how do you develop a knowledge management system

How to Build an Effective Knowledge Management System

• 1. Source the information and data for your knowledge management system. The first step in developing a knowledge management system is knowing what knowledge to document. ...
• 2. Organize your knowledge management system. Next, how do you organize your knowledge management system? ...
• 3. Analyze and optimize your knowledge management system. ...
• 4. Continually update your knowledge management system. ...

Full Answer

How to build an effective knowledge management system?

How to Build an Effective Knowledge Management System 1 Source the information and data. 2 Organize the information. 3 Analyze and optimize system performance. 4 Continually update the system.

How do you build a culture of knowledge management?

Your organization should establish and cultivate a knowledge-sharing, knowledge-driven culture for long-term success. Implementing a knowledge management program is no easy feat. Even with the best planning, prepare to encounter and work around obstacles. Some common challenges you may want to prepare for include:

What should be included in a knowledge management program?

Your program should increase the ability of individuals within the organization to influence others with their knowledge. Processes. The processes you establish should include best practices and governance for the efficient and accurate identification, management and dissemination of knowledge. Technology.

How do you assess the current state of knowledge management?

After you have established your program objectives, prepared for cultural changes, defined a high-level process, and determined and prioritized your technology needs, you can assess the current state of knowledge management within your organization.

What is the first step in developing a knowledge management system?

The first step in developing a knowledge management system is to: determine what knowledge is most important to the organization.

What are the 5 components of knowledge management?

Let's look at five key components of knowledge management.Strategy. A knowledge management strategy is a well-documented source of direction for the company. ... Process. ... Technology. ... People. ... Improvement.

What are the 4 key processes of knowledge management?

The Knowledge Management process has six basic steps assisted by different tools and techniques....The Knowledge Management ProcessStep 1: Collecting. ... Step 2: Organizing. ... Step 3: Summarizing. ... Step 4: Analyzing. ... Step 5: Synthesizing. ... Step 6: Decision Making.

What are the 3 major types of knowledge management systems?

What are the three types of knowledge management systems?Enterprise-wide knowledge management systems. These systems are designed to suit general-purpose knowledge management requirements and prioritize organizational productivity. ... Knowledge work systems. ... Intelligent techniques.

What are examples of knowledge management systems?

Examples of Knowledge Management SystemsOrganization- or department-wide knowledge management platforms.Research and insights libraries.Customer service knowledge bases.Learning management systems.Online community forums.

What are the key principles of knowledge management?

KM must align with the business. ... KM must include Connect and Collect (aka Conversation and Content) ... KM must address Push and Pull (aka supply and demand) ... KM must address Roles, Processes, Technologies and Governance. ... KM must be embedded into the business.

What is the structure of knowledge management system?

The KM framework developed by the European KM Forum consists of eight major elements: (1) KM strategies, (2) Human + Social KM issues, (3) KM organizational aspects, (4) KM processes, (5) KM technologies, (6) KM performance measurement, (7) leadership, and (8) KM business cases + implementation aspects.

What is a knowledge management framework?

A knowledge management framework is a structure designed to help you map, create, distribute, scale, and optimize your company's knowledge and knowledge resources.

What is knowledge management model?

7 Knowledge Management Models Models of Knowledge Management (KM Models) assist you to put the dissimilar portions of a riddle collectively in a manner that leads to a profound understanding of both the portions and the collaboration that gets made up.

What are the 2 major types of knowledge management systems?

There are three major types of knowledge management systems, namely enterprise-wide knowledge management systems, knowledge work systems, and intelligent techniques.

How does knowledge management system work?

A knowledge management system is any kind of IT system that stores and retrieves knowledge to improve understanding, collaboration, and process alignment. Knowledge management systems can exist within organizations or teams, but they can also be used to center your knowledge base for your users or customers.

What are the benefits of a knowledge management system?

Some of the common benefits of knowledge management include:improved organisational agility.better and faster decision making.quicker problem-solving.increased rate of innovation.supported employee growth and development.sharing of specialist expertise.better communication.improved business processes.

What is knowledge management and its components?

