"Knowledge is what the knower knows that does not exist outside of the knower but rather is shaped by one's needs and initial stock of knowledge." - Fahey & Prusak.
One organization’s concept of “knowledge” varies from the next since it may take on diverse forms. This information may be included in a company’s regulations, procedures, and reports or stored in a person’s brain.
But, in an industry where information is the most critical asset, effective knowledge management solution makes a more efficient and productive workflow. It is now the norm to be able to use innovative tools and apps for managing knowledge.
This detailed overview will help you better grasp the knowledge management in the legal department. The blog will also show examples of the pros and cons and how the VIDIZMO software works in this field.
What is Knowledge Management System?
A well-designed knowledge management system improves cooperation, saves time and money, and aids workers and executives in making better business choices.
Distinct knowledge management technologies are intended to concentrate on different kinds of information and increase efficiency in certain areas of your organization. Some common knowledge management (KM) tools include CRM, LMS, Smart Video Knowledge Base, KCS, etc.
Related Article: Enterprise Knowledge Management
What Is Legal Knowledge Management?
In today’s business world, it has been shown that the most important sources of competitive advantage are knowledge and the ways to develop and manage it. Legal knowledge management aims to make it easier for people to access and use legal information.
Usually, the phrase has been used to talk about how a law firm works, but there’s nothing stopping us from using it to talk about a legal website, a legal marketplace, a legal app, or anything else that has to do with legal information.
What Is a Video Knowledge Sharing Platform?
Live streams, often conducted by organizations as small-scale webinars, have experienced widespread acceptance in recent years on various subjects that have gone mainstream.
The combination of screen-sharing visuals and live vocal explanations from the presenter improved information transfer to the audience. Following the live webinar, the recorded audio-video sessions are made accessible.
There are several successful webinar training examples from across the globe, where training videos have been used to teach healthcare personnel HIV education. This form of training encouraged knowledge exchanged with medical specialists from various nations to develop a consistent medical approach to HIV treatment, particularly in Africa.
How Can a Video Website Affect Organizational Learning?
Alternative fee arrangements (AFAs), legal project management (LPMs), and the professionals that support them have been more popular in the legal industry since 2010. The legal market is still in the early stages of incorporating and using these fields of study.
More effective legal project management will continue to be driven by AFA and other innovative pricing models that provide customers with more value.
KM allows for the reuse of work products, faster collaboration with experts, and operational automation. There is a direct correlation between LPM and efficiency and cheaper costs. You have a solid reason to increase the number of KM you drive with fixed rates.
These companies’ basic principles were highlighted on these websites to inspire workers’ entrepreneurial spirit. It was surprising that workers thought they would have benefited more if they had been able to watch and listen to more tangible issues such as product usability after this campaign. It was up to the workforce to provide their thoughts on the video.
What Role Does Knowledge Management Play in the Legal Department and Law Firm?
According to the 2020 Gartner Survey of Legal Leaders, legal departments will spend three times as much on legal technology by 2025, 20% of attorneys will be replaced by people who are not lawyers, and 50% of legal work will be done by computers.
To identify precedents that support their cases, solve issues for companies, deliver the best guidance to their clients, and provide value while generating a profit, legal practitioners are continually exploring, utilizing, and developing added information. No matter what sort of case they are working on, legal practitioners need access to information that has been thoroughly vetted and is ready for them to use.
Using this legal knowledge management system, a law firm or legal department may help consolidate the collective knowledge of the legal community in addition to their own people and document-based information systems. Legal specialists inside a company or in the larger legal community may collaborate and communicate more effectively using a knowledge management legal department.
If you want to learn more about the use of KMS in insurance companies, you might find this article interesting: Why Insurance Knowledge Management Is the Need of Hour
The Benefits of Knowledge Management in Legal Departments
Legal operations may benefit from a knowledge management system that integrates content authentication and analytics with key security and compliance controls rather than a typical internal level of knowledge. Here is how it may benefit legal firms:
Create a lone trusted source for business-critical information.
Knowledge management software is a better way for lawyers to keep track of their legal research and court documents.
Minimize time by eliminating the need to consult previous cases and legal professionals.
This tool makes it easier to figure out if a large company or industry needs better documentation and communication between its legal and non-legal departments.
These papers and contacts are organized in a way that helps to speed up the legal research process and gives more intuitive contextual search tools.
It acts as a repository of information for future generations.
Knowledge management helps lawyers share and keep track of their knowledge by using training materials, procedures, manuals, videos, case-specific templates, and other forms that are easy to access and can be updated.
It makes sure that your legal team has access to valuable information and procedures to keep building on them.
This helps make sure that customers get the best level of service and security possible.
And all these benefits are simply amplified in this world of increasingly greater amounts of digital evidence, court case recordings, online meetings, and informative webinar.
Videos no doubt have currently become a dominant force in online communications, and businesses are reacting by creating more visual and interactive content.
If you hold a Zoom webinar from your home office, you don’t need a high-quality studio to do so. But securely managing and benefiting from such recorded footage is no easy feat – one you must accomplish since it is a representation of your legal practice.
VIDIZMO, a video-based knowledge management platform, steps in taking charge – providing you with a ready-made enterprise-grade YouTube-like video platform with AI-powered video management capabilities.
What Role Does VIDIZMO Play in Legal Department Knowledge Management?
VIDIZMO EnterpriseTube is like YouTube but for enterprises, allowing only authenticated users to post and share videos with on-demand access to find and view these from anywhere anytime on any device or browser.
Just let your domain experts, industry insiders, skill gurus, and field experts record videos and post them on VIDIZMO’s portal for your network to access them. This will create a knowledge base that all employees can use.
Contributors can edit the video (maybe cut out the unnecessary bits and awkward pauses) while restricting access only to authenticated users and groups
Role-based access control allows you to limit what video actions different types of users may perform, including moderators having the power to accept or reject any content uploaded.
ZOOM videos are auto-ingested and subjected to the whole gamut of the content lifecycle management process: encoding, hosting, managing, and streaming video across a CDN-based network. Thanks to this process automation, video playback is seamless on any device with guaranteed security.
Automated editable transcripts (translated in 50+ languages) with closed captions of all your video content for global accessibility
Video processing can be sped up by using transcripts to create searchable and indexable text from spoken words, which can be used for in-video search and retrieval.
Detailed video analytics allow you to generate actionable insights to understand your audience, follow engagement trends and overall improve the knowledge management process.
Above all else, enterprise-grade security is available through SSO integration, end-to-end encryption, DRM support, content segregation, custom security policies, broad compliance coverage, audit logs, automatic redaction, access controls, and much more.
A Final Word
Legal knowledge management can help corporate legal departments find organizational knowledge and connect those who need it with those who have it.
This improves efficiency and consistency, builds, and keeps a sense of community, and allows for healthy professional growth.
With a well-executed knowledge solution, the work of a transactional lawyer will be more efficient, the work of the legal department will be more efficient, and the lawyer will be free to actually work on solving cases rather than wasting half the time searching for the right information!
If you need a knowledge management system for your legal firm, contact our team today or sign up for a free product demo!