Knowledge Management Software
Knowledge Management Software: Definition of knowledge management: the organization, capture, use and analysis of the impact of the collective knowledge of a group. In the business world, definition of knowledge management also includes the maintenance of knowledge base or portal where specific knowledge related to the business is housed. Only a few initiatives are capable of truly transforming the way an organization works, and knowledge management is one of them.
The Knowledge Management for business category represents solutions that the streamline process of capturing, distributing, and effectively using knowledge. When an organization can easily access, share, and update its business knowledge, it can become more productive and profitable. The ability access the right knowledge at right time, through a robust knowledge management system, informs accurate decision-making and drives collaboration and innovation.
A report from the McKinsey Global Institute indicates that a robust knowledge management system can reduce information retrieval time by up to 35% and increase the productivity of the entire organization by 20-25%. International Data Corp’s results also corroborate the value of a knowledge management system, noting that Fortune 500 companies lose an estimated $ 31.5 billion a year by not sharing their knowledge.
As your business grows, will also need access to a trusted knowledge database to run your business effectively, serve your customers, and increase your revenue. Without a knowledge management system in place, your employees will be forced to learn and re-learn processes and information. It is an expensive and ineffective practice. Additionally, you can also risk losing these processes or information if a knowledge leader or former employee leaves your company.