{"id":9195,"date":"2024-12-10T15:07:55","date_gmt":"2024-12-10T15:07:55","guid":{"rendered":"https:\/\/weareoakland.com\/?p=9195"},"modified":"2024-12-12T14:57:13","modified_gmt":"2024-12-12T14:57:13","slug":"guide-knowledge-management-strategy","status":"publish","type":"post","link":"https:\/\/weareoakland.com\/blog\/guide-knowledge-management-strategy\/","title":{"rendered":"Knowledge Management Strategy: Purpose, Practice, Methods\u00a0"},"content":{"rendered":"\n<p>In business, knowledge is priceless. Yet, while most businesses generate huge volumes of knowledge, these documents are often left inaccessible in enormous, hard-to-navigate libraries &#8211; or hidden in the minds of talented staff. Reports, insights, policies, guidelines, correspondence, manuals: all unable to benefit the business simply and frustratingly due to the nature of how they are stored. <a href=\"https:\/\/weareoakland.com\/blog\/what-is-knowledge-management\/\"><span>Knowledge management<\/span><\/a> solves this problem. It unleashes a wellspring of value.<\/p>\n\n\n\n<p>With an effective acknowledgement management strategy, you can unlock your organisation\u2019s knowledge and put it to work across your teams. Learn how below, then get in touch with our experts to learn how we can transform your knowledge management with customised <a href=\"https:\/\/weareoakland.com\/services\/artificial-intelligence\/\"><span>artificial intelligence<\/span><\/a>.<\/p>\n\n\n\n<div class=\"wp-block-buttons remove-margin-top remove-margin-bottom is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/weareoakland.com\/contact-us\/\"><span>Get in touch<\/span><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-what-is-a-knowledge-management-strategy\">What is a Knowledge Management Strategy?<\/h2>\n\n\n\n<p>A knowledge management strategy is a plan designed to create, share, organise, and implement documentation and information. The goal? For knowledge to continually benefit processes, innovation and performance.<\/p>\n\n\n\n<p>Your strategy should enable access to legacy information and organize new data. It should let staff who need information find it immediately so they can make faster, better-informed decisions. And it should stop siloing and enable communication and collaboration between teams.<\/p>\n\n\n\n<p>A powerful knowledge management strategy, produced in line with an organisation\u2019s goals and ethos, should ultimately create a knowledge-driven culture. One where knowledge is inherent to the way the business operates, helping drive and improve every aspect of it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-what-is-the-purpose-and-importance-of-knowledge-management-strategy\">What is the Purpose and Importance of Knowledge Management Strategy?<\/h2>\n\n\n\n<p>A knowledge management strategy\u2019s purpose is to enable the effective use of information and documentation within an organisation.&nbsp;<\/p>\n\n\n\n<p>Many businesses struggle with this. A <a href=\"https:\/\/blogs.idc.com\/2023\/03\/07\/take-another-look-knowledge-management-today-drives-better-business-outcomes-2\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span>2022 International Data Corporation (IDC) survey<\/span><\/a> of large businesses found that <strong>33%<\/strong> experienced challenges with data siloing and collaboration, and <strong>37%<\/strong> found external use of knowledge limited, manual, or time-consuming. 32% felt that data wasn\u2019t in a usable format, and <strong>32%<\/strong> said that existing tools were difficult to use.<\/p>\n\n\n\n<p>Following this, a 2023 IDC survey found that <a href=\"https:\/\/www.idc.com\/getdoc.jsp?containerId=US50943223&amp;pageType=PRINTFRIENDLY&amp;_gl=1*18axmls*_ga*ODA1NzQ2Nzk3LjE3MjQyNDcwOTQ.*_ga_541ENG1F9X*MTcyNDI0NzA5NC4xLjEuMTcyNDI0Nzc2MC4zOS4wLjA.\" target=\"_blank\" rel=\"noreferrer noopener\"><span>82<strong>%<\/strong> of organisations had siloed data<\/span><\/a>, leading to nearly a quarter not trusting it. All this leads to employees, on average, <a href=\"https:\/\/newsroom.planview.com\/122633-new-survey-by-planview-reveals-organizations-face-increasing-challenges-in-managing-work-productivity-and-collaboration\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span>losing 20 hours per month<\/span><\/a> on poor knowledge management tools. Another survey found staff lost a massive <a href=\"https:\/\/www.glean.com\/resources\/guides\/hybrid-workplace-habits-hangups\" target=\"_blank\" rel=\"noreferrer noopener\"><span>2 hours each working day searching for the right information<\/span><\/a>.