Organizations that efficiently capture and share internal knowledge and information are consistently reporting improved company success over competitors who don’t. With that in mind, it’s easy to understand why companies are implementing knowledge management initiatives to gain a competitive advantage in their industries.
The effective use of vast and varied knowledge and resources relies on sophisticated tools used to curate and communicate around company data. When these tools are implemented, companies increase their ability to eliminate departmentalization, spur innovation, and respond to the changing business world quickly.
Knowledge Management’s Competitive Advantage
Simply put, knowledge management allows organizations to get the right information to the right people at the right time. Given the rapid rate at which consumers’ expectations and the industry landscape changes, defining the right information, the right person, and the right time can be tricky, if not impossible.
An effective knowledge management strategy enables an organization to create, apply, and share information, breaking down silos and increasing usage of valuable data. The right strategy sustains organizational objectives as technologies evolve, keeps companies on the bleeding edge of industry trends, and pushing one step ahead of the competition at all times.
The New Digital Workplace
The traditional workplace is diversifying, creating a need for team-based, collaborative, and digitally-connected work environments. With the way the talent pool is spread across the country, the perfect fit for a company might not be local and might not be willing to relocate.
The right knowledge management solution allows teams to share and communicate around company data without being in the same building. The talent pool isn’t restricted. Companies can grow their teams with the ideal candidates, no matter where they are, gaining the upper hand on hiring the best of the best to ensure company success.
The Democratization of Knowledge
An organization’s greatest asset is their people. When the right team is sharing the right knowledge, the competitive edge is evident. Retaining those people is the tricky part. The people who make an organization successful are also the people who are looking for the opportunity to grow their careers. They are go-getters. They want to move up, and leadership teams should want to help them do that.
Eliminate organizational hierarchies by flattening communication and allowing everyone to access information. Team members can rely on and learn from the expertise of others, from all levels of the organization. Having the right culture and tools in place to help them find information will help enable them to grow within the company.
Without the right tools in place, there is an inevitability that those valuable people will eventually move on. But a knowledge management initiative that allows communication and data sharing between departments offers those go-getters the power to succeed. With access to information that they might not have in an organization that doesn’t have a knowledge management initiative in place, they can add value to the company in ways they couldn’t otherwise.