The success or failure of an organisation depends on how productive it is and it also depends on the management of operations in the most efficient way possible.
You can only manage operations in the best productive way possible if you also have access to data and knowledge at your fingertips.
Knowledge is one of the most important driving elements of innovation and decision-making in an organisation.
That is where we come to today’s blog where we are going to look at Knowledge Management Systems (KMS)
We will understand what are Knowledge Management Systems (KMS) and we will also look at all the different types of Knowledge Management Systems (KMS).
Additionally, we will look at all the important considerations for creating and managing a Knowledge Management System (KMS) and along with that we will also look at how an organisation can implement a KMS along with its benefits and much more.
It is important to understand Knowledge Management Systems (KMS) simply because it is one of the fastest-growing industries in the world.
If you look at the current stats then you are going to find that the global Knowledge Management market is expected to reach $163.69 billion by the year 2032.
This is possible with a CAGR of 19.50%, which is extraordinarily high and this signifies the increase in demand of this industry.
This blog is going to be the entire KMS guide for you so let us start by understanding what is a Knowledge Management System (KMS).
What Is a Knowledge Management System (KMS)?
A Knowledge Management System (KMS) is basically a technology framework that helps organisations with the storage, management, access and sharing of intellectual assets in the best way possible.
It is a collection of tools that helps in the entire process of knowledge creation as well as storage and even retrieval and sharing as well as application.
Within a Knowledge Management System (KMS) you get everything from collaboration tools to document repositories as well as search engines and much more.
A knowledge management system consists of different components with one of them being the knowledge capture component in the form of tools to document knowledge from outside sources.
Additionally, you also have the option for knowledge storage options such as databases and different storage systems on the cloud and even knowledge retrieval systems like indexing systems.
What Is the Importance of a Knowledge Management System (KMS)?
Better Decision Making
One of the best things about a Knowledge Management System (KMS) is that it allows for easy access to accurate information.
Information is the most powerful tool at any organisation and it is information that keeps you ahead of the competition and allows for the best kind of strategic planning and decision making.
If your organisation is a business and you need to make a decision regarding investments then it is information that will help you with that decision making.
That is why if you want your organisation to produce the most accurate outcomes possible then it is very important that you utilise a Knowledge Management System (KMS).
This also saves money for the organisation by building money over better decision-making.
Productivity Improvement
If you run an organisation then you understand the importance of saving time during all operations because time directly relates to profitability.
That is why if you want your organisation to focus on productivity then you need to find information quickly and efficiently because digging up information takes time.
For example, if your business is planning on inviting over potential investors then you need to bring up the latest sales figures and if possible, sales figures of the last week or something even latest.
In this situation, you must have access to sales information as fast as possible so that you can focus on other things such as creating a presentation for the investors.
Without a Knowledge Management System (KMS) you might take up so much time looking for sales information and other important indicators that you will not have the time to create a stunning presentation for them and that is why a KMS is important.
Knowledge Loss Reduction
A big organisation like a business with multiple verticals means the generation of multiple pieces of information.
This can be information such as investment data, sales data or even data from the marketing budget and so much more.
In a situation like this data loss is something very common and not unique to your organisation.
A Knowledge Management System (KMS) ensures all data are documented and recorded from the moment they are created. Some of the data is recorded automatically and some of the data has to be inputted manually.
Additionally, knowledge is not only in the form of data but it is also in the form of best practices used by a business and a Knowledge Management System (KMS) ensures that data is also saved.
Customer Experience Improvement
If you can solve the problems of customers as quickly as possible then it will be a win for the entire organisation and you can do that with productivity.
That is where knowledge comes in handy because knowledge can help you understand problems that are repeated multiple times so that you know how to solve these problems the next time.
When you can identify repeating patterns, you have the power to improve the customer experience by a lot.
That is where a Knowledge Management System (KMS) is excellent because it allows for customer experience improvement and it also allows for providing a personalised experience to customers.
Core Considerations for a Knowledge Management Program
Have Clear Objectives
If you want to create a successful Knowledge Management System (KMS) that helps with business productivity with operational efficiency then the first thing you need to do is understand the needs of your organisation.
