to spend a lot of time and money to fill the void left by these ‘knowledge workers.’ Companies must make an effort to document their ‘experience’ so it can help the existing as well as future employees to fill the knowledge gap.
Everything happening within your organization like developing new products and providing services is based on employees’ knowledge. Without this knowledge, businesses cannot function. But an organization cannot succeed with mere knowledge alone. Knowledge must flow freely and integrate seamlessly for businesses to succeed. Thus, effective knowledge management solutions are critical for smooth flow of information.
According to a report by IDC, an average knowledge worker spends about 2.5 hours per day, or 30% of a workday, searching for information. Another study reveals that 70% of organizations believe improving their knowledge management-related efforts will increase their overall productivity.
Having all the information in one place and organized will help companies to boost employees’ productivity. For most of the companies, knowledge is hidden in their emails, group chats and other artifacts shared between the employees.
Clariti is a free SaaS product that ensures all your communication is automatically organized in Workspace of related information that can be easily accessed for a complete history of the topic to make an informed decision when needed. These threads are called Workspace in Clariti. They can include emails, chats, to dos, shared documents and much more.
Also Read: All about Clariti’s AI-powered TopicFolders
Using Workspace for all your external and internal communication will help you to devote more time to do meaningful work, and less time searching for the email attachment that you sent to the client last week or the PowerPoint that was shared in the group chat yesterday.
In the business world, knowledge is power. The more information an organization has, the better equipped it is to make informed decisions and achieve its goals. Knowledge management is a system for acquiring, storing, and sharing information within an organization. By making information more accessible and easier to use, knowledge management can help to improve productivity and decision-making. In addition, knowledge management can help organizations to avoid duplication of effort and wasted time by ensuring that employees have access to the most up-to-date information. By improving the efficiency of information flow, knowledge management can help organizations to improve their overall productivity.
Businesses today are increasingly relying on knowledge management to improve efficiency and competitiveness. By systematically gathering, organizing, and sharing information, businesses can tap into a valuable resource that can help them to improve performance and gain a competitive edge. In addition, knowledge management can help businesses to better identify and address market opportunities and trends. By identifying and sharing best practices within the organization, businesses can improve the quality of their products and services. Finally, knowledge management can help businesses to build stronger relationships with customers by providing them with access to timely and accurate information. In sum, knowledge management provides businesses with a number of advantages that can help them to improve performance and competitiveness.
Knowledge management is the process of identifying, organizing, and making accessible the information and expertise needed to run your business. The goal is to ensure that the right knowledge is available to the right people at the right time. Knowledge management can have a major impact on your company’s bottom line by improving efficiency, reducing costs, and driving innovation. When knowledge is properly managed, it can be a powerful tool for competitive advantage. In today’s fast-paced business environment, knowledge management is more important than ever. The ability to quickly share information and expertise can make the difference between success and failure. A well-designed knowledge management system can help your company stay ahead of the competition and achieve long-term success.