We’re cutting right to the chase: Every organization needs a knowledge management strategy.
But why? This may not be pleasant to know, but your company may be bleeding knowledge without you even knowing about it.
So, this comprehensive guide will walk you through everything you need to create a rock-solid strategy that preserves your organization’s knowledge.
We’ll cover:
- What is a knowledge management strategy?
- Why create a knowledge management strategy?
- What should you include in one?
- How do you create it?
- An example
- How to get buy-in to your knowledge management strategy
What is a knowledge management strategy?
A knowledge management strategy is a plan to capture, share, and leverage your organization's knowledge.
The goal is to use what you know as a strategic asset. Without one, knowledge gets lost when people leave, best practices aren't shared, and you pretty much start from scratch.
Just think about what happens when one of your valuable employees jumps ship or retires. Poof — years of hard-earned knowledge vanish.
A knowledge management strategy helps you make sure that brainpower sticks around even when people don't.
Why do you even need a knowledge management strategy?
Let's be real — creating yet another "strategy" for your company probably sounds about as exciting as backflipping out of a third-story window.
But stay with us here, because a knowledge management strategy is extremely useful.
Let’s take a look at how:
- You're losing expertise. When employees retire or move on to new jobs, they take years of experience and expertise with them. A knowledge management strategy helps capture and transfer that knowledge before it walks out the door.
- Valuable knowledge gets trapped in silos. Different departments often work in isolation, developing their own ways of doing things. A knowledge management strategy promotes sharing best practices across teams so you can stop reinventing the wheel.
- You repeat mistakes. If you don't have a system for sharing lessons learned, your company is doomed to repeat the same errors over and over. A knowledge management strategy helps identify, document, and share the insights gained from both successes and failures.
- You can't innovate. Innovation depends on building on what's come before. Without access to knowledge about existing products, services, processes, and research, your company won't get very far. So, a knowledge management strategy basically ensures that institutional knowledge is well-organized and available to spark new ideas.
What should you include in an effective knowledge management strategy?
Identify your knowledge goals
What do you actually want to achieve with your knowledge management strategy? Do you want to capture and reuse best practices? Improve collaboration? Reduce redundancy? Figure this out first.
Take stock of your knowledge assets
Get the lay of the land. What knowledge do you already have? What are your key resources? Who are your subject matter experts? The more you know about your existing knowledge, the better you can determine how to manage it going forward. But don’t get bogged down in analysis paralysis.
Choose the right knowledge management tools
There are tons of options out there, from intranets to knowledge bases to collaboration platforms. Go with tools that will actually meet your needs and that people will use. Keep in mind, a tool is only as good as the knowledge inside of it, so focus on content before getting too distracted by bells and whistles.
A great option is Lindy, a comprehensive knowledge management and virtual assistant platform that lets you tackle virtually any task.
Define clear roles and responsibilities
Someone needs to own and champion your knowledge management strategy. Sometimes, this role falls to a Chief Knowledge Officer or someone in a similar position. But knowledge management responsibilities should be shared across the organization. Define clear roles for subject matter experts, content creators, and knowledge users.
Provide training and incentives
The most brilliant knowledge management strategy will fail without the support of your people. Offer training to help employees adapt to new tools and processes. Provide incentives for contributing to and reusing knowledge. And lead by example — executives should actively participate in and advocate for knowledge sharing.
Continuously improve
Review and refine your strategy based on feedback and results. What’s working? What’s not? How can you improve adoption and impact? Knowledge management is an ongoing process, not a one-and-done project. So keep at it, learn from your experiences, and make changes to better achieve your knowledge goals over time.
How do you create a knowledge management strategy?
Creating a knowledge management strategy doesn’t have to be as complicated as it sounds. Think of it as a roadmap to help your company become smarter and more efficient.
- Next, take stock of what knowledge assets you currently have. Conduct a knowledge audit. Talk to your teams and find out what information they rely on to get their jobs done. Catalog documents, processes, expertise, tools — anything useful. Look for gaps and overlaps. This will help you see where you can consolidate or improve.
- Identify key knowledge domains. Group your knowledge assets into categories like products, customers, research, etc. These categories represent your key knowledge domains. Determine which domains are most critical for achieving your goals. Those will be the focus of your strategy.
