KNOWLEDGE MANAGEMENT TOOLS

What are knowledge management tools?

Knowledge management tools are tools used to effectively gather and distribute both
internal and external knowledge for your business. While available individually, most
knowledge management tools are included as features in knowledge management
software.

Knowledge management software consolidates and aligns the information all of your
employees have access to. Ideally, you want everyone in your company to work from
the same information. This knowledge isn’t limited to training materials and product
breakdowns. It can also include:

● Company History
● Product and industry research
● Case studies
● Fact sheets
● KPI reports
● Handbooks Guides
● Sales scripts
● Marketing graphics
● And more

When you systematically organize company information using knowledge management

software, you establish ease of access and consistency across departments.

What is the purpose of knowledge management Software?

Knowledge management software facilitates the process of knowledge management—

gathering and developing relevant institutional knowledge and strategically using it to
expand your company’s reach.

Whether you’re aware of it or not, every decision made in your company is based on
previously recorded company knowledge. Every time your company adjusts its sales
pipeline, develops new customer engagement strategies, or creates fresh marketing
content, institutional knowledge is the foundation of that change.

Knowledge management software simplifies the process of finding and organizing this
knowledge so that your teams have access to as much accurate information as
possible.

Who uses knowledge management tools?

Knowledge management tools are primarily used by employees of a company, but

some (like an external knowledge base) can also be utilized by customers.

Certain knowledge management tools may be used more frequently by particular

departments. For example, your customer service department will spend more time on a
customer relationship system than your product manufacturing department. That said,
all departments can benefit from access to all of your company’s knowledge
management tools.

Different types of knowledge management tools

Knowledge base

A knowledge base is a searchable directory of content about your products and how
they’re used. This knowledge management tool might include technical content about
how to troubleshoot your software, answers to commonly asked questions, and other
information that provides your customers with a better experience using your software
or product.

As a centralized hub of product, process, and training information, knowledge bases are
uniquely important to both your employees and your customers. They provide easy
access to material for problem-solving and information-gathering for those inside or
outside the company.

Content Repository
A content repository is a collective database of your digital documents and content
created through data management processes.

Rather than saving files and documents across different servers, cloud storage services
and even user devices, a content repository functions as a maintained and curated
database that can be used and accessed by most employees in a central location. This
can come in many shapes and forms, such as document management software,
storage engines, or even a managed hard drive, depending on your business’s overall
functional size and needs.

Typical benefits of a managed content repository include version control, audit trails,
locking, access management, and more. These extras give your business the ability to
hold employees accountable for their data management and offer multiple layers of data
protection that are worth considering.

By adopting a content repository, you’ll improve the overall transparency of your

content, which will, in turn, tighten up processes and improve productivity.

Knowledge Visualization

Sometimes numbers on a spreadsheet can say a lot but mean nothing themselves.
Knowledge visualization aims to create visual representations of your data to improve
understanding, clarify what it means, and expose any emerging patterns you may not
spot otherwise. It supports cognitive processes in generating, structuring, and sharing
data.

While still a very new concept many programs on the market offer knowledge
visualization capabilities. The visuals that are created from your data can be used to a
number of functions, including-++ presentations, case studies, reports, decision-making
and sales, for example. These have historically been 2D renderings, however with
modern advancements, 3D visuals that are both interactive and great to look at are
becoming commonplace.
It’s worth considering an investment in knowledge visualization if you’re looking to give
you data meaning that is easy to understand and digestible. It can improve and
streamline the decision-making process and provide a bigger impact on the audience
when data is presented.

Decision Support

Decision support tools are programs that aid the decision-making process within a
business. These tools are often analytical and provide hard data and insight into a
subject matter.

Business decisions are often critical to productivity, so they need to be based on fact.
Large enterprise-level businesses often have to work through large volumes of data.
This can be both structured (think managed databases) and unstructured (think
unmanaged documents), and so programs that can pull and organize data from multiple
sources to help companies make an informed decision play a very important role in any
business’s success.

