With Statista finding that 306.4 billion emails were sent and received each day in 2020, there is an ocean of data and a constant wave of information hitting our collective shores. The digital era has been a race to find ways of capturing and disseminating information and knowledge, as a fundamental element of competitiveness, but many businesses have found out that the challenges associated with conventional operational working were multiplied by highly distributed workforces.
The repercussions of failing to ensure knowledge is easily accessible can be extremely costly and results in wasted time and resource. Consequently, with the amount of information generated within businesses showing no signs of slowing down, it is now a matter of urgency that organisations implement clear, effective and robust management strategies. There are two main types that emerge, tacit and explicit – the former being knowledge gained through experience – and the latter, information that can easily be codified and taught. Having undergone a paradigm switch from information to experience-based, KM is now also ideas-based. All three types are incredibly important for businesses to improve process efficiency, must ensure sharing first and foremost, closely accompanied by cross[1]collaboration throughout all departments and teams. To ensure the efficacy of these strategies, they must be underpinned by technology. That way businesses will be able to securely collate and share the full spectrum of information and assets they have with all relevant parties. Whether working in the office or remotely, employers should facilitate on-demand access to information to all employees, so that they can remain engaged at all times. Long gone are the days where employees would be happy to wait until they are granted permissions to a shared folder. Effective knowledge management strategies are, however, not just about accessibility. They should encapsulate how businesses identify, capture, evaluate and retrieve information assets too – including everything from database, documents, policies and procedures – and not forgetting the expertise and experience of workers. Sometimes, even happy employees move on as they reach a point in their career that requires a change. Therefore, an effective KM strategy prevents a loss of knowledge and makes knowledge transfer easy. Bringing together people, processes, technology, structure and culture, businesses can successfully implement strategies. Culture is the final piece of the puzzle and building and promoting a culture of sharing may require significant changes within the organisation’s values.
It is a common misconception that knowledge management should only be the responsibility of an HR practitioner or L&D manager. Certainly, HR departments can lead the charge in implementing effective strategies and the tools that will give the strongest foundation for success. However, everyone working in an organisation should and is responsible for sharing ideas and experiences to solve problems and drive the business forward. Nonetheless, what companies need is a custodian, who will coordinate the chosen KM approach and guard the solutions. Although knowledge is power, too much can actually weaken organisations. That is because information can be contradictory, missing or outdated, leading to confusion amongst employees and more problems than solutions. Therefore, a manager should take the role of identifying and safeguarding the single source of the truth, to ease frustrations and encourage widespread use of the company’s knowledge base. Rapid technological advancements have compelled management to mature from a static activity of documenting information, to dynamic AI-powered platforms that help organisations act on data more effectively than ever before. These self-service platforms help form a central repository that puts an end to siloed information in multiple places, allowing employees to obtain answers as and when they need. With no more delayed responses, wrong files and out-of-date information, workers can gain confidence that what they are learning is true and accurate. At the same time, if they spot inconsistencies, they will feel empowered to proactively push the right information to the right learning is incremental to the effectiveness of any knowledge management strategy today. By facilitating greater internal communication through the implemented platform, employees can be better informed and more productive. In addition, the tools have to offer high levels of security, as more sophisticated data breaches pose a threat to critical assets every day. A culture of sharing and a long[1]term approach, can also make businesses more attractive to new recruits as they can see they are forward-thinking with a clear plan and a direction for the future. Candidates value organisations where knowledge is cherished and celebrated as they can leverage it to the greatest possible benefit and become better professionals. Tapping into the synergies that exist among all their colleagues, they form a more creative, collaborative and supportive work environment, which is person, acting as the guardian of the company’s knowledge management strategy. Scalability should be high on the list of requirements to future-proof the business and allow it to grow and adapt to the changing needs over time. The solution should go beyond the standard internal database as the aspect of social highly sought and valued today. Not only does it allure the best talent, but it also helps retain it. With knowledge within easy reach, employees are set up for success, leading to their higher satisfaction and engagement. They can solve problems easier as they are clearly documented and they are empowered to share their own ideas and experiences with the team, making them feel respected and valuable and the business more innovative and attractive to customers.
Modern-day platforms can streamline knowledge management processes, allowing employees to search and find the materials they require. Not only does that relieve HR staff of answering the same questions over and over again, but also speeds up decision-making and problem-solving. This enables workers to be more efficient and keep pace with changes in a rapidly evolving landscape and businesses have a competitive advantage, as they become more agile and responsive to changing customer needs and expectations. Agility is crucial in today’s post-pandemic world for businesses to recover and thrive in the future. As organisations search to develop and rethink their knowledge management strategies, they should implement solutions that will help them achieve their goals and embrace the benefits. AI-powered platforms not only improve the quality and ability to collaborate, but also facilitate access to expertise and leading practices to enhance business decisions. With an effective strategy and tools in place, businesses can make accurate information flow, reaping the benefits of a more productive and supportive workforce. After all, an investment in knowledge pays the best interest.
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