- Choose appropriate knowledge management tools. You'll want tools to help capture, organize, share, and apply your knowledge. Things like document management systems, collaboration platforms, expertise locators, and knowledge bases. Select tools that match how your teams currently work together and the types of knowledge you want to manage.
- Define roles and responsibilities. Figure out who will own and maintain your knowledge management systems and processes. You'll need dedicated resources to truly make this work. Designate knowledge managers, subject matter experts, and team members responsible for contributing and updating knowledge.
- Promote a knowledge-sharing culture. Encourage collaboration and make sharing knowledge a habit. Recognize and reward teams and individuals who actively participate. Lead by example — share your own knowledge and expertise whenever you can.
An example of knowledge management strategy in action
Imagine that we have a fast-growing tech company called "Heterodox Systems." With constant onboarding, expanding product lines, and experimenting with new processes, chaos starts to creep in.
Here’s how they could turn things around:
- First, they conduct an audit, identifying all the knowledge they already possess in wikis, training docs, and even veteran employee notes.
- Next, they pick a knowledge base platform and start organizing all of their information: Guides, troubleshooting tips, project case studies, and more.
- The chosen knowledge base has a powerful search function, which helps employees quickly find answers instead of depending on hard-to-access tribal knowledge.
- Onboarding gets a major boost, with new employees gaining access to the knowledge base on day one, accelerating their learning curve.
- Finally, they encourage employees to rate content and suggest updates, which helps the knowledge base evolve alongside the company.
Getting buy-in for your knowledge management strategy
Now comes the hard part: Getting your coworkers on board. Let’s face it: Any new initiative at work is bound to ruffle some feathers. But with the right approach, you can win over even the grumpiest of naysayers.
Let’s take a look at a winning strategy:
- Start with the higher-ups. First things first, get leadership to sign off on your strategy. After all, they’re the ones approving resources and funding. Meet with managers and executives, share the benefits of improved knowledge sharing, and get them excited about the possibilities. Their support will be crucial for the next step.
- Share the “what’s in it for me”. For most people, the biggest question about any new policy or program is, “What’s in it for me?” Make it clear how your knowledge management strategy will make their jobs easier and help them be more successful. Maybe it reduces time wasted searching for information or prevents duplication of work.
Share specific examples of how it impacts them directly. People are much more inclined to get on board when they understand that they’re getting something out of it.
- Provide lots of training and support. Don’t just roll out your new strategy and expect people to figure it out. Develop training resources like videos, FAQs, quick reference guides, and in-person sessions to walk people through the changes.
Then continue to provide support as they start implementing the strategy. Having people there to answer questions and address issues will make the transition much smoother.
- Start with small changes. Big, sweeping changes are overwhelming and hard to adjust to all at once. So start small by introducing one or two key aspects of your strategy, let people get used to them, and then build from there. Take it slow, get feedback, and make adjustments along the way.
Summing up
That was the ultimate guide to crafting a killer knowledge management strategy.
Just remember: Rome wasn't built in a day. So, start small, get feedback often, and focus on quick wins.
To paraphrase Jeff Goldblum in Jurassic Park: “Knowledge, um, finds a way.” Just make sure you build the right channels.
Next steps
Lindy goes above and beyond the typical AI tool. It's designed to harness the collective knowledge within your company.
With the ability to create multiple versions of itself, Lindy handles various tasks, from knowledge management to customer support.
Let's break down how:
- Build a reliable reference: Lindy helps you identify your company's most critical information, spanning processes, proven tactics, and even insights learned from past experiences. It then organizes everything into a user-friendly system, so answers are always at your team's fingertips.
- Create a go-to resource: Lindy helps you pinpoint the most valuable information within your company. Think operational guides, proven strategies, and even the insights gained from successful (or not-so-successful) projects. It transforms this knowledge into a structured, searchable resource, so your team can find what they need, fast.
- Tap hidden value: Lindy’s AI dives into your data to reveal trends and connections that you could otherwise miss. Unlock these insights to make smarter decisions for your business.
- Break down barriers: Different "Lindies" can seamlessly communicate, fostering collaboration across departments. Imagine a Customer Service Lindy sharing feedback directly with Product Development, inspiring innovative solutions based on real customer needs.
- Stay ahead of the curve: Lindy continuously adapts as your company grows and your knowledge base expands. It refines its understanding of your information, improving organization and making new connections to support your team.
- Automate for efficiency: Lindy learns your preferences and proactively suggests solutions, saving you valuable time.
