Knowledge management takes an organization’s collective insight and efficiently shares it between employees. These systems hold a business’s intellectual capital in the form of data, assets, and experience.

The research lays the foundation for advanced knowledge management as a business builder. According to International Data Corp, “Fortune 500 companies lose at least $31.5 billion a year simply by failing to share knowledge.” Knowledge management tools seek to capture human intellectual capital and collective insights. Instead of reinventing the wheel, employees have a process for building upon shared knowledge and content.

Knowledge management software creates business improvement in three ways, by:

• Capturing, storing, and sharing human intellectual capital
• Improving productivity and facilitating better, faster, and more consistent decision-making
• Increasing employee engagement and creating a learning culture of innovation

Achieving a competitive advantage through an intelligent digital workplace is imperative. Knowledge management tools replace traditionally unwieldy communication processes with a more efficient methodology that enhances productivity and drives business growth.

Implementing advanced knowledge management

A 2018 study showed the impact of knowledge management platforms on the entire enterprise. The research looked at a cross-section of businesses to determine how knowledge management software impacts business success. The study found that the best knowledge management architectures integrate organizational structures such as leadership and decision-making, culture and incentives, processes, technology, staffing, and training. The research concluded that implementing advanced knowledge management tools can be a significant driver of productivity and business growth.

Benefits of  knowledge management software

When implemented properly, knowledge management tools provide businesses with clear advantages, including:

• Establishing efficient content and information management processes by creating a shared library and dissemination system for organizational knowledge.
• Enable Sales, Customer Support, and Operations teams with access to helpful resources.
• Creating a more efficient workforce by reducing manual efforts to find knowledge and assets.
• Increasing employee engagement by improving communication and collaboration.
• Provide a view of who knows what in the organization.

Dispersed teams naturally lead to organizational silos, which can handicap the decision-making process. Knowledge management software can help break down these divisions by creating best practice forums that facilitate the sharing of best practices quickly and efficiently.

Knowledge management software for business growth

As employees are increasingly bombarded with digital data, knowledge management software provides a way to streamline corporate processes. Decision-making is faster and easier, and efficiencies are improved. When new ideas are shared, a cultural shift toward innovation can occur. It is in this way that knowledge management software can actually drive competitive advantage in an organization.

Learn more about ikaun’s advanced knowledge management platform, contact us today.