Knowledge management is the process by which an enterprise gathers, organizes, shares and analyzes its knowledge in a way that is easily accessible to employees. This knowledge includes technical resources, frequently asked questions, training documents and people skills.

What are the three main components of knowledge?

knowledge, Thierauf (1999) defines three components: (i) data is lowest point, an unstructured collection of facts and figures; (ii) information is the next level, and it is regarded as structured data; finally, knowledge is defined as information about information.

What are the components of knowledge?

Kinds of knowledge componentsDomain knowledge. Facts, concepts, principles, rules, procedures, strategies.Prerequisite knowledge. Feature encoding knowledge (see examples in Algebra and Chinese radicals)Integrative knowledge. Schemas or procedures that connect other KCs.Metacognitive knowledge. ... Beliefs & interests.

What are the three components of knowledge?

Before turning to influential twentieth-century arguments against the JTB theory, let us briefly consider the three traditional components of knowledge in turn.1.1 The Truth Condition. ... 1.2 The Belief Condition. ... 1.3 The Justification Condition.

What is knowledge management system?

A knowledge management system is a platform or a resource section for creating, curating, storing, sharing, and managing product or service knowledge internally (within your team) or externally (with your customers) under one roof.

How to approach knowledge management?

There are two ways for you to approach the development of knowledge management. One involves internal data analysis, the other one relies on external research.

How does knowledge management help a business?

When properly implemented, a knowledge management system can help your business strengthen brand loyalty, drastically lower customer support costs, and create value for your community.

What is the benefit of having a knowledge base?

One of the notable advantages of having a knowledge base, especially at companies that get swamped with support tickets, is the net promoter score (NPS) improvement . NPS is an indicator of customer satisfaction and how likely they are to recommend a product or service to someone else. Companies use it to gauge a customer’s overall sentiment about a brand. It’s not a surprise that this metric directly depends on customer satisfaction levels with your client success team.

How does publishing educational articles and materials help your business?

In fact, by publishing educational articles and materials, your business can decrease the number of questions about customers’ most common issues. Some companies opt to automatically redirect users to those pages before transferring them to the support team to see if the customer can’t fix an issue themselves.

8 Types of Knowledge Management Strategies

Different management strategies play different roles in helping you achieve your objectives.

Develop A Practical KM Strategy in 4 Simple Steps

Now that you understand the nitty-gritty of KM strategy, let’s see how you can use this 5-step method to develop your own strategy.

Develop a Practical KM Strategy using livepro

A good KM strategy and a reliable KMS is a long-term investment for your business. We hope that this article will help you to get started with the process and better understand what is involved and how it affects the whole business.

How does knowledge management system help?

A knowledge management system, when done well, can help you increase customer satisfaction, decrease customer support costs, and increase overall customer success ROI in your organization .#N#While the tactical aspects of knowledge management systems can vary, the purpose is the same: Educate your customers so they can successfully use and interact with your products or services.#N#The way you do that could be through some combination of FAQ, tutorials, academies, how-to articles, or forums. Any knowledge management system feature should contribute to the goal of answering and educating customers and compiling knowledge about your products or services.

What is the first step in developing a knowledge management system?

The first step in developing a knowledge management system is knowing what knowledge to document.

Why is knowledge management important?

The most important benefit of knowledge management systems is that best practices are available to customers, which creates happy and successful customers. Happy and successful customers keep coming back to buy more (and more often) than other customers, and they tell their friends, thus becoming enthusiastic brand advocates. Make no mistake, there is true business value in knowledge management systems.

What is an example of knowledge management system?

An example of a knowledge management system is Tableau’s knowledge base.

Is self service a good investment?

Continue investing in self-serve service and proactive support measures, and you’ll be rewarded with happier customers, increased revenues, and decreased support costs. It’s a challenging endeavor, but it offers a huge return on investment.

How to implement knowledge management?

