In the fast-paced business world of today, companies want to become more operationally efficient and productive by improving performance, increasing quality, and making work processes and practices more knowledge-driven.
Public-sector companies, as well as private-sector organizations, are striving to dramatically decrease costs, enhance decision making, and discover novel methods to expand.
Above all else, compliance in administration is the biggest obstacle to public-sector enterprises. It's all about maximizing the use of knowledge via determining activities and procedures. In this blog, we will discuss knowledge management examples of companies that use knowledge management successfully.
Let’s get started with the public sector first!
What Is the Significance of Knowledge Management in the Public Sector?
Knowledge management plays a crucial role in offering methods and procedures for managing e-government material to make knowledge more usable and accessible. It necessitates a cultural shift as well as automation of operations.
Knowledge management is the main way that e-government content is managed. It includes tools and strategies for organizing knowledge, keeping track of changes to knowledge, and making all important information available to consumers.
In collaborative companies, knowledge management is vital because cooperation necessitates an efficient means of communicating information from a variety of sources.
Information and communication technologies (ICTs) are very important in this case because they make it possible for different organizations to share data.
When looking to improve company performance, the search for a better solution has led to the discovery of knowledge as a unique and firm-specific resource. Practitioners and academics alike have recently been interested in the topic of knowledge management.
It's important to make sure that the right people have access to the right information at all times. People-based knowledge management systems are becoming more common in modern businesses because they can now make and align their knowledge management strategies more easily.
What Are the Business Benefits of Knowledge Management?
One of the most cutting-edge and technologically advanced applications of knowledge management is decision making, assessment, as well as operating system redesign.
KM is a strategic way to get the right information to the right people at the right time. It also encourages employees to share and use new information in ways that will help the business grow and improve its overall performance.
Companies are working to develop a long-term competitive edge in order to compete with larger, more hostile rivals. For businesses to reach this goal, they need to know how to create, share, and use the information within their organization.
Collaboration is a core element of knowledge management. In Toyota, value chain theory has been used to describe how the potential of a knowledge network grows as the number of participants grows. When it comes to the communication of data from Toyota's headquarters to its affiliates, the company uses a variety of methods.
Different tactics may help companies get a competitive edge. A company might use a method called "knowledge management" to get a competitive edge in the market.
"Competition in automotive manufacturing is increasing due to the new opportunities that are created every day by globalization (Ferreira, 2007)."
Examples of Companies that Use Knowledge Management
Founded in 1937 by Kiichiro Toyoda, the Toyota Motor Corporation is a Japanese automaker with global operations. With sales of more than 10 million automobiles each year, Toyota is considered one of the world's leading carmakers. In February 2016, it was the world's 13th-largest firm by revenue.
Toyota uses KM to obtain a competitive advantage and how the value of a knowledge network improves as information sharing expands.
Similar to Toyota, here are some examples of companies that use knowledge management systems.
Volkswagen, Volvo, Audi, BMW, and other well-known automakers need to have competitive advantages to stay on top. To put it another way, the car industry should be able to compete.
Information management is essential to a company's sustainability because large corporations recognize the value of knowledge in maintaining a competitive advantage. Knowledge management can be used in a wide range of ways to keep track of and create patents for a company.
Competitive advantage can only be gained by a high degree of ability and understanding. Consequently, companies that are able to continually expand their expertise have the potential to succeed. Even though it is impossible to measure, not having this information could hurt the company's ability to compete, which could cause it to go out of business.
With the help of modern information and communication technologies, businesses can use knowledge management to improve their business processes, operational and strategic decision-making, and the overall well-being of their employees and the wider community. This helps them find new opportunities and gives their customers more value.
How Can an Enterprise Video Platform Be Used to Facilitate Knowledge Sharing?
Videos used to be a convenient addition to the home entertainment system. Since its inception as a bonus feature, video has evolved into a primary mode of communication.
Businesses can use video in many ways to improve how they communicate and make work easier.
It’s already predicted in 2018:
"Globally, consumers will spend 84 minutes a day watching online video in 2020, and the estimated increase in online video consumption could also lead to more time spent on advertising on video-on-demand platforms like YouTube." - Business Insider
Businesses have always utilized video as a marketing tool. Technologies are developing, but their objective hasn't altered. Even while the video may be a cost-effective means of conveying instructional, informational, and business information, most companies still utilize it only to find the best employees. For one thing, it's a great way to build up your team.
"As younger generations ascend in the workforce and become the majority of managers in corporate America, they’ll reshape work as we know it," -Stephane Kasriel, CEO of Upwork
Instructor-led training is costly and time-consuming due to the amount of money and resources spent on travel rather than the actual training. While workers are being trained through video, no money is wasted on hiring a trainer. Since the video is already recorded, all you need is a location where your workers may view and listen to it.
Here are some critical benefits of the corporate video platform:
Training for sales teams, including advice on making connections, demonstrating products, and closing deals.
Video conferencing facilitates the dissemination of knowledge to a larger group.
Training with comprehensive exposure to the expertise of the organization's management team.
Discussions and presentations on the company's sales strategy are recorded.
Videotape product descriptions and demonstrations.
Employ videos as a tool for recruiting. Leveraging video for corporate communications and meetings.
VIDIZMO - The Ideal Knowledge Management Software for Your Company
Just let your subject matter experts, industry professionals, skill specialists, field experts, etc. record videos and post them to the platform.
This will give your staff an easy-to-find source of information. You can benefit from the following capabilities:
A secure platform for sharing videos internally, where only authorized users can watch videos and where your SSO and IAM systems can connect.
This facilitates the uploading, management, and sharing of videos for knowledge transfer. Employees can access videos from anywhere, and they can watch them in the browser without having to download them first.
It enables your users to successfully exchange information and collaborate on video projects.
You can automatically import recorded meetings from Zoom, MS Teams, Cisco Webex, etc., and make them available to workers through an on-demand video library.
It can also produce closed captions and transcripts for videos and translate them into more than 50 languages. Plus, users may navigate the multilingual platform in over 40 different languages.
The Bottom Line
Finding the right balance between making sure that workers are productive and engaged while not wasting company time is critical for companies hoping to gain an advantage using video content (e.g., for learning and employee engagement).
There are many examples of companies that use knowledge management software to get better results.
Professionals in Learning and Development frequently speak about making learning seem like any other element of a worker's day and workflow; thus, including videos that support certain objectives helps them accomplish their aims as well as appeals to the learning preferences of young workers.
In the long run, it's a win-win situation for everyone involved and a step toward making video more efficient rather than seeing video consumption as a negative thing.
Looking for a knowledge management system for your company? How about capturing knowledge via videos. Contact our team to learn more or sign up for a free product demo!