In this article, I hope I bring your attention to the importance of knowledge economy and how you can prepare for it.
We all know that Neanderthals excelled at tool making, animal hunting and survived the test of multiple ice ages. But, did you know that they painted on the walls of their caves too? One of the theories behind the cave paintings is that it was a means of documenting hunting expeditions – the best practices and survival skills. Essentially, the prehistoric man was creating a knowledge base of his significant day to day activities which now gives us a sneak-peak into the ancient times. Well, we now live in an era where knowledge sharing and management is as effortless as it can get.
Knowledge base as ancient as it can get. Knowledge has been one of the primary forms of power for millenia.
According to Wikipedia, The knowledge economy is the use of knowledge (savoir, savoir-faire, savoir-être) to generate tangible and intangible values. Many business gurus and economists like Peter Drucker, Malcolm Gladwell and Justin Rosenstein say Knowledge Economy would be the leading force in this field.
Cave Painting or Cloud Computing?
Does your organization still use circular letters, word docs and emails to store and share information among new employees? As much as it may sound like bad news, the fact is that you may be getting left behind in a world where your competitors are increasingly utilizing knowledge management (KM) technologies. Knowledge management, in its entirety, is finding the most efficient way to record knowledge so it can be used whenever necessary with minimum effort in accessing and re using information, primarily for self-help.
Since the inception of computers and the world wide web, knowledge management technologies have gone through many advancements. Tech giants, like IBM, have invested a lot of money in developing their own KM tools and systems. There is also a rise in cloud computing (SaaS) tools with features like collaboration, cataloguing, categorising, self service portals, FAQs and so much more. Millennial employees look forward to such collaborative tools and its high time that organisations get onto the KM bandwagon in order to accelerate employee and customer related processes.
Here’s how Knowledge Bases can help your company in the Knowledge Economy Era
Latest research shows that knowledge bases save enormous time and money for organisations, it is found that increased communication and collaboration by means of social tech has the possibility to improve productivity of interaction employees by 20% to 25%.
Source: International Data Corporation (IDC); McKinsey Global Institute Analysis
The above study also states that on an average, a worker spends over 20% of his time in a day either searching the repository or asking a colleague in order to complete his assigned task. That is a big chunk of time in a work day and utilising a searchable useful knowledge base can essentially reduce up to 35% of the time spent in these activities.
Apart from the important aspect of saving time, a good knowledge base can also be helpful for new hires. A common office joke is that new hires can be easily spotted by their clueless expression but it need not be true if your company has a good knowledge base which new employees can get access to from day one.
A rich and easily navigable repository can help new hires to get easily acclimatised to the artefacts of a company. Also, no more trivial questions! That’s good news, right?
Internal KM tools are also pivotal in seamless employee training and on-boarding. Mid and large sized companies have recruitment drives every other month, hence having a good KM base helps in reduction of time spent by trainers and human resource professionals. It can also cut down the time and effort spent on elaborate inductions. These characteristics of knowledge economy are important when you considering implementing it for yourself.
The success of any Training and Development program is directly proportional to KM strategy in place. Hence a good KM base is the way to go if you want to run an effective training or basecamp session.
Customer facing teams as outward facing they may be, require a good inward facing repository. A good KM tool can be a powerful arsenal for customer service representatives and is a sure-fire way to win over the clients.
Hence investing in a knowledge management base is the way forward for companies who want to revolutionise the way things are done.
Knowledge Management in the world of WordPress
Contrary to popular belief, knowledge bases are not just for customer support, they can be useful
- educational resources
- as means to help your discover and use your products / services better
- and as a source of organic traffic.
If you are offering a product / service on your WordPress site, then the Knowledge base can help your readers with end to end information about your offerings.
Knowledge base articles, as you may know, rank high in search engines! With just a few SEO strategies, you can bring in a lot of traffic to your site with the WordPress knowledge base.
If you wish to build a knowledge base, wiki or FAQ for your website or want to enable your users to ask and respond to queries then you need to check out Helpie’s product. If you want to try out a professional knowledge base which can be set up in less than 2 minutes, then you need to check out Helpie KB specifically – which has excellent support and powerful features.
Using an efficient knowledge base plugin with relevant content can bring down customer support requests by 50% which, as you know, is a lot of time saved for you as well as for your customers. So, go ahead and get yourself a good knowledge base and you can thank me later!