If your ultimate goal is to be able to organize your data from all over your business and
use it elsewhere to back up ideas and choices, taking a look at decision support
software may not be a bad place to start.

Customer Relationship Management Systems

Customer relationship management (CRM) systems help team members to track

prospects throughout the sales funnel. It is easy to ensure that the prospect has all the
information they need if your business’s information is easily accessible. As all teams
have access to customer data, they can perform their duties to a higher standard and
provide an enhanced customer experience.

A customer relationship management system has a lot of internal advantages, as we

can see from this example.

Tools for collaboration

Collaboration tools help increase the collaboration between teams, and make the
process incredibly effortless. Collaboration helps you and your team members share
real-time knowledge instantly. You can tag your team members for updates on any
specific tasks with great collaboration tools.

Having a collaboration tool at work will benefit a more coordinated workflow. It is an

essential feature to share, discuss, and collaborate in a modern workplace. Companies
are more attracted to collaboration tools as employees can work together by connecting
online despite being anywhere in the world.

Social Software

Social software is designed to help you manage your business’s social media channels.

Often a company will have a number of social media accounts split by channel,
segments, sub-brands, and more. And social media has become a popular way for
consumers to engage with brands before and after the point of sale. This can quickly
add up and become a challenge to manage. A slip in social media management can
have a negative effect on your company’s image, and some can even go viral.

Social software can aid your business in managing all your social media channels from
a single central location. This allows for better visibility across all activities, ensuring
engagement doesn’t get lost in the noise. It also allows for record keeping of social
media engagement which often integrates with a CRM system so your employees can
see a backlog of social media queries per customer and refer back to them for context.

If you’re looking to keep a close eye on your business’s social media practices and are
interested in record-keeping and reporting, investing in social software is the right step
for you.

Learning management systems (LMS)

Many enterprise companies use LMS software as a way to manage the employee
training and education process. Companies can use LMS technology to share online
training modules and job-related educational resources that will help their teams
optimize processes and improve performance.

LMS courses also frequently address compliance issues, ensuring that employees are
aware of new regulations that may impact the way they do their jobs. LMS systems
don’t replace verbal communication or meetings, but they do ensure that your
employees are always on the same page regarding company policy.

Automation systems

Automation systems are the future of time management and productivity. According to a
study from McKinsey, 66 percent of companies have piloted automation in one or more
business functions. Especially in sales and customer service, automated emails and
chatbots significantly cut down on busy work and allow reps more time with their
customers.

Knowledge management automation works similarly. Small automation (like notifying

the team when a task is marked done) saves time, communicates information, and
ultimately streamlines the workday.

Inventory management systems

Inventory management systems are vital to every team in your company. Tracking
inventory affects your sales, customer service, marketing, and product management. If
prices are changing because of supply chain issues or certain products are out of stock,
everyone in your company needs to know so that your customers always get clear,
consistent information.
Tracking your inventory with an inventory management system is simple and keeps
everyone on the same page.

Project management systems

Project management is a frequent problem area for many companies. Large projects
require input from a huge number of different stakeholders with varying schedules and
timelines. They also require cross-departmental access to any number of documents
and reports, which may cause delays if they’re difficult to share or open.

Project management systems work to unify all aspects of a project so everyone

communicates in the same space. These systems also include automation alert
features, so anyone waiting on a document is instantly notified when it’s uploaded.

Content and document management systems

Content and/or document management systems compile multi-use documents into a

single database for simplified access. These systems allow for document sharing to
large groups without the stress of individually granting permission. They also keep a
succinct record of previous documents—a crucial capability for departments like sales
and marketing which may need to reference outdated policies or materials.

Content and document management systems also allow users to sort content by topic.
If new marketing plans need to be in place for a specific project, marketing can look up
all content previously referencing that product and make the necessary adjustments.

