How Knowledge Management System is helpful for your Business?

Businesses create, share, process, and communicate knowledge in various ways within their team and with their customers. Automation tools make this process easy.

A set of automation tools designed to manage all the stages of knowledge management is called a knowledge management system. These systems help businesses share, access, and utilize knowledge efficiently. Thus, these save time, increase productivity, and reduce costs for the businesses.

Examples of knowledge management systems that businesses commonly use are document management systems, content management systems, social networking tools, and decision support tools.

How Knowledge Management Benefits Businesses?

Effective knowledge management makes it convenient to find and use relevant information and resources at the right time. It offers numerous benefits as listed here.

• Better communication
• Better and faster decision making
• Quicker problem-solving
• Re-use of existing skills
• Sharing of expertise
• Effective collaboration
• Development of better strategies
• Enhanced operational efficiency and productivity
• Streamlining of business processes
• Improved products and services
• Increased profitability

Essential Features of Knowledge Management Systems

Knowledge management when rightly done has many benefits. So, businesses adopt knowledge management systems that automate the multi-stage knowledge management process.

So, here is an overview of the common features of knowledge management systems!

1. Content Repository

Knowledge management systems are incomplete without a content repository. Content repository features are tools that enable users to manage and share knowledge content. These include content creation, update, publishing, sharing, storage, and more.

Examples of advanced content repositories that businesses commonly use include content management systems (CMS), document management systems (DMS), enterprise content management (ECM), and cloud content management (CCM).

CMS are robust platforms focused on content repository features. These also include other basic knowledge management tools. These are thus gaining immense popularity; for example, WordPress CMS.

The common features of CMS are content publishing tools, administration tools, built-in search engine optimization (SEO) tools, social media integration, analytics, workflow controls, security features, multi-platform capabilities, help and support features, tiered permissions, content templates, search, and versioning for quick rollback.

Core content repository features:

• CMS features
• Hierarchy and sort order management
• File sharing
• Query and search
• Versioning
• Access control
• Import and export of files
• Locking for security
• Content life-cycle management
• Records management

2. Knowledge Search Features

Knowledge search features constitute an essential part of knowledge management systems. Any knowledge management system is incomplete without search features as these help in retrieval of the required information at the right time. These tools are thus included in content repositories.

All knowledge management software solutions provide search tools; for example, HubSpot knowledge base software.

Search is a complex function that enhances the value of knowledge. If the search tool does not perform well, businesses won’t be able to retrieve and utilize their knowledge base effectively. Search performance also depends on the combination of search functions or features in a system.

Core search features:

• Easy search and retrieval
• Indexing, query assistance, support of different indexation methods
• Selection of the relevant results from the dataset
• Searching across different types of media
• Result ranking and filtering
• Search by keyword or by relevance
• Support for different languages
• Artificial Intelligence (AI) and Machine Learning (ML) based auto-suggest features based on common searches

3. Knowledge Communication

Knowledge communication features of a knowledge management system help businesses capture and communicate knowledge. Businesses use this for internal team communication and collaboration as well as for external communication with the customers. For example, CallHippo is a virtual phone system and GoogleDocs is a collaboration tool.

Additionally, we have Unified Communications (UC) platforms that integrate multiple communication and collaboration tools into a single platform; for example Google Hangouts.

Core communication features:

• Email facility
• Instant messaging and chat
• Audio and video calling
• Voice Over Internet Protocol (VOIP)
• Video conferencing
• Team collaboration tools

4. Socialization

Socialization of knowledge helps improve knowledge and encourage its use. These enable businesses to socially engage within the organization and with their customers. The most popular knowledge socialization tools include Customer Relationship Management (CRM) software.

CRMs enable businesses to track customer interaction and share this customer information within their organization. This information helps businesses to make better decisions for improving services and customer relationships. For example, Salesforce CRM.

Core socialization features:

• Contact management
• Interaction tracking
• Lead management
• Sales pipeline management
• Email integration
• Workflow automation
• Quotes and proposal management

5. Visualization

People understand and analyze things better when knowledge is communicated visually through charts, infographics, storyboards, videos, 3D models, etc. So, businesses leverage visualization tools to visually communicate knowledge within their team as well as with customers.

Knowledge visualization tools include 2D representation tools like PowerPoint presentations and 3D representation tools like 3D modeling and rendering.

Core visualization features:

• Customizable dashboard
• Data management, data import/export, data mining
• Interactive data visualization reporting
• Geographical Information System (GIS) based location intelligence
• Real-time access and mobility
• Filtered views
• Online analytical processing (OLAP)
• Relational display
• Reporting and analytics
• Simulation models
• Visual discovery

6. Decision Support

The decision support process in knowledge management involves the collection, storage, analysis, and presentation of data. Decision support tools help businesses convert data into useful insights.

Analytics and reporting tools are common decision support tools businesses leverage. Decision support systems generally offer all core features of the knowledge management systems discussed above.

Core decision support features:

• Key performance indicators
• Strategic planning problem indicators
• Workflow collaboration
• Benchmarking
• Budgeting and forecasting
• Customizable dashboard
• Data visualization
• Predictive analytics
• Profitability analysis
• Automated reports
• Data source connectors
• Financial, marketing, and sales reports
• Visual analysis

Wrapping Up

Knowledge management systems help businesses process knowledge rightly to achieve business goals. We have discussed the basics of knowledge management systems, their benefits, and their applications. These will help you select the right tool for your needs and take your business to new heights!

Apart from the simple knowledge management tools that handle one or more phases of the knowledge management process, modern knowledge management systems now offer comprehensive solutions. These manage different knowledge management processes on a single platform to help businesses get the advantage of all solutions in one. Check the list of best knowledge management systems on SoftwareSuggest.