Around 2.5 quintillion(18 zeroes) bytes of data is created every day. According to IDC, organizations globally are expected to generate over 73,000 exabytes of unstructured data annually and over 70% of the data is unused.
And all the untapped data, has huge potential. The customer data can reveal new insights about the customers to upsell or cross sell, the marketing documents prepared by a hard-working competitive researcher can contain insights for sales people to tackle a tough question but most of the time (70% of times), it’s lost in layers, folders and sub folders.
Knowledge management can come to rescue.
Knowledge management is any process that involves efficient storing and retrieval of information in an organization. It involves planning, organization, operations and more, to ensure that any knowledge is available to any information seeker at a moment’s notice.
Knowledge management is ‘any process or practice of creating, acquiring, capturing, sharing
and using knowledge, wherever it resides, to enhance learning and performance in organizations’ (Scarborough et al, 1999). Another research paper defined acknowledgement management as ‘the attempt by management to actively create, communicate and exploit knowledge as a resource for the organization’.
In the case of an organization, a successful knowledge management is placing information into a companywide accessible knowledge base or wiki, which reduces the burden on employees to search for information. Some organizations choose to use conversational AI assistants like Alltius for knowledge management which can convert knowledge base into an interactive chat application for users.
There are 7 different types of knowledge that can be managed. Here’s a list and a concise explanation:
Read more about the different types of knowledge here.
Knowledge management (KM) has undergone significant transformation since the start. Initially, KM or knowledge management was focused on the explicit capture and storage of knowledge. The early best practices for knowledge management relied on centralizing and codifying the entire database for easy search.
With advancements in information technology, the potential for knowledge sharing and collaboration expanded beyond geographical and organizational boundaries. This period saw the emergence of knowledge networks and communities of practice, emphasizing the social and tacit aspects of knowledge that are more difficult to capture and store.
The recent wave of artificial intelligence (AI), big data analytics, and cloud computing, has introduced novel ways of generating, accessing, and leveraging knowledge. This includes converting the entire knowledge base into a chatbot for easy information retrieval.
Knowledge management process has three major steps mainly:
Yale University points out the exact steps involved in the entire process through this illustration. The steps involved are:
In order to understand whether your knowledge management system is working, you need to track certain metrics like the following knowledge management metrics.
Knowledge management (KM) stands out as a crucial strategy for organizational success. It's more than just a system; it's a way to capture, store, and share the wealth of knowledge within an organization, turning it into a competitive edge. Here's how KM benefits your business:
If you’re looking to implement knowledge management at your organization, be wary of the following challenges of knowledge management. The challenges in KM span various dimensions, including organizational culture's impact on knowledge sharing and creation, the processes of knowledge dissemination within the firm, and the strategic advantages that effective KM can bring. The success of KM initiatives also depends on the maturity of a firm's knowledge systems, the organizational structure for KM, and the supporting role of technology. However, the essence of KM transcends technology, emphasizing the need for a shift in organizational culture, new management practices, and strong leadership commitment to cultivate an environment where knowledge sharing and innovation flourish. Creating a knowledge-friendly culture involves recognizing and rewarding the contributions of knowledge creators and brokers, and meticulously mapping out knowledge to ensure its accessibility and application across the organization.
Alltius is a Generative AI (GenAI) platform designed to empower your enterprise with skillful, secure, and accurate AI assistants that transform the way you interact with your customers and employees. It goes beyond traditional chatbots and improves how your organization uses knowledge base efficiently.
Imagine:
Alltius can be useful in many other scenarios. Alltius stands out with its unique capabilities:
If you’re looking for any assistant for implementing knowledge management at your organization, feel free to book a call with our experts or do it yourself using our free trial.
Additional Readings:
If you’re interested in reading more about knowledge management, we’d refer you to following academic articles:
Read more:
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