You need to look at your business goals and understand whether your business needs efficiency, innovation or customer satisfaction as the most important priority.
After you understand business goals, you need to set outcomes that can be measured in order to understand if the Knowledge Management System (KMS) can actually work because if you invest in a system and you are unable to track the success of that system then there is no point in that investment.
Having clear objectives and milestones is one way to do it.
Understand Organizational Needs
Another very important consideration you must make regarding a Knowledge Management System (KMS) system is to understand business needs.
You should do a clear assessment of existing knowledge in the form of assets and you also need to conduct a knowledge audit regarding knowledge gaps and other knowledge redundancies.
This is because a Knowledge Management System (KMS) is going to cost you money and if you do not have the requirement for such a system then there is no point in spending money for it.
However, an audit will help you understand if you really do something like this and you can do that by gathering as much information as possible from here employees as well as your partners and everyone involved in the organisation.
Choose The Tech
Choosing the technology is also a very important consideration in the whole objective of getting a Knowledge Management System (KMS).
This is because every business has existing technology running within their systems such as an Enterprise resource planning (ERP) system and a Customer Relationship Management (CRM) system.
That is why if you choose a Knowledge Management System (KMS) that does not integrate well with existing systems then it will just be a waste of time for your organisation and a waste of resources.
Additionally, you must also ensure that the Knowledge Management System (KMS) is able to grow with the organisation and you must have scalability in mind.
Apart from that, you must also understand that not everyone in your organisation is a software engineer and that is why you must make sure the interface is comprehensible to all members of your organisation.
And you must always opt for the best security measures.
Promote a Knowledge-Sharing Culture
It is not just enough to have a Knowledge Management System (KMS) system if your organisation does not believe in knowledge-sharing practices.
This is because you can have the best kind of setup for a KMS but at some point, you will need your organisation’s employees to utilise it.
This can be something like scanning analogue information as soon as it is generated such as supplier invoices from the local market and other expenses and much more.
You must also create bridges between different departments so that everyone is comfortable sharing information with other departments.
This can be accommodated with the help of a Knowledge Management System (KMS) but your employees must be willing to utilise it.
Ensure Quality and Relevance
A Knowledge Management System (KMS) is only as good as the knowledge it contains because if the KMS database is not updated frequently then that knowledge is not going to be of much use to the organisation.
That is exactly why you need to always track updates and maintain a clear history of the documents and data in order to make sure they are updated and in the latest form possible.
Additionally, you must also and sure there is no duplication of data and you must also and sure the data is divided into formats and categories that can be easily looked up and searched.
This can be done very easily with the help of proper file names and you must also in sure there are as few data entry errors as possible.
Steps to Implement a Knowledge Management System (KMS)
Define Objectives and Goals
The very first thing you need to do in order to implement a Knowledge Management System (KMS) is to define the objectives and goals of your organisation.
You need to understand where a Knowledge Management System (KMS) fit into your organisation and if you really need such a system like this.
If you feel like there is a need for something like this then you should go with the rest of the steps.
Conduct a Knowledge Audit
The second thing you need to do is to create an inventory of the existing knowledge of your organisation which includes everything from databases to documents as well as employee expertise or tacit knowledge.
After that, you need to analyse for gaps in the knowledge inventory and you will find out what are the areas of missing knowledge and how you can improve that situation.
After you do that, you also need to do an assessment of the utilisation patterns of the employees.
Develop a Knowledge Management Strategy
After you understand your requirement for a Knowledge Management System (KMS), you need to secure a budget for creating such a system.
You also need to create a system of established roles and responsibilities for the management of a Knowledge Management System (KMS) including a knowledge management leader as well as content curators and contributors and much more.
You must also focus on the policy that you need to implement for the smooth functioning of a Knowledge Management System (KMS)
Select the Right Tools and Technologies
Now it comes to selecting the right tools and technology for creating a system like this and you need to create a list of all the feature requirements of a Knowledge Management System (KMS).
This means that you need to look at your existing technology in order to ensure how a Knowledge Management System (KMS) can fit into the existing ERP or CRM systems of your organisation.
You must also consider scalability.
After you do all that, you need to sit down with your technology team in order to discuss the design of the Knowledge Management System (KMS).
