Developing a robust knowledge management strategy provides a solid competitive edge to your business and increases productivity. For instance, according to a study, employees waste over 20 hours per month waiting for the information they need to do the job at hand. This is not just lost time; it is lost business, revenue, and productivity.
Here is all you want to know about creating a robust KM strategy.
What is a Knowledge Management Strategy?
A knowledge management strategy is a roadmap with which you plan to consolidate, manage and disseminate the company information to customers for a superior experience.
The KM strategy also acts as a binding thread that unlocks information silos from individual departments and provides correct information to the end consumer at the correct time for a better experience.
Importance of Knowledge Management Strategy
Building a knowledge management strategy is critical for the success of any business today. Some key reasons why the strategy is important for businesses can be explained as follows:
An effective knowledge management strategy is expected to increase efficiency and responsiveness at multiple customer touchpoints. It helps the organization be more efficient and deliver a delightful customer experience.
A solid KM strategy helps create a culture in which innovation can prosper. Any business must be innovative and deliver solutions that provide high value to its customers. It is only when you have a proper knowledge management framework in place that you can handle the innovation curve well.
A KM strategy helps provide a better and more consistent customer experience. A good customer experience is critical for increasing loyalty and trust among consumers.
4. Competitive edge
A knowledge management strategy can help you gain a competitive edge in the industry. A robust roadmap for knowledge management can speed up your business growth and set you for long-term business goals.
5. Tracking progress
The strategy helps you assess the current state of knowledge management in your organization, set up goals, and regularly track progress.
These are some key points that tell you how important it is to develop a knowledge management strategy. Also, it helps get the senior management committed to the change that is coming, increases awareness towards knowledge management within the organization, and gives you a clear plan with your current state, target state, and the roadmap to achieve it.
4 Steps to develop a knowledge management strategy
For a knowledge management strategy to work, it is critical to have the right framework in place. Various knowledge management components need to be included in the knowledge management strategy framework.
The key steps in developing a knowledge management framework can be explained as follows:
Before coming up with a new framework, it is important to assess the current knowledge base system that your company already has. It is much better than reinventing the wheel, as you would support the existing resources if required.
By assessing the current level of knowledge management, you would be able to come up with a KM strategy framework that is better suited for the organization.
At this stage, you are expected to explore the business value and pilot opportunities to develop a knowledge management strategy framework in the organization. You can also get the senior management committed to this learning curve at this stage itself.
By developing a business case for action, you are expected to prioritize opportunities in knowledge management within the organization.
After you have been able to assess the current state, it is now time to define your knowledge management strategy and align it to the business objectives. This is very important as you would be able to detail how the knowledge base will help increase the flow of knowledge within the organization and result in better business growth.
You should also set clear goals and objectives for the strategy so that everyone is clear about what you are trying to achieve. Also, you need to outline the resources and budgets required to deploy the strategy.
After all the basic work has been done, it is now time to develop the KM strategy for your organization. This strategy should also have an implementation roadmap.
The development phase should clearly outline the benefits being derived by each change being made in knowledge management within the organization.
The journey towards developing a knowledge management strategy typically looks like this:
- Map the existing touchpoints of customer engagement that exist within the organization
- Propose a system that is better and more efficient
- Look for the support of the right set of tools and platforms along the way
Ready to implement a knowledge management system?
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Create a robust KM Strategy with Knowmax
Knowmax is a human and machine-ready knowledge management platform that can be your perfect partner on this knowledge management journey. Your support teams can use this KM platform to create a mistake-proof system and integrate it with your customer-facing interfaces like chatbots, CRM, telephony, etc.
Building a robust KM strategy with Knowmax can lead to better productivity, efficiency, and reduced costs over time. More importantly, Knowmax’s knowledge management strategy can power all customer interactions by providing a consistent and uniform brand experience across all touchpoints.