To ensure a successful launch, and company-wide adoption of your knowledge management system, you should take the following steps: 1 Explain your company-wide objectives and your motivations for establishing a knowledge management strategy in terms of the challenges you seek to address and opportunities for specific teams, from sales to product development to customer support. 2 Communicate regularly about knowledge management updates and successes, ideally with data, and recognize frequent contributors. 3 Ask for employee feedback so they stay engaged and you ensure continuous improvement. Find ways to fix issues quickly so your users know their input matters. 4 Take advantage of AI-driven functions like expert verification; flagging of out-of-date, inaccurate, or duplicate content; and insights that illustrate user trends and behaviors. 5 Incentivize content creation and updating among employees, and reward employees for especially helpful feedback. 6 Make refresher sessions and trainings a regular occurrence so that your team is aware of how to use your knowledge management system. This not only helps onboard new employees and familiarizes them with your system, but it keeps updating your knowledge management system top-of-mind for long-time employees, as well.

How to make sure knowledge management system is well maintained?

Asking employees for feedback about frequent issues is another helpful strategy in making sure your knowledge management system is well-maintained and offers the most value to your team. Additionally, you’ll want to regularly take a closer look at what topics and keywords your employees are regularly searching, and analyze your competitors’ knowledge management structure, if possible.

How to minimize disruption in knowledge management?

Ease of use/adoption – Minimize disruption by choosing a knowledge management system that shows users its value from the start. Your ideal system should allow team members to easily import and format content or data, or write information from scratch.

What is smart suggestion?

Smart suggestions – Knowledge should be surfaced for employees in real-time as they have conversations with customers or fellow team members on calls or chat tools. Utilizing a knowledge sharing tool that will suggest specific information will encourage adoption and bring teams the information they need, before they even know that they need it.

Why is collaboration important in knowledge management?

Collaborative features – Connecting teams and people to one another so they can share their expertise is essential to effective collaboration, as is delivering knowledge to those people at the right moment in the right place. By making knowledge management a collaborative process, you can utilize your subject matter experts to get everyone in your org on the same page.

How to keep knowledge management system updated?

Make refresher sessions and trainings a regular occurrence so that your team is aware of how to use your knowledge management system. This not only helps onboard new employees and familiarizes them with your system, but it keeps updating your knowledge management system top-of-mind for long-time employees, as well.

What happens after knowledge management is up and running?

After your knowledge management system is up and running, continued evaluation and improvement will be necessary as part of your knowledge management implementation roadmap. Internal changes to your organization’s processes or products, economic and other external factors, changes in your teams or organizational structure, and lessons learned from employee interactions with your knowledge management system will all change your company’s informational needs and influence the evolution of your knowledge management strategy.

It creates a centralized learning platform

Experienced and new loan officers spend far too much time switching between different apps, websites, and even physical documents looking for the answers they need. This is a problem, especially for new lenders, who may not have the experience to find information on their own.

It improves the borrower experience

How do lenders ensure that every borrower is getting the help they need?

It boosts productivity and profitability

When the knowledge management system has been created and is accessible via Capacity’s chatbot functionality, this saves lenders time in two ways.

It boosts compliance and reduces discrimination

Capacity’s intelligent knowledge management system boosts compliance. This is because lenders who do not have all the relevant information at hand can inadvertently break regulations, leaving mortgage companies liable for any fines.

Let Capacity help you build an AI-powered knowledge management system

Instead of paying to compile expensive how-to guides that are quickly outdated, lenders can harness the power of machine learning and build a knowledge management system that updates itself.

What is a Knowledge Management Framework?

A knowledge management framework is a structure designed to help you map, create, distribute, scale, and optimize your company’s knowledge and knowledge resources. The framework supports everything from the information you might find in an employee handbook and step-by-step instructions for using various software programs to responses to customers’ frequently asked questions and market research necessary for high-stakes decision-making.

Why is knowledge sharing important?

When information is relevant, useful, easily accessible, and well-organized, people feel empowered to work more efficiently— which fosters better employee engagement and creates space for a healthier work-life balance.

What are the key performance indicators?

It’s also good to create a value proposition for your knowledge management efforts and set key performance indicators (KPIs) to track and measure success. Helpful metrics might include employee time saved, customer success ratings, call resolution time, employee satisfaction, and new hire retention. By tracking these KPIs, you can prove a clear return on investment for knowledge management.

Why empower support agents with knowledge?

Empower support agents with knowledge so they can be more productive and offer exceptional customer service.

What is the second component of the framework?

