Want to manage and preserve your company knowledge? These knowledge management tools” are going to help!

In a world filled with information, knowing how to effectively streamline and put information to good use can make all the difference. Yet, businesses today are leaving massive amounts of money on the table by not having the correct processes, procedures or systems in place to create, manage, store and share organizational knowledge with the employees. According to a survey, Fortune 500 companies lose roughly “$31.5 billion a year by failing to share knowledge”. Yep, it’s a really big deal!

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Having tons of knowledge and knowing what to do with it are two completely different things.

Even though organizations are perceived as a tightly-knit group from the outside, more often than not they are broken down into specialized teams and silos from the inside.

Often, this prevents information and knowledge from flowing from one department or employee to another. This often leads to duplicate work, the inability to access information, delayed access to information that in turn causes inefficiencies in the workplace and at times disastrous outcomes.

 

Why are knowledge management tools important?

Knowledge management is not about managing knowledge for knowledge’s sake. The objective of knowledge management is to create systems, techniques, and frameworks to put this collective piece of information to good use while making sure that it aligns with the overall business strategy of the business.

According to Ernst & Young, about 40% of employees are poor or very poor at transferring knowledge. On top of that, employees spend 7–20% of their job time replicating existing solutions from others. Clearly, the business world is in dire need of some great knowledge management tools to help better manage their information and reduce process redundancies.

These knowledge management tools can help!

A knowledge management system helps provide a central repository for all information, data, and knowledge, facilitating easy storage and retrieval. Knowledge management systems refer to any kind of tool, software or IT system that:

  • Stores and retrieves knowledge
  • Streamlines flow of information
  • Aggregates content
  • Improves teamwork & collaboration
  • Reduces wastage of time and resources
  • Improves the quality of service
  • Locates knowledge sources quickly
  • Helps executives make better business decisions

Knowledge management systems help employees and executives cut through the noise, share information, and improve their decision-making.

But what knowledge management tool is best for you and your team? We got you covered with our top picks for the best knowledge management tools on the market today!

Knowledge Management Tools #1: Bit.ai

Bit is a new-age document collaboration and knowledge management tool that helps teams to collaborate, share, track and manage all company knowledge in one place.

Multiple people can simultaneously collaborate on a Bit smart document in real-time. It’s a wonderful way to manage projects, create client facing material, brainstorm, share meeting agendas, create proposals, and most importantly, share knowledge! Thanks to its smart editor, Bit makes the process of documentation and content creation quick and easy.

Bit has a content library that automatically saves the images, files and digital content you add to your documents so that you can access and reuse them easily.

Smart workspaces are created around projects, teams, departments, and clients to keep your documents, data and information organized. Workspaces make it easy to collaborate and ensure that the right team members have access to the right documents at the right time. They are fluid so your information can move through your organization’s workflows.

Bit documents also support smart search, which allows anyone to search and find any files, images, documents, quickly and easily across all of their workspaces. With the ability to effectively label content, users can search their digital assets using keyword, titles, descriptions, or tags. They can even search files based on thier source. (i.e., YouTube).

Bit allows users to manage permissions and information access that suits your organizational needs. It supports features like document tracking, password protection, file access restrictions, etc. that help keep your important company information safe.

Bit provides a common workplace for knowledge workers and experienced executives to collaborate with employees, share their knowledge, brainstorm ideas, store digital assets, and innovate together. The best part is that this knowledge is safely secured in your workspaces and can be shared (or kept private) with anyone in your organization!

Actively managing knowledge and using a knowledge management system like Bit can help organizations increase their chances of success.Bit helps preserve key knowledge, facilitating better decision-making, reducing the chances of errors, stimulating innovation and encouraging a culture of constant learning.

Knowledge Management Tools #2: Tettra

Tettra is a knowledge and content management tool for the ‘Slack generation’. According to Tettra, most organizations are disorganized and the problem gets multiplied as you add more people. Tettra wants to solve this problem by helping companies store all their knowledge in one place. Designed with Slack teams in mind, Tettra helps your team store operating procedures, internal updates and all of their important know-how in one place. As a result, Tettra helps teams make better decisions quickly, onboard new employees faster, and help provide context around every piece of organizational information. When someone asks you any query in Slack, you can quickly pull the answer from Tettra without ever leaving Slack.

Tettra’s smart suggestions let you know which of your content pages are no longer being used and what popular content pages you should keep up-to-date.

Knowledge Management Tools #3: TallyFox Tallium

TallyFox Tallium is a knowledge management software that connects users with knowledge experts, create knowledge libraries, and work with people interested in same topics as you are. On the platform, people and content are ranked to make it easy to find experts and validated content. With Tallyfox, you can easily find high-quality answers from knowledge experts from all around the world, get useful suggestions on topics of your interest, break information in silos and foster new ideas with like-minded individuals. It’s simple and intuitive user interface makes it a great knowledge management tool.

Knowledge Management Tools #4: ProProfs

Started as a free quiz website for certification exams, ProProfs has grown into being an all-in-one training solution for dispensing knowledge and educational resources. With over 1 million users including fortune 500 companies like Sony, Dell, Cisco as well as top universities like Harvard and Yale, ProProfs has gained significant respect as a knowledge management software. ProProfs products include quizzes, surveys, online course creation tools, a learning management system and project and training tools. ProPofs products are simple to use but can also meet the needs of large enterprise users with complex use cases.

Knowledge Management Tools #5: Confluence

 

Confluence, by Atlassian, is a leading content management and collaboration tool for teams to communicate internally.

It is a great addition to your business toolkit, especially if your team already uses Jira and HipChat by Atlassian, as it’s designed to work with those platforms.

Confluence creates a culture of idea-sharing and innovation by giving teams the power to create, share, and manage content, all in one place. Teams collaborate on documents, spreadsheets, presentations, and images. Features like automatic versioning, instant previews, full-text search, and pinned comments make it easy to manage your documents across all departments.

Share documents, PDFs, images, track every version and changes made to a page and connect to Jira to provide insight into their development work with automatic linking, quick issue creation, and reports. Users have the ability to organize and share company information amongst employees and with their customers.

Conclusion

Regardless of the size of your organization, the above-mentioned knowledge management tools are all exceptional in their respective areas of expertise. Make sure you try them out, to get a sense of which knowledge management tool works for you and your team. Let us know if we missed out on your favorite tools in the comments below!

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