Knowledge is power, but you need a system in place to harness that power effectively.
Everything that happens in your business depends on some kind of specialized knowledge, whether it’s new employee onboarding, dealing with customer requests, compliance issues, or marketing a new feature launch.
Your knowledge management system is the firm foundation upon which you build your business.
Despite this, statistics show that as many as 40% of employees do not utilize proper knowledge management solutions, and between 7-20% of their time is spent figuring out a problem from scratch when the solution already exists somewhere in the company.
These bad business practices cost Fortune 500 companies $31.5 billion each year.
How much money are you losing, and how much time are you wasting without a proper knowledge management system in place?
Knowledge management shares many fundamental principles with the idea of business process management (BPM), and as such it’s possible to use BPM software like Process Street to implement a powerful knowledge management system.
In this article, we’ll be looking at:
- What is a knowledge management system?
- Knowledge management system benefits
- How to build a knowledge management system
- Knowledge management software
- Using Process Street as a knowledge management system
Let’s start by understanding some basic principles of a knowledge management system.