In the world of business, data management ensures the business will thrive and ensures continuity within the organization. However, with the immense amount of data that businesses generate and consumers demand, one needs to have a system in place that not only manages data but also allows for its distribution to spur growth within the company and satisfy the needs of its consumers. This is why investing in knowledge management software is crucial for many business owners.
What is a Knowledge Management Software?
A knowledge management software (KMS) contains a set of tools that determines how information is accumulated, managed, and/or stored.
A KMS serves to compile information sourced from its employees (tacit knowledge) and organization (explicit knowledge) to ensure that knowledge is retained within the company despite changes in structure as in the case of employee turn-over, retirement, or mergers with other companies.
It uses a centralized database system to compile and store knowledge and employs analysis tools to manage and distribute information. This dedicated management software ensures that information is accessible in all platforms and devices anywhere in the world, especially for companies with a global reach.
A KMS not only manages internal knowledge, it’s also concerned with addressing the needs of customers. Knowledge management software improves customer experience by ensuring that information is up-to-date, engaging, and builds loyalty to the brand.
Impact on Businesses
Competitive businesses know that data is a key to staying on top. A KMS can help organizations become more efficient in achieving its goals and objectives. To ensure that the software can meet your needs, checking out a comparative guide like this one is crucial before you decide to invest in a KMS for your company.
The platform should serve the following purposes:
- Documenting and distributing information to a growing number of employees – KM software serves to gather insights from all employees and dispenses needed information to specific individuals essential for their duties within the company such as memos, SOPs, videos, etc. It also provides for experiential knowledge to be accessible to everyone in the company, from new hires to those recently promoted and even top management.
- Help onboard new hires – KM software provides for the orientation and training of newly hired personnel regarding company protocols and HR-related information without taking so much time from other employees.
- Ensure organizational continuity – knowledge of the company and its culture remains intact despite retrenchments and reorganizations. Information can be updated and shared across all levels of the organization.
The main goal of knowledge management software is to provide businesses with a centralized database that contains valuable information for each and every employee and to the organization as a whole. It employs IT tools to store data that can be used by everyone and at the same time requires permission for access to sensitive company information.
Benefits for Consumers
Data management is not only beneficial for the organization as it also provides several advantages for customers. A KMS also works for external data, and can be used to:
- Keep customers informed – provide information on products and service constantly updated, FAQs and self-help section
- Keep customers engaged – through articles, blog posts, videos, and other types of content
- Build trust in your brand – turn emails into knowledge bases, corporate wikis, testimonials and case studies
In essence, the external side of a KMS is to enhance customer experience by engaging the audience with current and relevant content. When applied to customer engagement, it reduces wait times and provides detailed assistance to customers.
An efficient knowledge management software has the following qualities:
- It allows editing and multi-media. KM software encourages every employee to contribute content and, at the same time, it allows a dedicated team to be creative in including screenshots, videos, italicized and/or boldface text to emphasize concepts
- Provides for translation and availability in multiple languages in order to appeal to a diversified workplace and global audience
- Reporting and analytics-activated to provide metrics on the number of articles viewed, search results and feedback from visitors
- Feedback collection encourages contribution and designates editors to review content before publishing
- Viewership control means data can be available to anyone and anywhere but must also have security put in place to safeguard sensitive information
- Customization allows your KMS to be modified to reflect your brand
Investing in a KMS can have numerous benefits for your organization and it can be easily integrated into your existing data management system. A KMS is not only beneficial for large enterprises, but it can also work well for small businesses. In fact, anyone who handles data can take advantage of this software to ensure that data becomes a paramount asset.