The practical value of your knowledge base lies not having it but in being able to use it. A knowledge base shouldn’t just be a place where your teams store information, it should bring business advantages. If you’re able to access and exploit your knowledge effectively, the benefits will ripple through the entire organisation.
Here are the main ways in which a discoverable knowledge base will deliver benefits:
- Increased productivity. According to McKinsey & Company employees spend 20% of their time at work searching for information, and, a study by Panopto shows that they spend a staggering 5 hours a week waiting on other people for knowledge. Having a searchable knowledgebase where employees are empowered quickly surface the information they need, without having to rely on others reduces unproductive hours scrolling through Slack messages, email and SharePoint, so your teams can just focus on the job in hand.
- Better Collaboration. Post pandemic, with many organisations offering remote or hybrid working patterns, cross-functional collaboration has never been more important or difficult to achieve. However, by providing a single digital point where teams can access information across the whole organisation gives better visibility into what other teams are working on, leading to better collaboration.
- Faster, better data-driven decision making. We’re all aware of just how much information businesses generate today: according to Forbes, 90 percent of the data in the world was generated over the last two years alone. When it comes to decision time, however, is this information being used? Or are decision makers spending time trawling through their inboxes or tracking down an expert for knowledge? Either choice slows down the decision-making process – and could lead to the wrong decisions being made because crucial information can’t be found. When the right people have the right information at the right time, the right decisions are made.
- Knowledge Preservation. Invaluable knowledge gained through employee experience often goes out through the door with those employees when they leave an organisation, creating big problems for those who have to step in. Being able to access knowledge whatever the format, be it proposals, emails, chats sessions, makes transferring tasks and information from one employee to another simple and straightforward. It also allows you to preserve Institutional knowledge within the organisation.
- Revenue generation. Having a discoverable knowledge base will contribute to increased revenue and company growth. When your teams spend less time managing and looking for information they have more time to act on it, leading to greater productivity and higher quality work. Having an effective knowledge base also drives innovation as colleagues can build on each other’s knowledge that they wouldn’t otherwise have had access to.
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