&nbsp;<\/p>\n\n\n\n<p>Ultimately, this has <a href=\"https:\/\/www.fastcompany.com\/91141429\/leaders-are-forgetting-about-this-30-billion-problem\" target=\"_blank\" rel=\"noreferrer noopener\"><span>resulted in Fortune 500 companies losing around $31.5 billion<\/span><\/a> each year from knowledge siloing. In the US, this equates to around <a href=\"https:\/\/www.panopto.com\/resource\/valuing-workplace-knowledge\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span>$44.8 million lost per year on average <\/span><\/a>per organisation.&nbsp;<\/p>\n\n\n\n<p>The challenges are vast, but solving knowledge management with a clear strategy can unlock a wealth of important benefits:<\/p>\n\n\n\n<ul class=\"wp-block-list remove-margin-top remove-margin-bottom\">\n<li>Improved <a href=\"https:\/\/weareoakland.com\/blog\/harnessing-generative-ai-for-data-driven-decision-making\/\"><span>decision-making<\/span><\/a>, time-to-market, innovation, and better processes and practices (39% of respondents in IDC\u2019s 2022 survey).<\/li>\n\n\n\n<li>Better customer support through lower service volumes and quicker resolution times (35%).<\/li>\n\n\n\n<li>Greater satisfaction and engagement amongst employees, customers, and partners (35%).<\/li>\n\n\n\n<li>Improved employee performance through collaboration, learning and productivity (35%)<\/li>\n\n\n\n<li>Improved revenue, reduced expenses and greater profits (31%).<\/li>\n\n\n\n<li>In the survey, 0% of businesses experienced no benefits at all.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-what-are-the-key-components-and-methods-of-a-knowledge-management-strategy\">What are the Key Components and Methods of a Knowledge Management Strategy?<\/h2>\n\n\n\n<p>All effective knowledge management strategies should include certain key components, crucial in driving both immediate and long-lasting benefits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-1-motivate-knowledge-sharing\"><strong>1. Motivate knowledge sharing<\/strong><\/h3>\n\n\n\n<p>Strategies should include methods to motivate members of the organisation. Help them understand the benefits and what they need to do to manifest them. Incentives and rewards, training managers on required behaviours and how to encourage them, and setting clear goals are all valuable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-2-aid-knowledge-networking\"><strong>2. Aid knowledge networking<\/strong><\/h3>\n\n\n\n<p>To ensure your strategy sticks, incorporate aspects that enable knowledge networking. In practice, this means approaches that connect staff so they can effectively share their expertise and the information held within their own discipline. Communities, sharing spaces, and opportunities for discussion all play their part.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-3-create-and-store-knowledge\"><strong>3. Create and store knowledge<\/strong><\/h3>\n\n\n\n<p>The lynchpin of your strategy is the creation, collection, storage, and access of knowledge. <a href=\"https:\/\/weareoakland.com\/blog\/how-improve-knowledge-management-strategy-gen-ai\/\"><span>The use of generative AI<\/span><\/a> can be enormously helpful here. Rather than relying on off-the-shelf platforms which might not entirely suit your organisation, a custom AI can have bespoke features and connections. Once it\u2019s up and running, it will then automate the administration and delivery of knowledge from databases into processes and, finally, to end users and back.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-4-analyse-and-apply-knowledge\"><strong>4. Analyse and apply knowledge<\/strong><\/h3>\n\n\n\n<p>Knowledge, old and new, needs to be analysed through an automated system which categorises, summarises, and lets it be applied effectively. Once again, AI can play a critical part, learning and adapting based on previous analyses and categorisation and honing the ways data is applied through a process of constant review.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-5-codify-knowledge\"><strong>5. Codify knowledge<\/strong><\/h3>\n\n\n\n<p>Data needs to be able to be searched easily and quickly, which can only come from a process of codification. In the process, similar pieces of knowledge are grouped together based on the ways in which they are used. These categories can then be used to aid knowledge retrieval through the system.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-6-spread-knowledge\"><strong>6. Spread knowledge<\/strong><\/h3>\n\n\n\n<p>End users need to know their organisation\u2019s knowledge is at their fingertips. This might involve creating a chatbot-style user interface that connects to your knowledge management system, alongside regular reminders to use it, the ways it\u2019s being used, and the results it&#8217;s driving.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-7-demand-knowledge\"><strong>7. Demand knowledge<\/strong><\/h3>\n\n\n\n<p>Your knowledge management pipeline should never be allowed to dry up. If it does, your users will experience diminishing value and end up using it less frequently. To stimulate demand, your strategy needs to bring sources of knowledge into your system. What data do you want to collect, how can it be collected, and how can it be connected to your end user?