A Knowledge Management Platform is often categorized as an IT solution in the form of forums, community spaces, intranets, etc. for internal use in an organization.
Knowledge Management has a significant role in your organization in achieving business sustainability.
In the current complex business scenario, Knowledge Management must be included as a key component in your overall business strategy.
Knowledge Management is about converting available raw data into meaningful insights. The information is then placed in a reusable repository for the future needs of your organization.
Knowledge Management contributes to the streamlining of ideas, solved problems, new project details, etc. It supports the employees to enhance productivity and avoid duplication of efforts.
Key Challenges in Implementing a Knowledge Management Platform
1. Keeping People Motivated
The Knowledge Management (KM) Platform must be engaging enough for employees to use it. For that organization must foster a culture of learning, improving, sharing and change.
Often it is a major cultural shift for most of the organizations and is met with resistance from the top management.
Constant updates and removing outdated content can help in keeping the employees motivated and use the KM platform more effectively in their daily operations.
2. Adapting to the Latest Technology
The KM Platform must be embracing the latest technology for the employees to benefit from using it. Most organizations are seeing it as an additional cost on top of the existing IT infrastructure expenses.
Frequent updates, constant changes, validation tests, etc., are pre-requisites for the KM Platform to perform optimally and meet the Knowledge Management Strategic goals.
3. Measuring Knowledge Contribution
Knowledge contribution is very complex to quantify. For the success of the KM Platform, the focus must be on information sharing rather than end results or efforts.
4. Information Security
The information protection standards for the KM System must be of high precision.
Any potential risk of a data breach has to be monitored and eliminated from the system. Again, this is an expense to be taken care of to ensure data security.
As the KM Platform will be widely used by employees, there has to be a secured information technology support to avoid financial and operational losses due to information loss or data hacks.
5. Updating the Shared Information
Content moderation is a challenge but it is very essential for the KM system to stay relevant in the complex business scenario.
Valuable data generated by community users are required to pass through verification and validity checks.
Thus, the KM platform will deliver accurate results for the readers and helps in value addition in the organization.
6. Assigning Knowledge Management Roles
Choosing a moderator, community manager, or developer, or a specialist is a complex process.
Managing the KM platform is a mission-critical task as the success of the platform depends on how it is maintained and how relevant is the information that is shared within the network.
As a major part of the KM Platform will host user-generated content, data accuracy, and validity checks are very important.
7. Visible Results from KM Implementation
KM Platform implementation and successful using of the platform depends on a lot of factors with employee motivation being on top.
However, to observe or measure visible results for KM implementation, it is a complex task to quantify the results. It can be mapped with the employee projects executed, enhanced productivity, good retention rate, etc.
Knowledge Management Systems require constant monitoring and updates. Many times well-developed knowledge Management Channels have slowly downed or disappeared as time passes by.
Large communities become inactive and organizations reduce KM efforts as part of cutting costs.
In reality, Knowledge Management can be of great help for organizations to save a lot from avoiding duplication of work, better employee engagement, a rise in productivity, long term sustainability, etc.
Why Neglecting Knowledge Management is risky?
Most of the organizations are either not aware of Knowledge Management or know the importance of implementing KM Platform in their business.
let’s look at the impact Knowledge Management has on organization performance.
1. Knowledge Gaps Affect Daily Operations
Employee collaboration is the key to the success of any organization. The smaller organization will have streamlined business operations and fewer knowledge gaps about the operations.
Employee communication will also be more transparent and friendly.
When it comes to larger organizations with branches that are geographically distributed, employee collaboration and communication is a major concern.
Any unattended or missed work opportunity, in this case, can cost the company a fortune.
Effective KM Systems will help in merging this gap of communication and faster closing of business deals.
Enterprise social networks and other KM Collaborative tools help in easy communication between employees spread out geographically.
2. Ineffective Decision Making
Often the knowledge stored in organizations will be unverified and outdated. It affects the daily business decision making as employees are dependent on outdated information.
Knowledge Management helps in providing accurate and up to date information that helps to make informed decisions.
3. Delayed Customer Service
Capturing effective customer data is a major shortfall for almost 60% of the businesses. There is a direct effect on customer service due to not managing customer information efficiently.
Knowledge gaps in customer details and capturing feedback has a significant impact on understanding your customers and their shopping behavior.
An effective KM system will merge the knowledge gap and enhance customer service.
Hence, in a nutshell, Knowledge Management is a critical component for organizational success in many aspects like business, employee engagement, customer satisfaction, client confidence, etc.
It enables organizations to become through leaders and subject matter experts in their respective domains.
To know the possibilities of Knowledge Management and how it can transform your organization, talk to our experts!
Contact: Aurion Business Consultants