In order to be successful, companies must leverage all their assets in the most effective manner possible.
When the subject of assets comes up, most people think of the basics – money, products, materials, equipment, and even time come to mind. However, one asset that is arguably more important than any is knowledge.
A good knowledge management strategy considers a company’s position in the industry, along with their advantages, in relation to the goals they want to achieve. A good knowledge management strategy leverages existing data to put companies on course to their current objectives.
There are a few key steps to take for developing top knowledge management solutions across an organization.
Promote Networking and Incentives
A good knowledge management system means everyone involved in a company’s objectives can leverage the insights necessary to achieve them. When these objectives are reached, it improves a company’s performance and competitiveness.
The key for making sure this data is accessible is networking. Communication systems, fast technology, and a company culture that promotes teamwork are all vital for spreading knowledge around. Teams work better when networking is encouraged – and when incentives are put in place.
Everything from standardized goals to rewards for specific accomplishments can help companies get the results they want. In this case, cultivating the conditions where knowledge can be leverage is what makes the desired growth possible.
Beyond just the people involved in the organization, there are the processes they take part in. Top knowledge management solutions can be the difference between simply having information and using it to achieve tangible results.
The Connection Between Knowledge and Processes
Organizational processes are interconnected with knowledge – both impact the other, creating a cyclical relationship between the two.
Processes can be anything from the way the finances are counted at the beginning and end of each business day to the way inventory is categorized and priced. These processes are driven and supported by knowledge.
They rely on data in order to function – and as they are completed, they produce some type of output as a result. For example, financial management processes consider sales numbers to show profit and loss metrics. Sales and product management processes use inventory data to develop insights about shrink, overstock, and outdates.
A knowledge management strategy can show the gaps in processes and how they can be improved. To tie the topic of organizational processes into the company’s employees, the use of regular processes throughout all departments of a company or even all companies in a branch or enterprise can show strengths and weaknesses within a team.
As insights reveal room for improvement, either by expanding on strengths or working on weaknesses, processes can be tailored accordingly.
Content is the Source of Knowledge
While it is true that a knowledge management strategy relies on the knowledge workers have and use in action, knowledge lives in content.
It’s the written documents and software systems that maintain the knowledge companies use. Whether it’s organizational processes written into an employee manual or the sales data in a digital ledger, understanding content’s place in an organization is vital for building a knowledge management strategy that works.
It is important to ask questions, such as where is content housed? Is it updated as often as it could be? Can everyone who needs it access it?
When a company has better content, with more up-to-date data in a more organized format, it is much easier to leverage the data from it.
Verint software makes building a knowledge management strategy simple. When you need help implementing this software into your business, contact SPAR Solutions. With over 15 years implementing this product for customers, we have the insight necessary to set customers up to create a top-notch knowledge management strategy.