Design the KM System
Now finally it is time to create the Knowledge Management System (KMS) and you can leave it up to the professionals.
However, we would always suggest staying updated with the development of the project and also asking for demos along the way.
You must also be very transparent with the development team in order to help them understand your needs.
You must be able to define your needs such as user-friendliness and much more.
Populate the KM System
Once you have a Knowledge Management System (KMS), you need to populate it with knowledge and ask your employees to contribute knowledge to it.
You can also utilise this opportunity to train your employees to contribute to the Knowledge Management System (KMS), reward them and encourage collaboration and contribution.
You must help them understand the importance of such a system like this.
After you do that, it is time to launch the system and deploy it across the entire organisation with monitoring, evaluation and usage tracking options.
You must also be active in collecting feedback about this newly deployed system.
Continuous Improvement
Finally, we come to the point where you need to continuously update the content of the Knowledge Management System (KMS) because without that there is no point in having a KMS system.
You must also scale up the system and keep on adding functionalities to the system as time progresses and also promote the utilisation of a system like this.
Apart from that you must also do continuous security audits of your system and this is something you can never compromise on because the Knowledge Management System (KMS) contains every important information of your organisation.
Implementation of Knowledge Management in Different Industries
Banking Industry
The first industry we are going to talk about when it comes to the implementation of Knowledge Management Systems (KMS) is differently going to be the banking industry because there are a lot of opportunities for implementing KMS in this industry.
This is the case simply because the banking industry is one of the industries to generate some of the most amount of knowledge in the form of things like customer profiles and transaction history and customer data and preferences as well as other financial data.
It is very critical to understand that this industry can simply not function without a proper Knowledge Management System (KMS).
Apart from that you also have things like complaints and risk management in the best a possible which needs quick and easy access to information on financial guidelines and this requires a Knowledge Management System (KMS).
Telecommunications Industry
Just like the banking industry one other such industry that heavily utilises Knowledge Management System (KMS) is going to be the telecommunication industry.
This is because when we think about telecom it is all about data. A regular telecommunication company may need access to millions of pieces of customer data very frequently.
When there is the need for access to this high volume of data at this frequency, only a proper Knowledge Management System (KMS) can do the job.
Apart from that telecommunication companies need access to high-quality data when it comes to knowledge relating to network optimisations because telecommunication companies need to keep thousands of communication towers active all the time which includes millions of pieces of equipment.
In a setup as big as a telecom company cannot simply make do with any regular or manual data accessing system because you are going to need a proper Knowledge Management System (KMS).
Marketing Service Firms
The third industry while not as big as the other two industries and the list definitely needs access to huge volumes of data all the time.
We are talking about marketing service firms as any marketing company needs access to the latest market insights as well as data analytics and even trend information in order to start successful marketing campaigns in order.
Apart from that they also need to manage a lot of content which needs easy access and easy sharing capabilities.
Additionally, marketing firms also need access to collaboration technologies and only a Knowledge Management System (KMS) can fulfil this need.
Food and Beverage Retail Industry
We now come to the food and beverage retail industry and while you might think that this industry surely does not need this level of access like for example the banking industry but the reality is something different.
The only word that will convince you of the need and implementation of a proper Knowledge Management System (KMS) is inventory management.
Large food and beverage industry companies need to keep track of thousands of lots of stock and supply them at the appropriate moment.
Additionally, these companies also need access to customer data and customer feedback information in order for quick and easy market analysis and they also need access to data when it comes to Standard Operating Procedures (SPOs).
Apart from that you also have training programs that these companies run which also need access to information that only a comprehensive Knowledge Management System (KMS) can offer.
Sports Services Industry
If we can think of yet another industry where knowledge is the difference between success and failure then it is definitely going to be the sports services industry.
This is such a competitive industry that you need to manage multiple stakeholders and provide them with high-quality data at all times and this can be friends and sponsors as well as investors and even the athletes.
You need to provide accurate reports based on analytics data and for that, you need to pull up existing data.
In a situation like this knowledge sharing becomes very important and that is why a Knowledge Management System (KMS) can help you manage different elements of your sports organisation properly.
