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Dummies Guide to Best Practices in Knowledge Management

Let’s learn about the basics of knowledge management and then knowledge management best practices in this blog
by Saadiya Munir Updated on June 17, 2022

How much time do you spend searching for information? If you answered yes, you probably don’t know where to start looking for answers.

Knowledge management is a critical part of every organization. Organizations cannot afford to ignore their knowledge base in today’s competitive environment.

They need to improve their processes, systems, and procedures continuously. This requires constant monitoring and updating of knowledge. And for that, most enterprise organizations prefer a knowledge-sharing platform.

Let’s learn about the basics & then knowledge management best practices in this blog.

What Is Knowledge Management?

Knowledge management (KM) is a strategic approach to managing information that helps organizations improve their performance through better access to relevant information. KM encompasses various activities, including organizational learning, knowledge creation, sharing, dissemination, and use.

Learn More About VIDIZMO Knowledge Management System

Why Do We Need Knowledge Management?

In today’s world, businesses face increasing competition from other companies who have more significant resources than they do. Businesses must continuously learn to improve processes, products, services, and customer relationships to stay competitive.

This requires them to manage the flow of information across the organization. However, this can be difficult, if not impossible, without proper knowledge of management strategies.

Learn more about Knowledge Management Examples

How Does Knowledge Management Help Us?

The benefits of knowledge management include improved productivity, increased innovation, reduced risk, and enhanced competitiveness.

By using knowledge management techniques, organizations can reduce the time spent searching for information, improve accuracy, and make better decisions.

  • Use a knowledge management system to easily access your information anytime.

  • Make sure you have a central repository for all your research materials.

  • Create a searchable database of your findings.

  • Have a backup plan for your data if something happens to your computer.

  • Keep track of what you find online.

Learn More About Enterprise Knowledge Management

How Do We Manage Knowledge?

Knowledge Management (KM) is “the management of information to create value”. This definition implies that KM is about managing information and ideas.

However, this is not the only way to look at KM. KM should be looked at from two perspectives:

  1. How do we manage our own knowledge?

  2. How do we manage other people’s knowledge?

The first perspective is about how we manage our own knowledge. This includes everything from how we store, organize, and retrieve knowledge. There are many ways to manage your own knowledge, but they can be grouped into three categories:

  1. Physical storage

  2. Organizational structure

  3. Retrieval methods

Physical storage refers to the actual location where we keep our knowledge. Some examples include filing cabinets, bookshelves, and paper files.

These locations are usually static and don’t change over time. They are great for storing large amounts of data but aren’t good for organizing and retrieving small amounts of information.

The advent of cloud computing storage has changed the way we manage our data. Nowadays, we can easily share files and collaborate from anywhere using the Internet.

A good knowledge management system should have the following characteristics:

  • Easy access to information

  • Ability to store information

  • Ability to analyze information

  • Ability to share information

What Is Video Knowledge Management?

Videos can be a great tool for sharing knowledge, especially in the workplace. They allow you to explain complex concepts in simpler ways and provide a visual aid for learners.

Video knowledge management (VKM) is a new way of organizing information using video. This method allows you to share knowledge through video, and it has become beneficial in today’s modern workplace.

VIDIZMO Enterprise Knowledge Management

VKM is a relatively new concept, but businesses are already adopting it around the globe. The idea behind VKM is to create a library of videos that employees can access at their convenience.

If you're for a knowledge management system, we’d love to respond to your Knowledge Management RFP.

How Is NEC Using VIDIZMO for Knowledge Management?

NEC Networks & System Integration Corporation (NESIC) is one of Japan’s leading IT solutions providers and resellers.

Their clients include enterprises, telecommunications carriers, and central and local governments.

Osamu Quote on VIDIZMO Customer Service

The corporation faced a major challenge regarding online meetings, webinars, and training on Zoom and MS Teams, taking up employee time and reducing productivity.

VIDIZMO EnterpriseTube is enabling NESIC to shift to an asynchronous work style. Employees were encouraged to watch recorded clips of meetings, training sessions, and other corporate videos on VIDIZMO’s video portal.

READ THE FULL SUCCESS STORY

Knowledge Management Best Practices

There are three main components of effective knowledge management:

  1. Know what you know

  2. Share what you know

  3. Use what you know

It depends on the industry you're working in, and what's the best for you. Here are two example blogs to read:

Why Insurance Knowledge Management Is the Need of Hour

Knowledge Management in The Legal Department – A Brief Overview

6 Steps to Create an Effective Knowledge Management System

  1. Create a knowledge base that is easy to access and searchable.

  2. Use a database management system (DBMS) that allows for data entry, retrieval, and analysis.

  3. Develop a workflow that can be used to manage information.

  4. Ensure that your DBMS has a user-friendly interface.

  5. Make sure that your organization’s policies and procedures are documented.

  6. Create a training program that teaches users how to use your DBMS effectively.

  7. Use a scalable knowledge management tool to work efficiently. 

5 Best Knowledge Management Best Practices

  1. Create a Central Repository of Information Knowledge

    management is about creating a central location where people can access information needed to perform their jobs effectively.

    A knowledge base should be created that contains all relevant information for your organization. This could include documents, data, videos, presentations, etc.

  2. Make Sure Everyone Has Access to It

    To ensure everyone has access to this information, it needs to be centralized and accessible from anywhere at any time. You want to ensure that no one is left out of the loop.

  3. Use It Regularly

    Once you have created a knowledge base, you must use it regularly. You may lose valuable information if you don’t update it often enough.

  4. Set the KPIs

    How effective is knowledge management at your organization? How do you measure its success?

    It is essential to measure the effectiveness of Knowledge Management. This is done by measuring the impact of KM on the organization.

    The key to successful knowledge management is to ensure that the data collected is accurate, timely, relevant, and actionable.

  5. Scale It Up

    Knowledge sharing should be convenient for employees and non-IT folks, just as they would share information using social media channels, wikis, and mobile apps.

    Incentivize knowledge-sharing activities as it improves the overall capacity of the organization to learn and improve by solving problems for each other efficiently.

    One of the best practices for adopting a knowledge management system is to opt for a cloud-based video KMS that enables employees to collaborate and share knowledge within an organization via videos on a large scale.

    An enterprise video content management platform will allow users to live stream the videos as well to the specific audiences with access management.

    The platform will provide a central repository where employees can access, update, and share work meetings, training, & other video information.

Summing It Up:

Knowledge Management (KM) is the practice of managing and sharing knowledge within an organization. KM helps organizations improve their performance and productivity through better decision-making, problem-solving, and innovation.

To learn more about how our platform can help you in managing your knowledge, contact our team today or sign up for a free product demo. 

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Posted by Saadiya Munir

Content Strategist & B2B Marketer. Jack of all & master of editing. Computer Science graduate who hates to code. Introverted. Mostly hungry or sleepy. You can ping her at sadia.muneer@vidizmo.com

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