The Value of Company-Wide Knowledge Management

All too often, companies take a piecemeal approach to knowledge management. Different teams use various platforms or shared drives to collect their knowledge, creating silos, interfering with cross-functional collaboration, and preventing organizations from unlocking the full potential of their collective knowledge.

Forward-thinking businesses are increasingly recognizing the value of company-wide knowledge management. By establishing a single source of truth for organization-wide knowledge, companies can reduce the risk of knowledge loss, improve employee productivity, and quickly onboard new hires.

We analyzed platform usage and surveyed our customers to quantify the benefits of company-wide knowledge management. Our research uncovered valuable insights into how a centralized knowledge management system can lead to time savings, faster onboarding, and improved knowledge retention. Below are some key findings from this research.

Time Savings with Company-Wide Knowledge Management

Time spent searching for information is a significant drain on productivity. According to IDC, the average knowledge worker spends about 2.5 hours per day—or roughly 30% of their workday—searching for information. This not only reduces the time employees can spend on impactful tasks but also creates frustration, leading to lower morale.

By adopting a company-wide knowledge management strategy, businesses can drastically reduce employees’ time hunting for information. Our customer survey revealed that 80% of users save at least one hour per week by reducing their time spent searching for information, with 30% saving three or more hours.

Multiply these time savings by the number of employees and workweeks in a year, and the productivity gains become significant.

Empower Employees with Self-Driven Searches

Without a centralized knowledge management platform, employees may email or message subject matter experts (SMEs) for answers, waiting for a response that may benefit them. The information often gets buried in emails or chat threads, making it inaccessible to others with the same question.

Employees can perform self-driven searches by implementing company-wide knowledge management, accessing the information they need in real-time. Our data shows that the average Bloomfire user performs 103 keyword searches per year—103 fewer disruptions for SMEs and faster access to vital information.

Faster Onboarding and Increased Productivity

A strong onboarding framework improves key metrics across the board. According to SHRM, employee retention rates are boosted by 52%, productivity increases by 60%, and overall satisfaction improves by 53%. By leveraging company-wide knowledge management, new hires can access training materials, FAQs, and resources at their own pace, leading to a smoother onboarding experience.

In our customer survey, 93% of Bloomfire users reported faster onboarding after adopting our platform. This allows new employees to get up to speed quickly and confidently, contributing to the company sooner.

Knowledge Retention and Reduced Turnover Risks

Employee turnover remains a significant challenge for businesses. In July 2024, an estimated 3.74 million workers voluntarily left their jobs in the U.S., a slight increase from the previous month. Employees often take valuable expertise and knowledge with them when they leave, creating a gap that can hinder organizational performance if not properly managed.

A company-wide knowledge management system helps capture critical knowledge before employees depart. According to our survey, 84% of Bloomfire users feel more confident retaining knowledge even when employees leave or move to new roles. This reduces stress, eliminates the need to reinvent the wheel, and ensures that employees can build on past knowledge for years.

The Benefits of Company-Wide Knowledge Management

Investing in company-wide knowledge management offers substantial value by improving time management, empowering employees to find information independently, and preserving knowledge in the face of employee turnover. It also plays a crucial role in onboarding and helps businesses unlock innovation through cross-functional collaboration. The value of company-wide knowledge management extends beyond individual departments, driving success throughout the organization.

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About the Author

Sam Schneider

Samantha is a Certified Knowledge Manager (CKM), an expert in organizational efficiency and effectiveness, drives our customer-obsessed culture, and champions inclusivity at Bloomfire. Her leadership has inspired our team to create products that our customers love, which has been rewarded with great loyalty.