Law Firms
Finally, we come to yet another industry where information is the difference between winning and losing and we are talking about law firms and the legal industry where you need capabilities for documenting extensive legal documentation.
This is an industry where you not only need efficiency but also confidentiality without compromising on productivity where it becomes very important to have the fastest access to things like case files as well as legal research materials and legal precedents and much more.
In a situation like this, the only logical step is to utilise a Knowledge Management System (KMS) that is capable of delivering things like case material and other important law documents to the right people at the right time.
Benefits of a Knowledge Management System
Enhanced Productivity
The first and most important reason to get a Knowledge Management System (KMS) is enhanced productivity for your organisation.
A proper KMS means that you are going to get more faster access to data and this also means better and faster data implementation.
Any organisation that gets to implement data faster is going to be ahead of the competition.
Improved Decision-Making
With faster access to data, the Knowledge Management System (KMS) will also allow for faster and improved decision-making.
Improved decision-making means data-driven insights and it also means centralised access to analytics as well as reports and historical data.
All that is possible with a Knowledge Management System (KMS) and it is one of the most important benefits of using a KMS.
Cost Savings
If you want to save your company thousands of dollars by reducing inefficiencies within the working procedure then all you need to do is to invest in a Knowledge Management System (KMS).
This is because a Knowledge Management System (KMS) will allow for the best kind of work efficiencies as employees will have access to all the information, they need in the fastest time possible.
Having a system like this will also reduce the time and money it takes to train employees to access information because using a KMS is fairly easy with minimal training.
Competitive Advantage
Information is power in every industry and that is also the case when you are using in Knowledge Management System (KMS) because you are going to have access to all the latest updated market data and analytics before anyone else in the industry.
With a Knowledge Management System (KMS) you will be able to leverage unique business opportunities before the competition and this will provide you with a competitive edge.
Businesses can get into a lot of trouble if they do not follow the local rules and regulations and complaints guidelines.
Sometimes not following rules and guidelines can just be not being able to produce the proper compliance documentation.
You do not have to worry about that with a proper Knowledge Management System (KMS) because it allows for the availability of every kind of data you need.
Employee Satisfaction
If you can ensure a better working environment for the employee then it will directly lead to better product witty and that is just what happens with a Knowledge Management System (KMS).
This is because a Knowledge Management System (KMS) allows the employee to get everything they need at the exact time they need it and this helps them do their job even better.
Challenges in Knowledge Management
Data Overload
One of the first challenges you might face while trying to implement and Knowledge Management System (KMS) is data overloading.
This is quite common as organisations moving from a manual system to a comprehensive Knowledge Management System (KMS) might find it difficult to do proper content categorization and content loading. Sometimes they might unintentionally utilise outdated content and that can cause even more issues.
Technological Limitations
The second big challenge companies might face technological limitations because it takes a certain degree of technology infrastructure in order to properly implement a Knowledge Management System (KMS).
However, even if companies get over that problem, we need to consider integration issues because organisations already might be using existing systems in the form of ERP and CRM systems.
Integrating a new Knowledge Management System (KMS) with existing systems might be a problem and challenge.
Lack of Leadership Support
Implementing any new system requires good leadership and that is also the case with a Knowledge Management System (KMS).
The organisation’s leadership must have the foresight to understand the importance and need for such a system because if they don’t then the implementation will also not be very good.
Strong leadership is the foundation for a comprehensive KMS.
Cultural Barriers
When we say cultural barriers, we mean that it is difficult to get employees to try out new things especially when they are customs to doing something it certain way for a long time.
This includes the handling of information and knowledge as well as content.
If employees are used to dealing with knowledge in the traditional way of data entry and manual recording then it might be a challenge to implement Knowledge Management System (KMS) for the first time.
Continuous Maintenance
Every comprehensive business solution needs maintenance regularly and that is also the case with a Knowledge Management System (KMS).
If the organisation falls behind in the continuous maintenance of the system and the upgradation of the knowledge repository then the system will simply not be able to help the organisation.
Continuous maintenance is definitely a challenge for organisations that are new to a Knowledge Management System (KMS).
