Knowledge Management (KM) is one of the key processes businesses should have in this competitive era. Many organizations underestimate the importance of a knowledge management system. Some people believe that KM is completely a separate program, but that is not right. KM belongs to the specific and private information lifecycle that runs within the entire company. When organizations fully implement knowledge management strategies and applications with the right objectives, process clarification and keeping people in mind they can –
- have better and faster decision making
- reduces repetition of efforts and knowledge
- add expertise and experience into the existing learning environment
- have highly valuable knowledge sharing process efficiencies
- accelerate innovation and growth
- encourage communication of important information effortlessly
- inspire cultural change via knowledge sharing
- reduce costs, and
- empower customers, users, and all the employee
Table of Contents
Read what is a knowledge management system (Types, Features, Examples & Benefits).
Why You Should Implement KM in Your Organization?
Before jumping into the knowledge management plan, it is important to understand what is the current situation of your organization? where do you want to be in the future, and how do you ensure your company gets there successfully?
“Fortune 500 companies lose at least $31.5 billion a year by
failing to share knowledge” - International Data Corp. (IDC)
Before developing a knowledge management strategy and plan the first thing you need to identify is the data and content you want to possess and your KM goals, vision, and mission. Based on the identified goals, it helps to make good judgment to access the available information, required tools and necessary processes for the organization’s knowledge management needs.
The next thing, you need to involve the right peoples in the knowledge management plan for business development, such as key business leaders, and subject matter experts who can come up with the best practices to follow.
Once you have collected the data for your knowledge management plan document and engaged your key stakeholders, you are ready to get started!
Let’s move on to the first step towards developing a knowledge management system and plan that will take you seamlessly to build up successful knowledge management.
Identify Objectives of Knowledge Management Program
Before defining the strategies of the knowledge management process, take some time to visualize and formulate your end goals. What do you want to accomplish as far as knowledge is shared and analyzed? If you are clear about your objective start comparing your existing documentation of procedure for knowledge sharing and then create a perfect fit for the skills and abilities needed for the best possible performance within your organization. You can also conduct a skill assessment to identify the skill gaps following the best practices for strategic knowledge management.
After doing such activities you need to create step by step document for the business problems that need resolution through the km strategy. The best way to start is by making a list of long-term and short-term objectives that address the business problems and solutions that can resolve the business goals. This will help to create and communicate a bigger picture for your company.
Get Ready for the Change
Implementing a new knowledge management system may change your organization’s existing procedures and sharing methods. Some employees, customers or users may also resist the sudden change. It is recommended that companies maintain more transparency within the organization when it comes to km strategy and follow the best practices. To avoid unwanted situations, you need to request employees at levels for their feedback, design, and implementation of the intended process. You can also take advice from experts whenever you are thinking about rolling out new plans and expectations. Such precautions will maximize the chances of a successful knowledge management system.
Outline an Upper-level Process
If you are effectively managing your organization’s knowledge sharing resources that means you should start from an upper-level knowledge management plan including detailed process, content, and best practices work-related instructions. It is important to document a clear process and the requirements of all the departments. From gathering current documentations to using company-wide feedback will lead you to the most comprehensive analysis and help you build new knowledge management strategies and applications that are aligned with the organization’s corporate goals.
With a strong understanding of how km strategy will be recognized, acquired, categorized and shared will result in the most appropriate and implemented end results.
Identify and Prioritize Technology Stack
Once you are done with the above steps, you can start to decide and prioritize your technology stack for a knowledge management strategy plan. You may not have to purchase new technology if your existing technologies are enough and are able to fulfill your system needs. All your decisions regarding technologies should base on the identified information and specific requirements.
Create Knowledge Maps and Inventory
You should create knowledge maps and inventories to identify the connection between knowledge resources and assets that are already existing within all the departments of the organization. This step will help you create a road map and highlight specific gaps in the inventory. In the road map, you can also include milestones and challenges to identify your future knowledge related needs. Make sure to review and update the road map time-to-time based on your organization’s ups and downs, the market movement, and new business priorities throughout the km strategy.
Time for Implementation
Implementing a knowledge management strategy plan into action with the overall usefulness of your organization will require major resources and commitment. You will get to know you are in good shape during the implementation of km strategy if:
- your objectives are clear
- your problems have been predicted and planned a solution
- your process and technology stack is in place
- all the gaps have been defined
- you can blindly follow your roadmap
Implementing a comprehensive knowledge management strategy takes time and money, but it is worth it when you see the improvements and tangible results quickly.
These first steps taken for knowledge management strategy development plan are very important for the organizations because it provides valuable insights. It will also help businesses to take the necessary actions to improve quality, support the employees and enhances the performance and compliance gaps, which will enhance the overall impact of the new knowledge management system implementing the best practices. If you are looking for more information you can always contact us.
1. What is a knowledge strategy?
Answer: Knowledge strategy is the complete set of content guidelines and principles that shape the decisions that any company or organization makes about the purchase, storage, manipulation and application of its knowledge base.
2. How do we develop a knowledge management plan?
Answer: Knowledge management plan is one such plan which mainly focuses on the way the organization manages its information and knowledge better for the advantages of the organization and its stakeholders. A right knowledge management strategy is aligned with the company’s overall strategy and benefits. With the right and clear KM strategy, companies and organizations can:
- Boost awareness and knowledge of KM in the company
- Formulate the business case and identify potential advantages
- Entice resources for implementation
- Gives you a basis against which to measure your progress
Many ways are there that businesses and organizations can follow to develop a knowledge management strategy. However, there is no ‘one size fits all’. Various biggest companies and organizations require a detailed and formal strategy document whereas smaller organizations require something less formal and briefer.
3. What are the four components of knowledge management?
Answer: When it comes to talking about the components of knowledge management, there are mainly four components, including people, process, IT/content, and strategy. No matter the industry you belong to, size, or knowledge that your company is looking for, it is always important to have people, who lead, support knowledge sharing, processes to manage and measure knowledge flows, content to connect with the right people and documented strategy to use KM to meet instant requirements.
4. What are the types of knowledge management?
Answer: Knowledge Management System (KMS) is a complete solution that allows companies and organizations to explore, categorize, navigate and gather all the corporate knowledge in a secure and web-based repository.
Some of the examples of knowledge base systems are Knova, KB Publisher, Oracle Knowledge, and Qvidian. In fact, a Content Management System (CMS) can also be used as Knowledge Base Systems and some of these examples are TeamSite, SiteCore, and SharePoint.