Changing and evolving terminology can be challenging to stay current with. New terminology is introduced almost daily to try to make sense of the immense amounts of information and applications available to translate it into something usable and valuable. These terms are evolving so frequently that they risk losing meaning and getting lost in the fold once their 15 minutes of fame are up.
Knowledge Management, a company's greatest asset
Knowledge management is not a new term and not a fading trend. However, putting your finger on identifying knowledge management as the root source of concern may be difficult as it can get wrapped up in or applied to several other terms. Some of these include:
- information management
- data management
- information data structure
- documentary management
- enterprise content
- and more
Getting lost in semantics can delay getting to the core of your organization's challenge, knowledge management. Knowledge management is more important than ever, and why your business should be leveraging its knowledge assets.
Knowledge management, and why you should care
If knowledge is considered an essential asset to operational efficiency and productivity, why wouldn’t you want to optimize your greatest asset?
Knowledge is found in every aspect of a business; within management, your employees, operating systems and manuals, cloud storage systems, customer files, and so on. Wouldn't it make sense to pay close attention to this knowledge and the information your business holds to ensure it is utilized to its fullest potential?
In today's predominantly remote work environment, your company’s information may include processes, procedures, files, customer data, internal resources, employee knowledge, technology, etc. Essentially, everything that keeps the wheels turning is out there, probably floating in a cloud!
If managed poorly the consequences can be disastrous. If managed well, it will be the greatest asset in your company. Consider the benefits of you accessing the same information in Tokyo as your colleagues in London. Even if they are accessing it from different platforms, because it is coming from the same source it offers continuity and consistency across the organization. Rather than spending valuable time searching for information, or duplicating it because you can't find it, you have processes and procedures to efficiently and effectively use your business’s information to its full potential. This is knowledge management.
Knowledge is your business’s intellectual capital. It will only be optimized when it’s made accessible for every process, procedure, or project you take on. This means taking the necessary steps to put systems in place to record and store this information in a way that makes sense for your specific needs. This will help you leverage your employee’s knowledge and the people who hold the most valuable information by allowing them to easily share what they know and make it universally available in multiple distribution channels and forms. Before you realize it, you will have created a competitive advantage for your business that will ensure success well into the future.
Here to Stay
Understanding what knowledge management is, and being able to utilize it effectively is how you stay competitive in the dynamic business environment. Taking large amounts of information and knowledge and parlaying it into usable, organized, findable, and accessible systems to empower its users.
Gone are the days of books and manuals, managing multiple sources of information, probably through cloud-based storage systems and applications is here indefinitely. With that in mind, it is important to understand the value knowledge management holds for your business. Knowledge management is a long-term solution that can make or break your organization's success.