Security and Privacy Concerns
Finally, we have the very crucial challenge of important safety and privacy concerns with a system like this because a Knowledge Management System (KMS) deals with all the most confidential and sensitive data of any organisation.
That is why if you implement a KMS without prioritising security then you stand the risk of doing a lot of harm to the organisation if the data is compromised in any way.
So, this is one of the most important challenges.
Knowledge Management System (KMS) Use Cases
Employee Onboarding and Training
One of the most practical use cases of a Knowledge Management System (KMS) is during employee onboarding and training where new employees need to not only be trained but also provided a lot of material regarding company policy and guidelines and much more.
In a situation like this Knowledge Management System (KMS) can be very handy.
Customer Support and Help Desks
Another area of use case is definitely going to be customer support.
If you look at how customer support is usually carried on by support executives then you are going to find them utilising a depository of information full of answers to questions and troubleshooting guides.
In addition to that, they also need customer history data to be easily accessible as well as a bunch of other important data. In a situation like this Knowledge Management System (KMS) can be very helpful.
Competitive Intelligence
If you are looking to do market research and competitive analysis of your competitors and understand industry trends then nothing can be more powerful than a Knowledge Management System (KMS).
This will help you understand consumer behaviour and do the best kind of competitive campaign studies.
Research and Development (R&D)
Research and development are a process that requires a lot of data including past research data and experimental results data and much more.
In a situation like this it is important that a company has access to all the data quite easily and that is where Knowledge Management System (KMS) can be used.
Remote Work
If you want to send out an employee to do remote work then you need a structure in order to support them with resources and data.
That is where a centralised repository of resources and project updates as well as communication tools are going to be very important and that is exactly what a Knowledge Management System (KMS) is.
Intellectual Property Management
Finally, we come to intellectual property management because every organisation has its set of patents and documents as well as trademarks and other proprietor in knowledge that needs safe and secure storage as well as access.
A Knowledge Management System (KMS) can fulfil that role quite effectively.
Here Are Some Popular Knowledge Management Systems (KMS)
Guru
There are a lot of choices when it comes to Knowledge Management System (KMS) in this day and age and Guru is an excellent option for you.
This is because it has amazing features such as real-time knowledge capture and browser extensions for quick access.
Along with that it also has other important features and is amazing for customer support and internal teams as well as sales. You can definitely try it out.
Document360
The second very popular option when it comes to Knowledge Management Systems (KMS) is Document360.
It features knowledge base creation for internal and external users and also has the options for custom branding and real-time collaboration.
In addition to that it also has the option for version control and is excellent for customer support applications and even software documentation. You can try this out.
Confluence by Atlassian
Confluence by Atlassian is one of the most popular options when it comes to Knowledge Management System (KMS).
It has the options for team collaboration and knowledge base creation as well as project documentation and a lot of other features.
This is a very good option for software development teams as well as general purpose knowledge sharing and even project management and much more and you can try this option out yourself especially when it comes to a software development company.
Helpjuice
Helpjuice is yet another very popular Knowledge Management System (KMS) and is renowned for its features such as a customisable knowledge base, AI-powered search and the option for real-time collaboration and detailed analytics.
This solution is excellent for all kinds of organisations especially when they are looking for a branded knowledge base for external as well as internal use.
You can definitely try them out.
Notion
When it comes to Knowledge Management Systems (KMS) Notion is a very popular choice for startups, freelancers and small to medium-sized organisations.
Notion has a lot of very helpful features which include a very simple-to-use interface and a very nice workspace for notes and documents as well as different tasks and much more.
This is a very affordable option for anyone looking for a reliable Knowledge Management System (KMS).
We hope this blog has been helpful for you to understand everything you need to know about Knowledge Management Systems (KMS).
If you are looking for some of the most experienced KMS developers in the entire industry with extensive knowledge of creating custom Knowledge Management Systems (KMS) for all sizes of businesses and organisations then we are here for you.
We are Think To Share IT Solutions and we are among the fastest-growing and most popular Knowledge Management System (KMS) developers in the industry.
We also hold the unique position of being among the pioneers when it comes to custom AI implementation solutions as well as custom cloud solutions.
Apart from that we also provide extensive IT solutions and services and we welcome you to visit our website and check out everything we do.
