What Successful Companies Are Doing Right

When you look around at your current industry landscape, do you find yourself asking, “What do they have that we don’t have?” Of course, no one is going to give you the recipe for their secret sauce, but it’s probably safe to assume that the top organizations you’re watching have implemented an internal strategy to improve their team’s productivity. It is also safe to assume that you are watching companies that use knowledge management.

Organizations and individuals are drowning in a constant stream of data every day. With so much information coming at us from all sides, managing that information and using it strategically and efficiently is increasingly critical to your company’s success.

Companies Using Knowledge Management Improve Decision-Making Skills

It’s all about the numbers — data gives us insight into a wealth of information. But at the rate data is coming in, processing that information to make high-quality decisions can be difficult. Companies that use knowledge management can cut through the noise to share information – so employees actually have the information needed to improve their decision-making process.

By using collaborative, enterprise-wide knowledge management systems, successful companies share best practices, discuss successes and failures, and share experiences. This eliminates information overload and barriers to collaboration, but still allows your team members to gather the necessary knowledge to facilitate better, more informed decisions.

Companies Using Knowledge Management Emphasize Ongoing Learning

Successful companies encourage employee engagement and growth to build and improve their organization. But, ongoing training and learning opportunities can be costly in terms of employee time and company money.

Organizations that use knowledge management make learning routine by using their digital workplace to facilitate learning in the moment questions arise. Microlearning training modules can be stored and shared from your digital information hub, then easily found with high-quality search capabilities whenever an employee needs to refresh their skills. Employees can be asked to routinely assess themselves and the organization to find room for improvement.

Knowledge Management tools with collaboration capabilities can also facilitate social learning by facilitating interaction around content. This approach to consistent knowledge capture, curation and, sharing leads to a culture of engagement, streamlined operations and constant individual and team improvement.

Companies Using Knowledge Management Encourage Innovation

Companies who are innovative and stimulate change stay on top. You have hired the top talent, encourage them to contribute with a free flow of ideas. However, to be successful, ongoing conversations must be organized.

A well-managed knowledge sharing platform that engages employees can stimulate cultural change and innovation in one organized information hub. Create a specific community that focuses on your team’s ideas. Conversation can be organized in one place to convey up-to-date knowledge and ideas to managers, and when dialogue is open, employees are more engaged, ideas and insights are encouraged, and innovation happens.