Enterprise Knowledge Management System: How to Grow Your Business

Dramatic quote, but knowledge is indeed power. Businesses are built upon knowledge, as it’s one of the most important yet fleeting resources.

However, in many cases, knowledge is “fragmented” in a business – it exists within a corner of some employees’ minds. In fact, according to a report [1], employees spend 1.8 hours daily merely to find information, which is a lot of time wasted.

Simplifying this process will free up a quarter of the working day for productive usage. This can be achieved with an enterprise knowledge management system, which has proven to be not just a “nice-to-have thing” anymore but a vital part of an overall strategy to make your business operate smoother and grow faster.

What Is Enterprise Knowledge Management?

Enterprise knowledge management (EKM) is the process of storing company information in a central location for all members to access as and when required. This helps employees make decisions or clear doubts faster than relying on others for assistance.

A traditional example of an enterprise knowledge resource would be a manual or a report. However, those resources can become outdated quickly and can be time-consuming to update with every new feature your company introduces.

That’s why you need an enterprise knowledge management system that’s smart enough to update itself – breaking knowledge silos and benefiting the entire company by contributing to better business process optimization.

Atlas UP is exactly that. It’s a complete knowledge base for your company that’s powered by GPT AI for data analysis and versatile inquiries. It eliminates the task of searching for answers to help your employees focus on their core operations.

Book a demo with us today to see the tool in action.

Key Components of an Enterprise Knowledge Management System

An enterprise-wide knowledge management system has three key components:

1. Knowledge Capture

There are two types of knowledge within a company – explicit and tacit. Explicit knowledge is widespread and freely available for everyone to use, and manuals and procedure guidelines are examples of it. Tacit knowledge is a bit more complicated, as it is the kind of information and knowledge that an employee can acquire only after gaining experience working for the company.

The goal of knowledge capture in the EKM process is to gather tacit information and turn it into explicit knowledge that everyone can use. To understand the importance of managing information on a larger scale, it's essential to explore enterprise information management.

2. Knowledge Storage

Knowledge locked away inside the mind of a star employee who might not work with your company tomorrow can be risky. Moreover, old methods of storing information on a piece of paper or an Excel sheet are inefficient.

Ideally, you want a centralized location to store all your company knowledge. An enterprise knowledge management system gives you just that. Not only is the information kept safely, but it can also be accessed by everyone you give access to. This results in less time spent searching and more time doing actual work.

3. Knowledge Sharing

They say sharing is caring, and caring about business can make quite a huge difference. Research by International Data Corporation (IDC) showed that Fortune 500 companies lose a whopping $31.5 billion annually due to failure to share knowledge effectively.

What does this tell you? It’s that companies should promote a culture of knowledge sharing between colleagues and create a system that simplifies the process.

Ways Enterprise Knowledge Management Can Help Your Business

There are various ways businesses can improve their current operations by putting enterprise knowledge management to effective use. An enterprise knowledge management system can streamline various operations and make accessing information easier. This can be especially beneficial when combined with other technologies, such as search-as-a-service, which enhances the ability to quickly find relevant data and insights. Now, in this section, let’s take a look at different ways enterprise knowledge management can help your business.

Makes Decision-Making Better and Faster

Since enterprise knowledge management systems are centralized repositories of information, employees know exactly where to look and what to look for instead of relying on someone who presumably has the answer to their question.

In addition, it also becomes a hub for learning. For example, NASA has a long-standing Lessons Learned Program that contains information about previous projects and missions. This information is available to everyone, and by analyzing and sharing it, the staff can identify potential risks and avoid common mistakes, which leads to improved safety and a higher success rate for missions.

Infuse it with AI, and you have a system that will do wonders for your company. If you are interested in learning more, check out our article on how AI data analysis improves business decisions.