Benefits of knowledge management software

Knowledge management software is essential to any company’s success. This crucial

asset works across your company to improve customer experience. Some key benefits
of utilizing a knowledge management platform include:
 ● Faster decision-making due to increased access to data and reports: With
more access to data and faster report generation, sales leaders gain the tools
they need to make quick, informed decisions about the company’s future.
● Better team alignment due to document and data consistency: When all
your data is in one, central system, your employees can work off of the same
information, so no wires get crossed when speaking with customers.
● Increased knowledge security due to strong encryption tools: Strong
security software means your data stays safe in one system—not exposed to
hackers in Google Drive.
● Stronger and more accurate knowledge history and retention due to
centralized, cloud-based systems: With endless backups of company data,
there’s no need to struggle to find sales metrics from ten years ago—they’re right
there in your cloud system. Additionally, the cloud allows constant data updates
from the office and the field, so your data is always the most up-to-date.
● Ongoing business growth as knowledge clarity inspires innovation: Your
team is saving precious work hours with data automation, and now they have
time to be creative and develop ground-breaking new strategies.
● Increased productivity due to easy knowledge access and sharing tools:
Employees have easy access to all company knowledge, so they can cut down
on hours spent tracking down the data they need.
● Better product and/or service development: Accurate customer feedback
means your company can make fast improvements on products and services to
give customers what they truly want.
● More effective budgeting for training and product briefings: Full budget
breakdowns and reports combined with customer feedback let you plan the
training you need without wasting resources on the ones you don’t.

All of these benefits directly impact a company’s productivity, communication,

alignment, customer experience, and bottom line. Investing in knowledge management
software isn’t just convenient—it can reframe your company process.
Knowledge management software isn’t just there to create a database—it’s there to
create a well-oiled system of communication for your company. When this software is
used correctly, it fosters a more robust culture of communication between your workers,
departments, and customers.

Features of knowledge management tools

Not all knowledge management software comes with the exact same features, but there
are six features that all knowledge management apps and platforms should have:

1. Extensive search capabilities

The average knowledge worker spends around 20 percent of their day searching for
information. In a five-day workweek, that’s an entire day every week lost to searching
and gathering information. That’s pretty inefficient.

Knowledge management tools speed up and simplify the search process so your
workers can easily find the information they need. The best tools include deep-indexing
solutions that tag your content with searchable keywords.

2. FAQ database

Once your company has been around for long enough, it’s unreasonable to expect your
employees to remember every single policy or product fact. However, three-quarters of
customers expect an educated response to their questions in under five minutes. This
means your customer service team needs instant access to detailed answers when a
subject matter expert (SME) isn’t available.

By compiling common FAQs into one database, agents can quickly access accurate
information without keeping the customer waiting.

3. Analytics reporting

Without reporting features, it’s a monumental challenge to shape raw data into
information that will determine company strategy and decisions. Reporting can also help
inspire future training. If multiple workers are constantly searching for the same
keywords, it could be an indication that more development is needed for the team.

4. Full device access

With remote and hybrid work becoming more commonplace, all of your knowledge
management tools should be equally accessible on all devices. This includes phones,
laptops, desktops, tablets, and any other work-designated electronics. In addition to
unifying employees working from different locations, full device access also streamlines
fieldwork and cuts down on information transfer.

5. Easy integration

Integrating your various apps and software isn’t just convenient—it saves an enormous
amount of time. The average employee takes around 20-30 minutes to refocus after
being interrupted. The integration lets your employees stay task-oriented by eliminating
the distraction of switching between multiple tabs and programs. It also increases
accuracy as documents and knowledge no longer need to be manually transferred
between different software platforms.

6. Customization and scalability

The best knowledge management software is scalable to your company size and
customizable for your company’s needs. You don’t need a slew of features you aren’t
going to use. Plus, your employees will feel more confident with software that’s tailored
to match their current systems.