<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-8-act-on-knowledge\"><strong>8. Act on knowledge<\/strong><\/h3>\n\n\n\n<p>Knowledge has no value unless it\u2019s acted upon. Consider the ways in which team members can be encouraged and given the autonomy to put knowledge into practice through their workflows, processes, procedures and practices.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-9-improve-your-strategy-further\"><strong>9. Improve your strategy further<\/strong><\/h3>\n\n\n\n<p>Businesses change over time, and so do the technologies their processes rely on. Knowledge management is no different. How your organisation generates and uses knowledge will change. Just as generative AI has revolutionised the discipline over the past few years, so will new innovations. Reappraise your strategy regularly &#8211; every six months, say &#8211; incorporating feedback and innovation to keep it razor sharp.<\/p>\n\n\n\n<p>At Oakland, our expertise in generative AI lets us aid all of the above factors. Using approaches like <a href=\"https:\/\/weareoakland.com\/blog\/why-we-recommend-the-intelligent-agent-approach-to-ai\/\"><span>intelligent agents<\/span><\/a>, we can automate the outputs of your strategy so it not only manages knowledge and puts it to immediate use but continues to learn and adapt to your specific nature and needs. The result is a <a href=\"https:\/\/weareoakland.com\/services\/ai-custom-solutions\/\"><span>custom AI solution<\/span><\/a>.<\/p>\n\n\n\n<p>Learn how to enable knowledge management through generative AI.<\/p>\n\n\n\n<div class=\"wp-block-buttons remove-margin-top remove-margin-bottom is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/weareoakland.com\/blog\/how-improve-knowledge-management-strategy-gen-ai\/\"><span>Gen AI in Knowledge Management<\/span><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-how-to-develop-your-knowledge-management-strategy\">How to Develop Your Knowledge Management Strategy<\/h2>\n\n\n\n<p>Once you have understood the components and methods your knowledge management strategy needs to include, you can start developing it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-1-perform-a-knowledge-audit\"><strong>1. Perform a knowledge audit<\/strong><\/h3>\n\n\n\n<p>The best place to start strategy development is a thorough audit of your current approaches to knowledge management and the information held within your business. This includes:<\/p>\n\n\n\n<ul class=\"wp-block-list remove-margin-top remove-margin-bottom\">\n<li>Processes and tools<\/li>\n\n\n\n<li>Information silos<\/li>\n\n\n\n<li>Knowledge gaps<\/li>\n\n\n\n<li>Size and makeup of knowledge base(s)<\/li>\n\n\n\n<li>Sources of explicit knowledge (documentation etc.)<\/li>\n\n\n\n<li>Sources of implicit knowledge (company processes, culture, workstreams)<\/li>\n\n\n\n<li>Sources of tacit knowledge (staff experience, expertise, and soft skills)<\/li>\n\n\n\n<li>Impact of operational inefficiencies due to poor knowledge management.<\/li>\n<\/ul>\n\n\n\n<p>Analyse this data to clearly understand where you are and, after factoring in your objectives, where you need to be.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-2-define-the-value-proposition\"><strong>2. Define the value proposition<\/strong><\/h3>\n\n\n\n<p>To ensure buy-in, particularly from management, you need to define the value of improved knowledge management, including benefits such as increased productivity, collaboration, innovation, and profit.&nbsp;<\/p>\n\n\n\n<p>Tailor the sources of value to your organisation, its challenges and objectives, then quantify them and show the likely return on investment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-3-define-your-knowledge-management-objectives\"><strong>3. Define your knowledge management objectives<\/strong><\/h3>\n\n\n\n<p>Understand the objectives of your knowledge management strategy. Use the findings of your audit and the greatest sources of value to tailor short, medium and long-term goals which can help formulate your strategy and guide the wider initiative.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-4-specify-your-knowledge-management-metrics\"><strong>4. Specify your knowledge management metrics<\/strong><\/h3>\n\n\n\n<p>To understand progress and the accomplishment of objectives, decide what metrics you will hold yourself accountable to. There are four main types of metrics to consider:<\/p>\n\n\n\n<ul class=\"wp-block-list remove-margin-top remove-margin-bottom\">\n<li><strong>Activity: <\/strong>Number of contributions, rate of user engagement, search trends, login frequency.<\/li>\n\n\n\n<li><strong>Performance: <\/strong>Number of interactions, content retrieval time.