Preserves Valuable Knowledge

No company wants a Library of Alexandria situation on their hands, but it’s a fact that they lose valuable information all the time. How? Let’s take hospitality as an example. While the turnover rate of employees varies from one industry to another, the hospitality sector experiences one of the highest turnover rates, often exceeding 70-80% annually. [2]

Seeing how your workforce would definitely lose some familiar faces, it’s highly likely that those individuals who leave possess some valuable information, which will be lost when they step out.

The role of a knowledge management system in an enterprise is to prevent that from happening by preserving the knowledge an employee gains from their experience, even after they’ve quit.

Improves Communication and Collaboration

Poor communication can harm businesses of all sizes, leading to misunderstandings and the loss of valuable time. An enterprise knowledge management system provides a centralized point for the workforce to share their insights, expertise, and skills about a particular matter.

This makes communication and collaboration easier, as the information about who’s good at what is clear from the start. A lot of time is saved that would have otherwise been spent simply figuring out who possesses what knowledge and experience in what.

Makes Onboarding and Training Easier

Joining a new company can be quite a daunting feeling for any employee. While the “you learn on the job” mentality works, providing your new hires with access to all the information and knowledge they will require early on saves countless hours, helps them assimilate faster, and helps them become productive members of the team sooner. This also shows that your company encourages efficient learning – all thanks to the enterprise knowledge management system.

How to Implement an Enterprise Knowledge Management System

The implementation of an enterprise knowledge management system can be incredibly rewarding down the line.

Here are the steps to follow:

• Create a Plan: Step one is to define your goals and objectives and create a plan for implementing them. Have a brainstorming session with your company's decision-makers and ask the necessary questions.
• Identify Your Knowledge Sources: Identify whether the knowledge you’ll primarily want the enterprise knowledge management system to capture is explicit (documents, reports, presentations), tacit (expertise of an employee, their skills) or both.
• Choose the Right Software: There are many enterprise management systems, so the decision boils down to your requirements, considering ease of use, features, security, and scalability. Our knowledge base solution, Atlas UP, covers everything you’d need to receive real-time answers to your business questions, and we tick all the boxes in terms of features.
• Set Taxonomy and Access: Pinpoint what knowledge you'll store, how you'll organize it, and who gets access. Categorize and index the info properly to make it easy to find. Remember, not every employee needs access to all data, so set clear access permissions to keep things neat.
• Train Your Employees: The system requires training to be used effectively. The training should include basics like finding information, what and how to contribute, and how to collaborate with other members.
• Promote, Monitor, and Evaluate the System: Once the system is up and running, it needs to be promoted to your employees and encouraged to use it. Besides, regularly monitor and evaluate it to identify whether it’s meeting the goals and objectives set for it and make the required changes as and when necessary.

Pro Tip: Assign a manager. Managing an enterprise knowledge management system can be challenging if you take everything on your shoulders. A manager can help assign roles to employees, audit and edit the content, and recommend improvements to keep the ball rolling.

Essential Tools for Enterprise Knowledge Management

Alt text: An illustration showing people interacting with a large robotic figure emerging from a screen, representing artificial intelligence.

There are certain tools that make the entirety of enterprise knowledge management. Only after combining them can you call it a “system.” They include the following:

Knowledge Base Platform

It’s safe to say that a knowledge base goes hand in hand with enterprise knowledge management. In fact, it’s pretty much what makes it what it is. It’s a centralized information repository designed to store, organize, and manage information within a company. Without a knowledge base, you don’t have an enterprise knowledge management system.

You’d love to use Atlas UP, our AI-powered knowledge base that makes the task of managing and retrieving information a piece of cake. Once you integrate it, you already have your enterprise knowledge management system ready to go – it’s as simple as that. To learn more about it, check out our AI knowledge base guide.

Communication Platform

A communication platform allows your team to communicate with each other in real-time. The form of communication is up to your company, but it can range from instant messaging to video calls, voice messages, and voice calls. Some of the most commonly used communication platforms are Microsoft Teams, Zoom, Slack, and Cisco Webex.

Task Management Platform

By using a task management platform, you, your employees, and their teams can organize, track, and manage tasks and projects with absolute ease. Consider them like a personal/company calendar.

