Businesses face two key challenges in the modern digital age – constant change and information abundance.
Despite the arrival of new technologies and working policies, centralising information remains one of the most significant obstacles for businesses to overcome.
Knowledge management goes beyond just being an operational concern – it is a determining factor of success. The wealth of in-depth internal and external data available to businesses should galvanise success – but mismanagement and access issues often lead to missed opportunities.
A recent Harvard Business Review (HBR) study found that 73% of organisations reported difficulties with siloed or fragmented information sources, often resulting in delays and stifled productivity. To address this issue and avoid suffering long-term consequences, it is imperative that businesses rethink their approach to knowledge management.
Why centralised knowledge management is crucial
The prevalence of multiple platforms presents a significant challenge for information management. On average, organisations have 93 applications within their tech stack. The absence of a centralised system means critical insights are lost in email chains or documents stored across various platforms. As a result, employees end up arduously searching for information or duplicating existing work – which inevitably causes frustrations.
A centralised knowledge platform empowers teams to solve problems faster by giving them access to a wealth of accurate information. From another perspective, with the annual employee turnover in UK businesses averaging at 34%, it is vital to preserve knowledge beyond individual ownership as employees transition in and out of roles.
AI as the golden tool
With the ability to consolidate and analyse information from various sources, AI is revolutionising how businesses manage knowledge.
Key use cases include:
Analyse vast amounts of data stored across multiple applications, enabling employees to locate information within seconds
Take action on information surfaced, by using AI to summarise key points, draft an email, or create a project plan
Beyond the operational benefits, AI-driven knowledge management ultimately drives innovation. By automating laborious administrative tasks, employees can spend more time on creative and strategic projects dedicated to driving business growth. Personalised customer experiences, streamlined operations and data driven decision-making can be realised through the integration of AI into everyday workflows.
Unlocking potential
Despite the proposed benefits, AI-powered decision making remains overlooked by many businesses. The same HBR survey found that although 97% of workers acknowledge the importance of knowledge management, only 44% believe their organisations are effective at it – and just 3% are using AI for this purpose.
Common obstacles include fragmented systems and unprepared data. Businesses may also be deterred by the fact AI requires well-structured, reliable, and consolidated information – a process that requires time and resource-intensive documentation. However, the effectiveness of AI tools is ultimately determined by the quality and accuracy of the information fed into them.
To reap the benefits of AI, businesses must implement a standardised system for how knowledge is captured across the organisation, and train their employees to fluently use AI tools in order to maximise results and deliver ROI.
The takeaway
The cost of implementing a robust, AI fuelled knowledge system far outweighs the potential lost revenue opportunities in not doing so.
Through centralising data and harnessing AI to automate the discovery of in-depth insights, businesses will be empowered to operate with improved agility and productivity. With the correct tools, strategies, and training in place, businesses can transform available knowledge from a fragmented resource to a powerful engine of success.
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