John F. Kennedy once declared that knowledge is power. That being the case, we can only imagine how much the fallen U.S. President would have relished the relatively modern concept of knowledge management (KM). While knowledge has long been valued and shared by humans – consider cave art – the past few decades has seen organizations embrace a formal approach to creating, capturing, storing and distributing information in a bid to benefit their employees and other stakeholders. By finding out the amount of knowledge their companies have and ensuring it is readily available to those who need it, business leaders are bolstering opportunities for success and growth.
And so we come to knowledge management systems (KMS), the technology and tools that support organizations in their efforts to manage the knowledge within their walls – and, more so, within the minds of their people. Befitting an industry forecast to reach a global market value of $1.1 trillion by 2026, a host of innovative companies are investing heavily in the creation and delivery of KM tools to help employees and executives ensure clarity of ideas, share information and improve their decision-making.
Key benefits of knowledge management software tools include:
The race to provide quality knowledge management products is heating up by the day, with content formats such as audio, video and conferencing being added to more traditional aspects such as text documents. As developers work to enhance and surpass their current offerings, the number of tools for knowledge management on the market continues to grow and, in turn, make it more difficult for businesses to determine the best product for their needs. When making that decision, consider the following factors:
As countless employees and customers will testify, knowledge management software tools have a vital role to play no matter how large or small an organization is. The key is to take the time to research the various types of tools, the specific products on the market and ultimately to create an entire knowledge management program.
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