We’ve all always heard the saying “knowledge is power” and we know how true it is in our personal and professional lives. It is perhaps the most important asset any company can have. And despite this, many businesses lack a proper knowledge management system. The only way you can retain knowledge is to arrange a scramble of meetings before an employee departs from the organization.
But even before an employee departs from the organization, there are several reasons to design a knowledge management system. A strong knowledge management strategy can play a vital role from employee onboarding and effective decision making to easy employee exit, ensuring a great overall employee experience.
A system that saves and retrieves knowledge to enhance understanding, learning, and collaboration among employees to deliver an exceptional employee experience. It ensures your employees access the relevant information at the right time, thereby allowing the workforce to grow productive and build an effective digital workplace.
Knowledge management encourages an integrated and collaborative method to create, capture and access the uncaptured knowledge. Fortunately, the required technology is now available, more reasonable than ever, and simple to use.
Experts and employees spend hours hunting for the right information leading to poor employee experience. Also, according to Harvard Business Review– fortune 500 companies lose a total of $31.5 billion per year as they fail to share their knowledge effectively. Well, that’s a sobering fact, isn’t it?
Knowledge management should be at the heart of the modern age digital workplace to enable effective decision making and deliver employee delight.
Let’s dive into how KM systems can build effective and productive workplace:
Individuals that are innovative are highly desirable as they help businesses to advance and gain a competitive edge in the market. It is not something very peculiar or even inaccessible.
Workforce with access to knowledge management system will get required information whenever they are in need. Employees can post their research and knowledge-related articles, ideas on the platform to enable efficient knowledge transfer. This will boost creativity, making problem-solving and idea transmission much simpler. A more productive workplace with a flexible workforce will flourish from an innovative KMS.
A strong KMS enables the transfer of knowledge as the most beneficial part of an organization. Employees need to address issues, solve internal problems, study trends, evaluate the competition to come up with a decision for business advancements. Scattered and unorganized information will make the process difficult to head further.
Using information from real-life experiences and statistics from the knowledge management repositories will increase decision making skills. This entire process can be completed quickly if you can find the information that you need, and more importantly when you need it. Immediate access to accurate information can make better decision making and provide a smooth employee experience.
Organizations sharing knowledge on business applications and tools enhances employee experience. It reduces the time spent on delivering training and awareness on tools and applications deployed recently.
For instance, consider an IT helpdesk agent who has to fix a tricky software issue. Instead of going through the complete manual, he can go through the KMS by searching the relevant information powered with a cognitive search. This enables the agent to gain knowledge very quickly without putting in much effort.
Employees will have to fetch the information on their own and gain the required knowledge to work on tools efficiently. Your workforce will appreciate the structured knowledge base, thereby creating an efficient digital workplace.
Post pandemic challenges are leading to great resignation, which is no surprise, but companies are losing high skilled professionals with huge technical expertise. And it is a known fact that expertise in a particular field can be gained by experience.
According to Mercer, the average employee turnover rate in the United States is 22percent.
Also as per research, new hire employees waste about 200 hours of their time working inefficiently. Asking their peers for information and waiting for the response to complete the work of his predecessor.
These figures indicate a large quantity of organizational knowledge walking out of the door every year. To lessen the effect of knowledge loss, top-performing companies take measures to collect and access it. A structured knowledge management system with all the information captured and documented will prevent knowledge loss from the organization. This will ensure employees have a smooth exit while others can easily access the knowledge being contributed.
IDC data suggests that employees waste their time about 2.5hours a day or, 30% of the workday in searching for the right information. KMS powered by cognitive search technologies delivers a rich personalized search experience. Employees can find the relevant information with ease resulting in improved productivity and an enhanced digital workplace.
At Acuvate, we help clients to deliver the best knowledge management platform to smoothen information discoverability, enable effective decision making, encourage employees to create content, and promote team collaboration across organizations with our AI-powered employee experience platform- Mesh 3.0
Let us delve into some features to understand how it revives digital workplace and help employees in effective decision making:
With Mesh- employee experience platform, get your organizational information and metrics at your fingertips with an AI-powered KMS boosts employee productivity, employee collaboration and save costs.
Click here to know more about Mesh and AI powered KMS, please feel free to contact one of our consultants.
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