It makes collaboration easy by assigning responsibilities. establishing deadlines, and providing a clear overview of to-do tasks. It encourages members to get work done on time while staying organized. Some of the most popular task management tools include Asana, Trello, Microsoft To Do, and Google Tasks.

Let Atlas UP Form Your Enterprise Knowledge Management System

Atlas UP can be a game-changer when it comes to managing enterprise knowledge. As an AI-powered tool, it centralizes your company's every little information, makes processes smoother, and optimizes human resource management, without you having to do anything. It also integrates seamlessly with operational planning strategies, ensuring that your business processes are aligned with your overall goals.

It accelerates the process of gaining business insights using your company’s real and relevant data. We offer the following for you to enhance business operations across departments:

• A complete knowledge base centralizing company information. With advanced GPT AI capabilities, it not only stores your company's mission, vision, goals, and operational metrics but also provides insightful data analysis and answers to versatile inquiries.
• We provide deep insights into employee performance, time off, payroll, and workforce analysis to manage HR operations better. Its risk identification feature helps HR departments anticipate and tackle potential issues, ensuring that your workforce remains aligned with your business goals.
• We simplify operations and organize workflows for maximum efficiency – an ideal choice to optimize business processes. It provides detailed documentation, guides, and forms, creating targeted action plans that address specific business challenges.

And we don’t stop here.

At Atlas UP, we take data security seriously. Every piece of information is safeguarded with top-notch data encryption NS SOC 2 Type II and GDPR compliance policies. We guarantee your data remains your own. It’s never used for model training or marketing without your explicit consent.

Book a demo with us to get started and experience the integration of AI and business like never before.

Closing Thoughts

Since knowledge is an intellectual resource, an effective enterprise knowledge management system can prove to be very useful for your company. Creating a culture that promotes learning and sharing with the help of an EKM system can keep valuable information safe and ready for use when needed. Be sure to check out our AI-powered knowledge base tool, Atlas UP, to let the system work for you, not the other way around.

Frequently Asked Questions

What is an enterprise knowledge management system?

An enterprise knowledge management system (KMS) is a structured framework for capturing, storing, and sharing knowledge within an organization. It includes documenting explicit knowledge such as manuals and reports, as well as capturing tacit knowledge through interviews and collaborative tools. This knowledge is stored in centralized repositories like secure databases and cloud storage for easy access. Advanced search functionalities and collaboration tools enable efficient retrieval and dissemination of information, improving decision-making, productivity, and retention of valuable knowledge.

What is ERP in knowledge management?

ERP stands for enterprise resource planning, a system that helps organizations manage and integrate their core business processes. In the context of knowledge management, ERP systems facilitate the efficient handling of resources such as finances, inventory, accounting, compliance, and risk management. By integrating various business functions into a single system, ERP enhances data accuracy, improves workflow efficiency, and supports better decision-making through centralized data access and streamlined processes.

What is an example of an enterprise-wide knowledge management system?

An example of an enterprise-wide knowledge management system is Atlas UP. This cloud-based platform assists companies of all sizes in managing their organizational knowledge. Atlas UP provides a centralized repository for storing, organizing, and sharing knowledge across the enterprise. By leveraging cloud technology, it ensures that valuable information is accessible to employees from anywhere, facilitating collaboration and enhancing productivity. The system includes features such as advanced search capabilities, document management, and collaboration tools, making it an effective solution for capturing and disseminating knowledge within an organization.

What are the three major knowledge management systems?

The three major types of knowledge management systems are Enterprise-wide Knowledge Management Systems, Knowledge Work Systems, and Intelligent Techniques. Enterprise-wide Knowledge Management Systems, such as Atlas UP and SharePoint, centralized organizational knowledge for easy access. Knowledge Work Systems support the creation and integration of new knowledge for professionals and knowledge workers. Intelligent Techniques use technologies like AI and machine learning to analyze data and enhance decision-making. These systems collectively enable effective knowledge management within organizations.