<\/li>\n\n\n\n<li><strong>Maturity: <\/strong>Average content age.<\/li>\n\n\n\n<li><strong>Impact:<\/strong> Volume and quality of feedback, business outcomes.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\" id=\"h-5-create-your-strategy\"><strong>5. Create your strategy<\/strong><\/h3>\n\n\n\n<p>Put your insights into action and craft your strategy. As well as formulating how it will all work, remember to apply an adequate budget to ensure completion and assign the work to an expert or team so it isn\u2019t slowed down by day-to-day activity. Finally, accurately timeline the formulation and implementation of the strategy to further ensure its success.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-5-key-knowledge-management-strategy-best-practices\">5 Key Knowledge Management Strategy Best Practices<\/h2>\n\n\n\n<p>On top of making sure your strategy contains and is developed the right way, there are some other smart best practices you can adopt to improve its efficacy:<\/p>\n\n\n\n<ul class=\"wp-block-list remove-margin-top remove-margin-bottom\">\n<li><strong>Run training sessions<\/strong>: Especially important if you haven\u2019t had a strategy and process in place before, training sessions for users and administrators will prevent any bottlenecks in aptitude from preventing your strategy from landing.<\/li>\n\n\n\n<li><strong>Create a learning environment<\/strong>: Supporting continual training and development, an online learning environment filled with helpful how-tos and guides will prove a helpful resource for new and existing employees.<\/li>\n\n\n\n<li><strong>Create forums<\/strong>: Promote a culture of knowledge sharing by creating online and in-person avenues for users to discuss approaches, best practices, and results.<\/li>\n\n\n\n<li><strong>Regular promotion by senior management<\/strong>: If your senior leaders share their excitement about the initiative, their passion will impress upon your teams. Leading by example will help guarantee the system doesn\u2019t fall by the wayside.<\/li>\n\n\n\n<li><strong>Create a dedicated team<\/strong>: By having a long-term team create the strategy, ensure it\u2019s implemented, and analyse the results to improve it further, you can make knowledge a key part of your organisation.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-examples-of-knowledge-management-strategies\">Examples of Knowledge Management Strategies<\/h2>\n\n\n\n<p>In our experts\u2019 work with Network Rail, we helped this large and complex organisation create an AI-driven knowledge management system which put past project learnings into practice.&nbsp;<\/p>\n\n\n\n<p>The result? Faster, less expensive, and more valuable rail projects and infrastructure for the UK.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons remove-margin-top remove-margin-bottom is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/weareoakland.com\/case-studies\/network-rail-revolutionising-knowledge-management-through-generative-ai\/\"><span>Network Rail Case Study<\/span><\/a><\/div>\n<\/div>\n\n\n\n<p>Your knowledge management strategy is your organisation\u2019s ticket to improved performance and collaboration. <a href=\"https:\/\/weareoakland.com\/contact-us\/\"><span>Get in touch<\/span><\/a> with your experts today or explore our <a href=\"https:\/\/weareoakland.com\/services\/ai-consulting\/\"><span>AI consulting services<\/span><\/a> to learn how we can help you unleash the value of knowledge.<\/p>\n\n\n\n<div class=\"wp-block-buttons remove-margin-top remove-margin-bottom is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-14c487f4 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/weareoakland.com\/services\/artificial-intelligence\/\"><span>Our AI services<\/span><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In business, knowledge is priceless. Yet, while most businesses generate huge volumes of knowledge, these documents are often left inaccessible in enormous, hard-to-navigate libraries &#8211; or hidden in the minds of talented staff. Reports, insights, policies, guidelines, correspondence, manuals: all unable to benefit the business simply and frustratingly due to the nature of how they&#8230;<\/p>\n","protected":false},"author":8,"featured_media":8839,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[405,402],"tags":[72,6,30,420],"class_list":["post-9195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence","category-data-strategy","tag-ai","tag-data-analytics","tag-data-strategy","tag-knowledge-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Knowledge Management Strategy: Purpose, Practice, Methods<\/title>\n<meta name=\"description\" content=\"Effective knowledge management can revolutionise an organisation&#039;s operations. 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