What is Knowledge Management?

Knowledge management is the practice of organizing, storing, and sharing vital information, so that everyone in your business can benefit from its use.

The benefits of knowledge management include:

  • New knowledge can be quickly captured at the time it is found, and retrieved and used at a later time by any of your staff ā€“ no matter who first found it
  • Valuable knowledge is never lost. This means that you don’t lose time and money when you or your staff has to learn (or relearn) how to do something.
  • Because ideas can be shared more easily with a knowledge management system, they can increase innovation in your business.

As a small business, knowledge you may like to capture includes:

  • Useful web pages with techniques or ideas that might come in handy
  • A list of suppliers ā€“ such as a list of the printers, or developers, or freelancers ā€“ and additional comments about their service
  • Processes for commonly created types of work
  • A list of shared passwords
  • Step-by-step instructions for carrying out infrequent and hard to remember tasks

How do you manage your knowledge? Let me know in the comments! Iā€™d love to hear from you.

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