DIGITAL INTERACTIVE SERVICES
Knowledge bases: Their effectiveness and uses for enterprise businesses
The world has undergone a significant transformation, transitioning from most countries being primarily agrarian economies to industrial ones and, subsequently, evolving into knowledge-based economies. This shift has seen a change in the nature of work, with a growing emphasis on hiring not just physical labour but also intellectual talent and expertise. The knowledge economy has spread rapidly, making information and knowledge vital to productivity. The knowledge economy now needs knowledge management more than ever to maximise value from knowledge assets optimally. The knowledge management market is expected to grow to 1.1 trillion dollars globally by 2026 according to a survey by GIA.
Organisations today are overloaded with information but converting the intellectual capital and collective experience to readily available, usable, and applicable knowledge that helps resolve issues and meet objectives is a significant challenge. Knowledge management (KM) involves eliminating data silos to gather all owned organisational knowledge to enable identification, classification, storage, and intuitive, context-based retrieval. The knowledge base and KM processes are the foundation for continuous learning in the organisation to enhance core competencies and stay ahead of the competition.
Today, KM professionals also utilize advanced technologies such as AI to help in elevating all the KM stages – creation, storage, sharing, retrieval, and application of knowledge. Advanced analytics has the potential to generate new information and knowledge using available data. In addition, by using self-learning and pattern recognition, we can augment existing knowledge bases. The capability to parse multimodal data, categorise it under relevant subjects, secure confidential bits, and derive and store any inferred fresh intelligence. Knowledge should be easily accessible throughout the organisation to be applied effectively.
KM teams need to break down knowledge silos by enabling knowledge sharing and coordination between groups working on related projects or problems. Knowledge managers use enterprise knowledge social graphs to generate a 360-degree view of knowledge sources and networks. Advanced techniques for knowledge retrieval and application ensure applicable knowledge in real-time through classification, tagging, and contextualisation. Through NLP, intelligent assistants provide interactive, conversational interfaces. Natural conversation-based interfaces can remove barriers and ensure equitable access to knowledge across the organisation. Let’s explore the major benefits of implementing an organisation-wide KM system.
Intellectual Capital Loss Prevention
An organisation loses intellectual capital when the knowledge gained is not captured before employees forget, retire, or resign or the data is lost. KM processes prevent information loss by providing accessible and intuitive interfaces to save multi-format information. Intellectual capital drain can be directly linked to higher costs and revenue reduction.
Efficiency
KM raises organisational efficiency manifold, from easier information retrieval to quicker decision-making. The instant availability of vast volumes of knowledge retrievable through intelligent interfaces speeds up daily activities considerably. The knowledge base stores invaluable organisational experience through guides, best practices, FAQs, case studies, IP records, and more. The colossal repository and natural language-based intelligent retrieval significantly reduce problem resolution time. Turnaround time for ticket closures in customer support systems can be minimised, and better customer service can be ensured. Quicker task completion and access to past experience lead to quicker decisions. The wealth of information regarding past ventures, both successful and unsuccessful, helps the organisation prevent the repetition of mistakes.
Self-Service
Smart self-service chatbots can help employees and customers find the right information. An internal organisational-level chatbot can help new employees find their feet, lessen the load on system support teams, and decrease the number of policy-related queries directed to the HR and finance teams. Self-service chatbots allow customers to find answers and solve issues at their convenience in no time.
Better Employee Experience (EX)
KM systems boost EX by providing a platform that enables people to solve problems, reach out for expert help, and get constant support. KM makes it easier to complete repetitive and irksome activities minimally, allowing employees more time to work on fulfilling projects. A knowledge-based environment helps retain the best talent, as it is conducive to innovation and experimentation. A KM system allows organisations to recognise and reward employees who contribute to building the organisation’s intellectual capital.
Innovation
The Isaac Newton quote, “If I have seen further, it is by standing on the shoulder of giants,” aptly describes the role that a KM system plays in advancing innovation. KM is the shoulder that employees can stand on to build and achieve further. A wide-ranging, expansive repository designed to optimise the application of contextual knowledge to new scenarios lays a solid foundation to discover and innovate constantly. It allows the merging of existing processes, practices, and methodologies to form newer, more efficient ones.
Reduced Costs, Increased Revenue
Efficiency, intellectual capital conservation, better EX, better CX, self-service, and innovation - all lead to decreased costs and a revenue boost. It is a given that an organisation that is constantly learning, optimising, and innovating will also be growing. A well-implemented KM can transform organisational culture and growth.
Knowledge is the new black gold. Organisations that leverage the collective organisational intellectual capital, both past and present, will be resilient and firmly entrenched on the path of growth.
About Infosys BPM Content Marketing Operations
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