What is knowledge management?
Knowledge management (KM) is the process of identifying, organizing, storing and disseminating information within an organization. When knowledge is not easily accessible within an organization, it can be incredibly costly to a business as valuable time is spent seeking out relevant information versus completing outcome-focused tasks.
A knowledge management system (KMS) harnesses the collective knowledge of the organization, leading to better operational efficiencies. These systems are supported by the use of a knowledge base.
They are usually critical to successful knowledge management, providing a centralized place to store information and access it readily.
Companies with a knowledge management strategy achieve business outcomes more quickly as increased organizational learning and collaboration among team members facilitates faster decision-making across the business. It also streamlines more organizational processes, such as training and on-boarding, leading to reports of higher employee satisfaction and retention.
