Knowledge Management in Financial Services

A great knowledge management tool makes a night and day difference in operational efficiency, saving service and IT teams time and driving more revenue for the organization. According to a study by Gartner , improving access to contextual knowledge by an employee or a client reduces the time that a provider requires to give an answer by percent, increasing customer satisfaction. Also, an organization can reduce the cost of customer support by 25 percent or more, when using appropriate knowledge management activities. Employees can improve the quality and speed of decision-making by accessing the knowledge of the entire organization when they need it. When making decisions, enterprise collaboration tools facilitate the access to opinions and experiences of different people, which may contribute additional perspectives to the choices made.

Knowledge management tools

The data in your knowledge base can be from anywhere, but usually comes from several contributors who are well versed on the relevant subject. The knowledge base can include FAQs, troubleshooting guides, and any other details you may want or need to know. While knowledge management solutions can be helpful in facilitating knowledge transfer across teams and individuals, they also depend on user adoption to generate positive outcomes. As a result, organizations should not minimize the value of human elements that enable success around knowledge management. Data warehouses aggregate data from different sources into a single, central, consistent data store to support data analysis, data mining, artificial intelligence , and machine learning.

An online community forum is a type of website where visitors with a shared interest or expertise can ask and answer each other’s questions and share feedback or recommendations. It’s also the easiest way to engage with customers and generate content from your company's biggest supporters. Dropbox is an excellent example of what an interactive knowledge base should look like. The company has put together tons of resources to help new and current customers work around the tool and resolve issues. Social media gives users the ability to reach a large audience over a large geographic area, offering great potential for social knowledge management. This course will walk the user through ways to share information through multiple channels in order to easily engage broad audiences on a global scale.

VIDIZMO AI-Powered Redaction tool allows you to automatically blur faces, objects and on-screen text appearing in videos and images, as well as bleep segments in audio files. The information provided on this website does not necessarily reflect the views of USAID, the United States Government, or the Johns Hopkins University. In this chapter, Appendix, I list all the posts still searching for their place in the structure of this blook. In this chapter, Virtual Conversations, I look at the problems and issues surrounding virtual conversations and how best to host them. In this chapter, Participatory Conferences, I take a look at some of the ways in which conferences and meetings can be made more conversational and participatory. I also look at how they have developed over the ages and different cultural forms.

Cultivate an Environment Where Knowledge is Valued

This issue will also be addressed throughout the site, and particularly in the Types of knowledge strategy section. This is a knowledge management site covering the theories, frameworks, models, tools, and supporting disciplines that are relevant to both the student and the practitioner. The goal of this site is to provide a comprehensive overview of knowledge management by examining its objectives, scope, strategy, best practices, knowledge management tools, and so on. The site is structured very much like a textbook, with introductory concepts at the top, more subject-specific discussions in the latter half.

What is the role of knowledge management?

Implementing knowledge tools that make it easy for contributors to gain recognition can help encourage more people to contribute knowledge. When implemented correctly, knowledge management’s impact on organizational performance can be enormously beneficial. For instance, in research into knowledge-driven companies, which keep KM at the core of their cultures, 94% achieved or exceeded their 2019 growth expectations.

To find the best tools, you need to look at your current and future requirements. Even so, many employees avoid sharing information and working with their peers. And, you can do so by rewarding those who collaborate with their peers. Document360 is our very own knowledge base software that can assist you in your Knowledge management program.

The solution is to thoroughly research options before committing to one particular tool. Take advantage of free trials to test out the software and check that it has all the features you need for your Knowledge Management program. There are many types of knowledge that can be included in a Knowledge Management system. Over time, you need to analyze whether your content is working or not. You can look at search results to see terms that are returning no entries and create relevant content to fill the gap.

But intranets do have some risks, including easy access by unauthorized personnel. When an organization is able to easily access, share, and update business knowledge, it can become more productive and cost-efficient. The ability to access the right knowledge at the right time, via a robust Knowledge questions system, informs accurate decision-making and stimulates collaboration and innovation. With faster access to information and resources across the organization, knowledge workers can act quickly. Zac understood he had to run a series of training sessions for the entire staff. Much more, he knew the effect of these training sessions wouldn’t last if the agency didn’t have a good knowledge management system.