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Best Knowledge Management Systems

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HR Software Guide

What Is Knowledge Management System? 

Businesses today need a lot of innovative tools to keep themselves ahead of the league. These tools help to improve the overall support and carry out operations. With the help of these tools, organizations can interact with the customers in a smooth and productive way. A Knowledge management system is a procedure of creating, sharing, utilizing, and managing information as well as the knowledge pool of an organization. 
 
About 40% of consumer interactions take place on the web, and hence a knowledge management system is the best way in which a company can achieve the desired productivity. On the whole, the system focuses on sharing, auditing, and structuring of the knowledge which helps in garnering success in the customer support area. [Source: zingtree.com] 
 
Here are three main parameters on which the whole system is based:
  • Sharing of knowledge
  • Storing of knowledge
  • Accumulation of knowledge

Knowledge-Management-Global-Market

What Are The Main Benefits Of Knowledge Management System? 

The knowledge management platform is such an important console in the workflow of organizations today. It has a lot of features that provide a rather economical and effective outlook for enriching customer experience and support. 
 
Let us explore 10 benefits of the knowledge management system that offers detailed information on the system:
  • Customer Satisfaction:

Customer satisfaction is a paramount feature for any organization. When customers are satisfied with the companies’ query-solving tactics, it results in more engagement. Organizations can help put up a FAQ section on their website where customers can easily find answers to their queries. By successfully integrating the knowledge software, customer satisfaction will surely increase.
  • Expenses Of A Company:

Apart from customer support all other sections of the company also require knowledge management software. Be it production, sales, or management, these software solutions refine the overall workflow and thus, leave no scope of any raised questions or doubts.
  • Costs: 

With knowledge software at disposal, customers can easily find answers to their doubts. It means there is no need for staff involvement, which in turn saves time and money.
  • Problem-Solving:

The knowledge management application help in solving the problems easily and thereby results in the smooth functioning of the organization.
  • Treating Knowledge As A Property:

Organizations that have a perfect KMS (Knowledge management system) treat knowledge as a useful asset. The intellectual property shared within an organization becomes permanent and thus, there is no dependency on out-going employees for the same.
  • Employee Training Becomes Easy:

On-boarding of new employees in any project of the organization becomes easy with the help of KMS. Employees can refer to knowledge management software and get trained without any additional help.
  • Search Criteria Becomes Simplified:

The different knowledge management tools ensure smart search in their process. This means if any employee is searching for a particular query there are 100% chances that he/she will land on the exact result.
  • Cost-Effective:

Customer support solutions given through the knowledge management software are cost-effective in many ways. Firstly, they help in easy document sharing within the organization. Secondly, customers can get access to support solutions at a very minimal cost when compared to heavyweight ticketing systems.
  • Accessibility:

A web-based knowledge management system enables employees to get access to it from any location or device. As mobile usage is seeing a huge surge, in the coming years the dependency on web-based solutions will increase.
  • Security:

A knowledge management system helps in secure file sharing. Instead of sending files over the mails, you can give direct access to the software to the employees, which will prevent a data breach.

How Is Knowledge Management System Helpful For Your Business?

As discussed earlier, a knowledge management system is blessed with many features. With an improvement of 1% in FCR -First Call Resolution, there is an equal upsurge in customer satisfaction. [Source: zingtree.com]
 
Therefore, it can be easily concluded that the system also comes with multiple benefits:
  • Through knowledge management software, companies can turn their full focus on the customer. The software includes answers to the common questions and thus saves time for both the company and the customers. 
  • You can also keep a track of the knowledge base and can improve it further down the line. This small step will keep your organization updated according to the needs of customers. 
  • Similarly, you can also keep a track of customer feedback on the knowledge-driven articles. This would also help in improving the overall documentation process on the go.
  • In addition to all these incorporating software such as documentum will not help you in identifying missing gaps, but also secure your shared files. 
 
