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Knowledge Management: Benefits and Best Practices

4 min read
Last Updated on 28 January, 2021
Knowledge Management: Benefits and Best Practices

As we evolve with time, our knowledge about all the things that we know grows as well. It has always been about developing ourselves consciously and continuously.

While we enhance our abilities, we should not forget the history behind our advancements, which need systematic management to be documented well. This is done so that the upcoming generations learn, adapt, and blend in well with its help. The same is done for organizations as well. All data and information need to be managed so that there is never a gap in the future.

Let us now have a brief look at what knowledge management is.

What is Knowledge Management?

Knowledge management can be defined as the process of redefining, structuring, storing, and sharing expert knowledge held within the organization that helps your present employees to become more efficient in their respective jobs. Thus, this leads to a smarter workforce that can make quick and bold decisions that benefit the company.

The main objective of knowledge management is to enhance the performance of the organization and approach the goals strategically.

Main benefits of Knowledge Management

Some of the benefits that an organization gets with knowledge management include-

  • An efficient workplace- Where every employee has the experience and the knowledge about their respective jobs.

  • Decision making gets better- With deeper insights and understanding about the tasks in hand, decision making improves.

  • Emphasizing collaboration- Knowledge management enables an organization to practice collaboration where everyone tables their pre-requisite ideas and promotes organizational learning.

  • Employee growth and development- With knowledge management systems, employees, get the opportunity to increase their skills and develop themselves in the long run.

  • Increased employee satisfaction and retention- Providing growth opportunities will increase employee satisfaction and decrease turnover.

Practicing Knowledge Management with these simple steps

1. Strategizing the process

It is important to strategize the process and work on the necessary steps that you will take towards implementing a knowledge management program. Strategizing is crucial so that the program smoothly without any discrepancies. Also, one should ensure that it remains employee-centric and does not fade off from its main objectives.

Furthermore, the process should be assessed before implementing it to fit well with the organizational culture and structure. Once the process is implemented well, it will help an organization to develop employees and nurture them for the future.

2. Conducting training sessions

Training sessions are always beneficial when it comes to increasing the productivity and efficiency of your employees. One of the added benefits of conducting training sessions is that employees will be able to gain more knowledge and experience in a particular subject matter.

It can be conducted through one-on-one coaching sessions, company workshops, or online sessions where live and interactive Q&A sessions will avoid confusion. This will help employees to see a clearer picture of what lies ahead and how they can make the best use of their training and the knowledge that they gained.

3. Guides and Documentations

One of the effective ways to transfer knowledge is through text-based knowledge management in the form of guides, case studies, and documentation. It enables storing information, categories, and navigating per the requirements, making it easy to pinpoint the exact data.

The advantage of having documents as knowledge sources is that they are easily accessible, can be shared online, comprises expert advice in one package, and navigation is faster. Thus, providing a vast directory available for your employees to upskill and improve productivity.

4. Online forums and intranet

Every organization has its social platform where everyone stays in regular contact with each other. And there are online forums where organizational updates can be published as well as relevant information can be shared and discussed.

As a manager, you can add a section where vital information can be uploaded, accessed by anyone from the organization. This will help your employees to meticulously go through the organizational developments and gain more knowledge about all the necessary changes. Further, fostering transparency, innovation, and improving your employee's see the bigger picture will allow them to contribute more to the organizational cause and objectives.

5. Developing learning environments

Learning, as we know, is a never-ending process. And to keep up with the evolving world, it has become imperative that you keep yourself updated and develop new skills. The same applies to your organization and its employees. They are always in the constant need to update themselves so that they can bring the best out in them.

Developing a learning environment where employees are encouraged to try new things helps the cause. It fosters fresh thinking and a healthy mindset and gives employees the ability to tackle problems with ease. Increased awareness and a constant feed of new information increases their performance and creates an environment where learning becomes a priority.

Summing it Up

It is crucial to understand that applying the knowledge management process/systems is not only to become more knowledgeable but also to provide an organization more efficiency and productivity. The process can become extensive with time as it needs to be constantly updated with the latest developments. However, once you get the gist of it, it will become beneficial for an organization in the long run.

Mrinmoy Rabha is a content writer and digital marketer at Vantage Circle. He is an avid follower of football and passionate about singing. For any related queries, contact