What Is Knowledge Management?
Knowledge management is a process of collecting, storing, maintaining, and disseminating information within an organization. This improves knowledge accessibility across all departments and is especially useful for frontline customer service representatives.
Knowledge management best practices are extremely valuable assets for businesses, small and large, as it allows them to align multiple silos of knowledge and disseminate it reliably both vertically and horizontally in an organization.
Why Consider Knowledge Management For Your Business In 2023?
With 82% of companies willing to continue hybrid work in the foreseeable future, there has never been a greater need for a way to streamline knowledge sharing across your entire organization.
Additionally, in a competitive business environment, companies need to provide the best possible user experience to their customers.
After facing just one bad experience, 78% of millennial customers took their business somewhere else, according to a Salesforce study. A robust knowledge management system facilitates a smoother customer service interaction that improves your customer satisfaction rates.
If you are looking to explore KM for your organization or learn more about its value for your organization, here are some of the KM best practices for your organization in 2023.
Knowledge Management Best Practices For Your Organization
1. Plan Meticulously From The Get-Go
Before hiring experts to set up a KMS for your organization, make sure you have the knowledge you wish to digitize.
It is important to have clarity on the repository you are trying to create. Your business plan, work flowcharts, decision tree, and proprietary algorithms should be in place already.
This would be the preliminary information you need to provide the team setting up your KMS. We highly recommend having this information in hand before purchasing the license.
2. Promote More Digestible Knowledge Formats
A lot gets lost in translation depending on how you present the knowledge. White papers and lengthy documentation are useful for some purposes, whereas bite-sized actionable guides are useful for others.
A robust KM best practices would allow you to break down knowledge into easy-to-understand formats, including images and videos. This will improve knowledge consumption and retention among employees, which will translate to better use of it for confident customer service.
So try to break down your lengthy documentation into shorter and more direct guidelines to be aligned with knowledge management best practices.
3. Measure, Measure, and Measure More
Did you know that by deploying a professional KMS, Gameskraft noticed a 60% improvement in First Contact Resolution? KMS has had a very significant impact on improving business performance in several startups and MNCs alike.
However, to understand the impact of a knowledge management system on your organization’s performance, it is crucial to consistently measure your metrics.
For example, you can measure the KPIs for Average Handle Time to evaluate how the KMS has impacted your customer service management. It is good practice to keep up with the performance of your KMS with insightful figures about its efficacy.
4. If You Keep Feeding Your KMS, Will It Grow Or Explode?
You may have heard of the saying, “bite off as much as you can chew”. If you are a startup, you are in the growth phase of your business, and you would be keen to expand your customer base.
Poor management and not adopting knowledge management best practices play a strong role in business failure, and about 50% of small businesses fail in the first five years. You must be prepared to manage your workflows by remaining agile and enhancing your absorptive capacity.
KMS is a useful tool for managing your knowledge repository, owing to its flexibility and ability to adapt. You can consistently grow the repository with new additions and ensure an updated enterprise-level knowledge base.
5. Don’t Hand Over The Sword Without Teaching How To Wield It
According to a study, 59% of employees reported receiving no training at their workplace. This leads to high employee attrition and low productivity, which is a complete loss of your time and money.
Don’t make the mistake of introducing new tools in the work environment without training your employees sufficiently. Make sure you equip your staff with information on how to make the most of a KMS.
Organize training sessions with your employees to showcase the use of KMS. Make these sessions a regular fixture in your organization for imparting new skills and taking stock of how your employees are adapting to new technology.
6. Integrate KMS Into Your Business Practices
A KMS is not simply software that your employees refer to in their knowledge search. It is an integrated business solution that can efficiently transform the way your business sets up its internal organization.
You can boost your employee’s productivity by helping them integrate the latest technology into their day-to-day business activities. When dealing with today’s digitally advanced consumers, access to cross-cultural knowledge is very useful for employees.
Additionally, integrating a KMS would allow you to create an omnichannel CX for your audience, which is effective in generating leads.
In life and in business, knowledge is power. The transition from a traditional business to a smart business requires equipping every employee with knowledge. For companies, it is especially important to lay down a strong foundation for internal communications, to improve your public performance and ability to resolve crises.
If you wish to know more about how a KMS can add value to your organization, get in touch with us at Knowmax.