Key Benefits of Knowledge Management You Can’t Afford to Miss
Knowledge gap moments aren’t just frustrating—they actually have an enormous impact on employee productivity.
Ever feel like you’re missing critical information at work? Maybe you can’t access the Google Doc a team member shared, a co-worker across the globe is sleeping and can’t answer a question, or you’re new to the team and still learning the ins and outs.
These knowledge gap moments aren’t just frustrating—they actually have an enormous impact on employee productivity. When you’re stuck waiting for responses or spending hours searching for information, tasks aren’t getting done efficiently. And according to research from Panopto, productivity loss due to inefficient knowledge sharing can cost your business $2.7M to $265M.
Knowledge management—how a business organizes and shares information—is the solution. Make knowledge management a priority, and you’ll avoid wasted time and productivity issues that stifle growth and lower revenue. Here are four ways knowledge management can help keep your employees at the top of their game.
Simplify onboarding and offboarding
A well-organized system for sharing knowledge comes in handy when new hires join and when team members leave.
According to the Panopto study, new employees spend about 50 hours asking their coworkers for help in the first month. This learning period is natural when team members are still learning the ropes, but it’s not very efficient. New employees are left waiting on their coworkers to provide answers, and veteran team members are pulled away from their to-do lists to answer questions.
And what about when team members leave? Everything that employee knows about your customers, processes, products, and services leaves with them. According to research from Ragan, “64% of companies have no way of transferring knowledge from departing workers.”
With a knowledge management system, companies can make key information—like your employee handbook, procedures, employee directory, notes, and product spec sheets—accessible to new employees. They can get up to speed without waiting on colleagues and synchronous training sessions. This flexibility is especially valuable for onboarding at remote companies, where communication happens more asynchronously.
And when research, important conversations, and notes are consistently shared, archived, and accessible across the team, there’s less “brain drain” when an employee leaves. That information and historical context are still available to the team, even when a specific team member might not be.
Threads works great as a knowledge management tool, particularly when it comes to onboarding and offboarding team members. You can use the platform to share important onboarding resources, answer frequently asked questions, and build up an institutional knowledge base over time. Having all those resources readily available in one spot makes the onboarding/offboarding process as smooth and efficient as possible.
Improve collaboration across departments
As the saying goes, “no man is an island.” At work, team members often need access to expertise and resources from other departments to do their jobs efficiently.
But without a knowledge management system, employees may struggle to get information from other departments. In fact, the Panopto report shows that 60% of employees say it is “difficult, very difficult, or nearly impossible” to get the information they need to do their jobs well.
Say your customer support team receives a complaint about a product and they need assistance from other departments. With a knowledge management system, all departments have quick access to that feedback and can jump in to provide a quick solution for the customer. Your company may even document these conversations, so employees can have ongoing discussions around the issue to make sure it doesn’t happen again.
Threads makes it easy to keep everyone across departments in the loop on important discussions. You can tag team members in conversations and set a request for follow-up by a certain time if it’s a time-sensitive issue. Threads also shows who’s viewed the message and if they plan to reply, so there’s no guessing if the discussion got lost or forgotten.
Minimize redundancy and wasted time
When employees can’t quickly access information, they often spend a lot of time waiting or redoing what’s already been done. According to the Panopto report, employees spend more than 5 hours per week waiting for information and another 6 hours each week reinventing the wheel and duplicating work.
A knowledge management system helps everyone make the best use of their time. It makes previous work and processes accessible, so team members don’t have to start from scratch. Say your marketing team is developing an ad campaign for a new product. The team members will save time—and get the marketing campaign launched faster—if they can independently pull up existing product spec sheets and sales collateral instead of waiting for product and sales to respond.
Tools like Threads make it easy to share existing resources in an organized and efficient way. Once you upload or link documents and videos in Threads, they’re easily searchable and accessible. You can even integrate our platform with other tools you’re using—like Slack, Gmail, and Jira—so all information can be found in one centralized place: Threads. Everyone should have the information they need without waiting on colleagues, searching across platforms, or duplicating efforts.
Quickly scale and adapt
Proper knowledge management helps minimize the burden on your team as your company grows and expands.
Communication and knowledge sharing become more difficult as companies get bigger. It’s pretty easy to provide one-on-one training or work on a new project when you have one or two team members—but what about 100? Or 1,000?
And if companies opt for a remote or hybrid structure, there are fewer opportunities for synchronous knowledge sharing. An asynchronous, digital knowledge management system that’s easy to keep up-to-date is a must.
Threads can grow and adapt right alongside your team. It’s easy to add or remove users, archive threads that are no longer accurate or relevant, and update privacy settings. Threads also has enterprise-level security, so companies of all sizes can rest easy knowing sensitive information is safe and secure.
Unlock the benefits of knowledge management with a clear strategy
Efficient knowledge management doesn’t just happen. It requires a strategic, documented plan that outlines when, how, and where information should be saved and shared. That knowledge management strategy helps keep everyone aligned and using a shared system to prevent information from falling through the cracks.