Knowledge Management

Knowledge management is built into most content management systems. It is an extension of what content management can do for your organization. But knowledge management encompasses more than converting data into usable information.

It is the essence of an organization. It includes corporate culture, psychometrics, expertise, skills, collaboration, and social networks. A true knowledge management system will give an organization a competitive advantage in the marketplace.

The value of an optimized knowledge management system can be recognized in more ways than just ROI. Here are some examples of benefits gained:

• Less time to complete proposals - In a knowledge culture, it is much easier to tap into the skills and experience of others within the organization that have worked on comparable projects or closed similar deals. These individuals help the sales and project teams cut down the time it takes to figure out project logistics and develop winning tactics.
• Workflow efficiency - Getting to the right information at the right time saves employees effort and also allows organizations to respond to customers much more quickly.
• Collaboration for improved performance - Collaboration is often fostered through sharing and creating knowledge within communities of practice. It also allows stakeholders to provide important input into a project, especially if they have had a similar experience in the past.
• Hiring and promoting the right people with the right talent - Many companies have a talent pool that crosses functional areas. Often these workers possess skills and experiences that are beyond their current role or responsibilities. By managing this pool, and having an inventory of their specific skill sets, you may be able to fill temporary or permanent assignments using current staff, thereby reducing hiring costs.
• Increased operational efficiencies - Having a repository that delivers the right knowledge at the right time, enables a leaner workforce. It can also be used to ensure that the organization is always aware of and in alignment with the current strategic objectives.
• Creation of people-centric solutions - A well tuned system makes locating experts, managing talent, tapping tacit knowledge, as well as building networks and models of trust much easier. Additionally, since information is documented in the system, it can be accessible even when the experts themselves aren't available.
• Less rework - An organized and cataloged knowledge management system enables workers to spend less time recreating work that already exists, allowing them to spend more time on other aspects of their jobs.
• Retention of intellectual property - Organizational turnover sometimes means that intellectual property, competitive advantage or "secret recipes" leave with former employees. A properly maintained knowledge management system keeps records available for others that will be responsible for taking over where former employees left off.