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 the 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!
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.
What is Knowledge Management Tool? – Definition
A knowledge management tool helps provide a central repository for all information, data, and knowledge, facilitating easy storage and retrieval. Knowledge management tool refers to any kind of system, 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 tools help employees and executives cut through the noise, share information, and improve their decision-making.
Why Knowledge Management Tools are 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.
Read more: Best Apps For Teachers To Engage Students
List of our recommended knowledge management tools that can help:
Let’s find out which knowledge management tool is best for you and your team with our top picks for the best knowledge management tools on the market today!
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 the knowledge! Thanks to its smart editor, Bit makes the process of documentation and content creation quick and easy.
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 keywords, titles, descriptions, or tags. They can even search for files based on their source. (i.e., YouTube).
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 tool 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.
- Holds a content library that automatically saves the images, files, and digital content.
- Allows users to manage permissions and information access that suits your organizational needs.
- Supports document tracking, password protection, file access restrictions, etc. that help keep your important company information safe.
Pricing: Starts at $12 per month (Free plan available)
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.
- Holds smart suggestions let you know which popular content pages you should keep up-to-date
- You can see how many people view, react, and comment on your content pages.
- Allow team members to suggest and edit existing information on all the content pages.
Pricing: Starts at $50 per month (Free plan available)
Read more: 5 Best Wiki Tools For Managing Knowledge
TallyFox Tallium is a knowledge management tool that connects users with knowledge experts, creates knowledge libraries, and works with people interested in the 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.
- It offers a strong multimedia library with document preview to easily illustrate the content.
- Based on expertise and interest, relevant agents are automatically highlighted and suggested to customers.
- It helps in breaking down knowledge bars and creates a ready-made platform for everyone to easily share information.
Pricing: Starts at $8,200 per year
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 tool.
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.
- Allows automatic resizing of documentation to adjust in the screen size of various devices.
- It lets you design FAQs using pre-made templates and branding features, or customize fully with CSS and HTML.
- It performs roles and permissions to control access to all the knowledge base.
Pricing: Starts at $9 per month (Free plan available)
Confluence, by Atlassian, is a leading knowledge 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.
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.
- Allows automatic versioning, instant previews, full-text search, and pinned comments make it easy to manage your documents.
- It lets you create feedback in context through an inline, page, and file comments.
- This tool has a structured hierarchy and its own search engine to quickly find work-related knowledge.
Pricing: Starts at $10 per month
Read more: 10 Best Confluence Alternatives In 2020
Zendesk is an extensible and flexible knowledge base platform that helps you in creating self-help customer service. It provides solutions to companies of all sizes with software support of more than 30 languages. Zendesk also works as a content management system where you can structure the information in your database and manage them easily the way you want.
This knowledge management tool also supports an AI-powered bot that answers general queries by addressing customers to relevant articles in your database. This way, without compromising the quality of your service, you can actually reduce the workload on your agent.
- Lets you interact with customers through phone, social media, chats, etc.
- Easy to use.
- Holds a ticketing software and a community forum.
- Precise in-built knowledge base searching.
Pricing: Starts at $89 per month.
Helpjuice is a one-of-a-kind customization tool that lets you design different aspects of your knowledge base. which includes styling options for your layouts to make it more user-friendly for your customers and if you make a mess-up something, every revision is recorded so that you can go back to the previous versions of your knowledge base when needed.
You can also create an overview of how helpful your knowledge base is and know what customers actually search for, with all the results they get. Also, you can track the performance of agents.
- Manage permissions and track activity happening on your database.
- Customize and personalize branding for your knowledge base.
- Allow visitors to open each question and rate its value.
Pricing: Starts at $55 per month.
Guru is a cloud-based knowledge management tool designed to connect all your company’s data together in one place. It suggests information to your agents in real-time through AI, to help your team avoid data searching during a service interaction. The more you use Guru for the knowledge base, the better it gets. Due to it’s machine-learning, Guru will upgrade its performance with time and function according to your team’s day-to-day workflow.
Also, this tool will give you regular reminders for updating your knowledge base through reports and analytics and will give you information about which knowledge base is mostly used, etc.
- Guru has a web-based application and a browser extension.
- Manage a single source of truth instead of multiple knowledge management tools
- You can search, record, and share knowledge while chatting with your team members.
Pricing: Starts at $380 per month.
MyHub is a cloud-based intranet and knowledge management solution that is best for all types of businesses. It offers intranet setup, site management, user management, file storage and allow users to upload their various files and documents, as well as configure access permissions with a global client reach.
MyHub offers a solid site-wide search tool that provides results from pages, modules, and files that are stored in the document exchange. You can also create advanced workflow approvals, including IT tickets and leave requests.
- Works as a collaboration tool – feedback, comments, team forums.
- Unlimited elements like users, data storage, folders and files, and customer support.
- Users can embed their favorite Google applications within the software.
Pricing: Starts at $99 per month
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!
Further reads :
- The Best Curation Tool for Educators and Students
- Top 6 Technical Writing Tools For Better Documentation
- 7 Best Knowledge Base Software in 2020
- 10 Best Edtech Tools for Educators and Students