Knowledge Management in a nutshell

Jan 17, 2022
  • operations
  • IT
  • OpenText
  • Microsoft

Knowledge is the new gold. For any organisation to thrive, it is key to adopt a solid knowledge management practice. What is knowledge management exactly?

Knowledge management is capturing, storing, sharing, and effectively managing the knowledge and experience within an organization to increase the workforce's overall knowledge. The primary goal is to improve efficiency, productivity while retaining critical information. It is important because it boosts the efficiency of an organization’s decision-making ability. 

Knowledge management cycle

1. Creation

It all starts with the creation of knowledge. These days, they can be any electronic information from an email thread, an invoice or a PowerPoint deck. While seemingly straightforward, things like naming convention and taxonomy are often overlooked. The lack of proper standardization or enforcement this would see an adverse affect on how the information would be retrieved down the road.

2. Storage

With the vast amount of knowledge across an organization, they must be stored and organized in a deliberate manner. A system can be created that is mapped and categorized, where the knowledge becomes more accessible manner, aligning to the organizational structure. This can include scanning documents, using metadata and indexing.

3. Sharing

The discovery and sharing of knowledge is the crux of knowledge management. By implementing a standardized taxonomy and structure, users would be able to locate the intended materials efficiently. A good knowledge management practice also takes into consideration security and privacy. Certain information might be sensitive and therefore access can be restricted on a need-to-know basis. To take security one step further, there are solutions out there which allow organizations to capture personnel access history.

4. Disposal

The final step of knowledge management is the disposal of said knowledge. To ensure that knowledge centers are kept relevant and up-to-date, information which can be scheduled to be archived or deleted according to the needs of the organisation. 

In conclusion

With the best knowledge management practice in place, an organisation is on its way to building a smarter workforce which is more able to make quick, informed decisions that benefit the organizations.

It could help cultivate an innovations within the organization, where customers benefit from increased access to best practices and a reduced employee turnover.

The importance of knowledge management is growing. As the marketplace becomes more competitive, one of the best ways to stay ahead of the curve is to build your organization in an intelligent, flexible manner.