The second component of the framework is the process —that is, how you collect, share, and manage knowledge. This element is critical to your success because the easier you make it to access information, the more likely your workforce is to use it.

Why do you need to select someone from each department?

As your knowledge management matures , you’ll also want to select someone from each department or team to ensure all the information you share is accurate and up-to -date. These stakeholders should also ensure tacit knowledge is retained when veteran employees change roles or move on from the organization. Additionally, you’ll need to determine who is responsible for introducing new hires to the knowledge management process and how to access the information they need.

What are the processes that should be included in knowledge management?

The processes you establish should include best practices and governance for the efficient and accurate identification, management and dissemination of knowledge. Technology. The technology you choose should enhance how you configure and use tools and automation to enable knowledge management. Structure.

What is knowledge management?

Knowledge management is more than just an application of technology — it’s a culture change. Employees will likely have to rethink the way they share the knowledge they develop and possess. One common hurdle to increasing knowledge sharing is that companies primarily reward individual performance.

What are the challenges of a new business?

Some common challenges you may want to prepare for include: 1 Inability to recognize or articulate knowledge; turning tacit knowledge into explicit knowledge 2 Geographical distance and/or language barriers in an international company 3 Limitations of information and communication technologies 4 Loosely defined areas of expertise 5 Constantly changing business 6 Internal conflicts (e.g. professional territoriality) 7 Lack of incentives or performance management goals 8 Poor training or mentoring programs 9 Cultural barriers (e.g. “this is how we've always done it” mentality)

What are the best practices for knowledge management?

Common knowledge management best practices to consider in your plan include: knowledge strategy, creation, identification, classification, capture, validation, transfer, maintenance, archival, measurement and reporting.

What is knowledge power?

This practice promotes a "knowledge is power" behavior that contradicts a knowledge-sharing, knowledge-driven culture. Successfully implementing a new knowledge management program may require changes within the organization's norms and shared values; changes that some people might resist or even attempt to quash.

What is the importance of a high level knowledge management process?

Beginning with a high-level process will help you progressively develop and hone detailed procedures throughout steps four, five, and six. Keep in mind: the people who will be the users and contributors of knowledge should be part of this conversation. The fully developed process should be finalized and approved prior to step seven (implementation).

What is the early step in a program?

This approach was developed based on tried-and-true activities for implementing any new organizational program. The early steps emphasize strategy, planning and requirements gathering; the later steps focus on execution and continual improvement.

1. Develop internal processes, resources and tools

Integrate your system into your company culture. At Menlo Group, we have spent time developing internal processes, training resources and educational tools to help team members be as successful and self-sufficient as possible.

2. Combine internal and external subject matter experts

The highest performing teams I’ve built have one factor in common: they combine internal subject matter experts with experts from outside the business. Internal experts understand customers, markets, processes and technologies deployed. External experts bring best practices from other businesses and industries.

3. Appreciate the cultural component

Appreciate that knowledge “management” is more than the technology—it is also cultural. Create a system where knowledge can easily transfer across people and where new knowledge is created, not necessarily managed. – Tammy Broaddus, Overflow

4. Develop a strong workflow between departments

Develop a strong workflow process between departments for signing off on what is distributed through your organization. When there’s agreement about what’s being communicated and a clear process for signing off, it eliminates the duplication of messages and contradicting messages.

6. Hold weekly meetings to share news and updates

Weekly meetings are essential. My team sits down together every Monday morning and we dedicate a portion of this time to sharing industry news, learnings from the past week and client updates. You’d be surprised how much information there is to share when you are communicating face-to-face. – Lauren Reed, Reed Public Relations

7. Hire a consultant specializing in strategic planning

We hired a consultant that specializes in strategic planning, and they helped us develop a system—called the StART System—that organized our strategic plan in a way that we can track and hold accountability. I refer back to this plan on a quarterly basis to remind myself of our goals, track progress and discuss accountability.

8. Communicate with your team and understand the goal

Make sure you communicate with your team and understand the goal. Knowledge information systems are an organizational tool. You must understand how the end-user needs information organized to make it effective. How you understand the organization’s information is not always the way the end user will need it.