The knowledge management software help in propelling the self-growth attribute in a company. As the system caters to both tacit and explicit knowledge, it provides a single source of truth for both content curation and sharing. The ultimate objective of a knowledge management application is to create happy and satisfied end customers. It is a well-known fact that happy customers will keep coming to the sites they like, and thus will generate more revenue for the company. 

Internal Knowledge Management and Its Importance:

A knowledge management application is something that is not only external factors but also focuses on collecting internal knowledge. The internal knowledge management system is the one that is only accessible to the employees. The system has private information specific to a particular company like policies, HR materials, and so on.
 
The internal management system is helpful for an organization in many ways. It helps in the scaling of the teams more effectively. It helps in processing the information quickly which helps in the smooth running of the organizations.
Secondly, a knowledge management application simplifies the whole process of employee on-boarding. An internal KMS will help to grow your organization by arranging all basic knowledge in one place.

Types of Knowledge Management Systems:

Three primary types of knowledge management systems essentially dominate the present day business scenario. 
  • Enterprise Knowledge Management Systems:

An enterprise knowledge management system focuses on experiences learned in the past. This helps businesses to carefully evaluate past performances, and learn from it, so the same mistake is not repeated. The enterprise knowledge management systems are also known as organizational learning.
  • Knowledge Intelligent Techniques: 

This type of knowledge management platform integrates artificial intelligence to measure knowledge and create solutions for more dynamic and complex problems in the organization. This is achieved by the use of intelligent techniques like capturing collective knowledge and extending a knowledge base.
  • Knowledge-Based Work System:

This type of knowledge-based system helps in segregating data and putting them to use within the organization. This step helps all departments to get a clear view of standards and systems within a company.

Pertinent Things to Look For Before Buying A Knowledge Management System

If integrated properly, knowledge management software will act as a paramount feature for an organization. It will become a go-to source not only for the customers even for the employees of the organizations. Therefore to administer it properly, organizations have to consider these points:
  • Understand your audience
  • Effectiveness of search criteria
  • Safety and privacy regulations of your company.
  • Data consistency.
  • The scope of adding new content.
  • Use of Artificial intelligence.
  • User feedback. 

Conclusion:

Before you set out to buy a fully functional KMS, it is important to go through the details of the product and the features it is offering. This will help in choosing a rightful product for everyone with the latest features to attract the customers and end audiences towards your company.
In order to make the best choice amongst the vast sea of solutions present in the market today, it is recommended to carefully analyze the product in the trial period and then move ahead with training your team by mitigating the data.
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Document360

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Frequently Asked Questions (FAQs)

  • A knowledge management system is the one which helps in easy storing and retrieving of information. The whole system is perfect for IT companies, businesses, and startups who would like to go global with their product.
  • Documents can be easily shared externally through the use of any advanced software. To share documents externally one can use the Microsoft share point which helps in easily sharing the content with people outside the organization. But before you proceed for any of these processes make sure you have a modern document library.
  • Today as the market is developing continuously, the requirement for knowledge management software also sees an upsurge. This has led to many companies coming out with their version of knowledge management platforms. Some of the key players in this arena are HubSpot, Quip, Service now, Bloomfire, and Help juice.
  • Intranet and databases play an important role in providing information within an organization. While databases store the data securely, an intranet is an office network through which data and information are exchanged. Thus both of these have an important role and actually work as the backbone of the knowledge management system.
  • A knowledge management framework is the one that ensures all the key elements like accountabilities, processes, governance, and technologies are in a single place and interconnected with each other.
  • There are four barriers to Knowledge Management Systems like poor planning, lack of accountability, lack of business purpose, and customization.
  • A knowledge management system can take a few days, weeks, and months to get implemented in bigger organizations. However, for small startups, it is more instant and seamless.

Knowledge Management software in following industries

Shrushti ChawaraBy Shrushti Chawara | Last Updated: October 25, 2020

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