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Knowledge Management: Benefits and Best Practices

3 min read
Last Updated on 21 May, 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.

While we enhance our abilities, we should not forget the history behind it. It requires systematic management and documentation.

This is crucial so that the upcoming generations learn, adapt, and blend in well with its help. The same is done for organizations as well. Managing all the data and information is crucial 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 is the process of redefining, structuring, storing, and sharing knowledge held within the organization. It helps the present employees to become more efficient in their respective jobs.

Thus, building a smarter workforce that can make quick decisions that benefit the company.

The main aim of knowledge management is to-

  • Enhance the performance

  • Have a strategic approach towards the goals

Main benefits of Knowledge Management

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

  1. An efficient workplace- Where every employee has the experience and knowledge about their work.

  2. Decision making gets better- With deeper insights and understanding, decision-making improves.

  3. Emphasizing collaboration- Knowledge management enables an organization to practice collaboration. It allows everyone to table their pre-requisite ideas which promote organizational learning.

  4. Employee growth and development- With knowledge management systems, employees can increase their skills and develop themselves.

  5. 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 plan the process and work on the necessary steps. This will help you put in place a knowledge management program. Strategizing is crucial so that the program runs without any discrepancies. Also, one should ensure that it remains employee-centric.

Furthermore, assessing the process is crucial. That would determine if it fits the organizational culture and structure well. Once the implementation is complete, 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 productivity and efficiency. Conducting training sessions help employees to gain knowledge in a particular field.

It can be conducted through-

  • One-on-one coaching sessions

  • Company workshops

  • Online sessions where live and interactive Q&A sessions will avoid confusion.

This will help employees see a clearer picture of what lies ahead. And how they can make the best use of their training and their knowledge.

3. Guides and Documentations

One of the effective ways to transfer knowledge is through text-based knowledge management. It can include guides, case studies, and documentation. It enables-

  • Storing information

  • Different categories

  • Navigating as per the requirements, making it easy to pinpoint the exact data.

The advantage of having documents as knowledge sources is that-

  • They are accessible

  • Online sharing availability

  • Comprises expert advice in one package

Thus, providing a vast directory for your employees to upskill and improve productivity.

4. Online forums and intranet

Every organization has its social platform. Here discussions happen often and sharing of relevant information occurs. This helps the employees to stay connected with each other. And learn about new developments.

As a manager, you can add a section allowing access to vital information. This will help your employees to gain more knowledge about the necessary changes.

This fosters transparency and allows employees to see the bigger picture.

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 to bring the best out of them.

As a manager, you need to develop a learning environment and encourage your employees. It fosters innovative thinking and gives employees the ability to tackle problems. Increased awareness and new information increase the performance. Thus, creating an environment where learning becomes a priority.

Summing it Up

It is crucial to understand the application of knowledge management process/systems. The main goal is to become more knowledgeable and efficient without losing productivity. The process can become extensive with time as it needs to be updated with the latest developments. But, 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 editor@vantagecircle.com

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