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6 Key Components to build a Knowledge Management Strategy

Knowledge Management is becoming a vital component of every organization’s business strategy. The importance of Knowledge Management is to be attributed to its two main functionalities, i.e., Knowledge Sharing and Collaboration.

Knowledge Sharing is becoming very crucial as employee retention is slipping to an all-time low figure. In the present competitive world, employees are constantly changing jobs due to the growth opportunities and for umpteen other reasons such as better pay package, company reputation, migration, etc.

A very important thing to note here is that when the best brains of your organizations leave, they carry along with them their intellectual skills and learning experiences acquired over the period of years while they were working with you. Thus, the knowledge is flowing out of your premises along with the employee.

There should be a system to tap this knowledge transfer and retain it and share with the co-workers even when the employee has left the organization. A robust Knowledge Management System is the key to capture the transferred knowledge.

Hence, the framing of a Knowledge Management Strategy is essential for determining the components of the robust Knowledge Management System (KMS). It also helps in creating an action plan to initiate knowledge sharing and collaboration.

6 Components to build a Knowledge Management Strategy

1. Segment your Information

Knowledge Management Software has to be segmented into various categories for different projects, teams, business units, etc., to view the relevant documents effectively. The system must ensure any overloading of information assets and must facilitate easy information retrieval when required by employees.

The Knowledge Management System also helps in content navigation and accessing information in an easier and quicker way. Relevant information must be added into the KMS system as outdated and unwanted information will clog the system and the desired benefits will not be experienced by the organization.

2. Goal Setting

Set benchmarks in the Knowledge Management Strategy to track the activities executed via the KMS. The aim of the Knowledge Management System is to improve employee productivity. Hence, the performance of the KMS must be monitored regularly to track organizational improvement.

Goal Setting helps in determining whether the overall organizational goals are being met by the KMS. The teams who operate the KMS must conduct goal-setting exercise for themselves on a periodic basis and strive to achieve it using the KMS. The results from the goal-setting exercise determine the success of the KMS System.

3. Enable Search Directory

The success of the Knowledge Management System is the search capability. The KMS must ensure it consists of proper archiving standards. File Tagging is an interesting element to include in the KMS. It helps in easy identification of certain groups of documents and saves time for the employees for the retrieval. Especially if the files are required on a regular basis.

The search directory enables the provision for the easy information sharing and collaboration for the employees using the KMS. It helps in adding value to the KMS system, enhance employee productivity and enhances the adoption rate as more employees will start depending on the KMS system for easy access to required documents.

4. Simplified Training Procedures

The effective use of the Knowledge Management System depends on the training procedures prepared for the employees. The training modules must be very simple in nature so that new employee who starts using the KMS should easily understand the functionalities.

The training should be updated on a timely basis with refreshed documents, records, training material, tutorials, etc.

5. Framework for Content Creation

A robust framework for content creation must be in place. Consistency in content formats is a key element to be considered in the content creation framework.

For various content types like blogs, articles, presentations, reports, etc., there must be a standard template with allowable variations to main the uniformity. As each employee prepared their project differently, to maintain a certain standard it is essential to align the content creation process to a pre-set framework.

Consistency in content creation will help employees build a wealth of information to engage, collaborate and interact with. It, in turn, results in enhanced employee motivation and productivity.  

6. Leverage Social Elements

The most modern Knowledge Management System is integrated with Enterprise Social Media Platform. It helps in leveraging the employee skills and encourage them to create, manage and share the relevant content online that enhances work productivity.

Apart from the faster knowledge sharing and collaboration, the advantage of having a social component to the KMS is increased employee recognition and motivation to contribute more.

The scope of Knowledge Management is endless. Newer possibilities are constantly added to the knowledge management system on the go. A knowledge management system that is implemented using the above-indicated steps is expected to deliver enormous value addition to the organization.

To know more on Knowledge Management and the allied Service Packages available, feel free to reach out to us!

Contact: Aurion Business Consultants