Enablement
Knowledge management system guide
By Seismic On November 27, 2023
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Enablement
By Seismic On November 27, 2023
Successful knowledge sharing requires efficient information gathering and storage, so it’s easily accessible across the organization. Here’s how a knowledge management system streamlines the process.
For go-to-market (GTM) teams, the search for the information needed to successfully do their job is endless. To ease this challenge, enablement teams work hard to onboard team members effectively and equip them with the information they need to support deals and customers. But, for enablement to be effective, organizations need to turn to a knowledge management system that helps them identify, organize, and access important workplace information. In this article, we’ll take a closer look at exactly what this tool does, why it’s beneficial, and more.
As organizations grow and develop, they collect a wide array of information. Information is one of the most valuable assets for organizations, as employees need it to do their jobs effectively. However, because there's so much information to go around, many organizations struggle to collect and share this knowledge. This is why knowledge management is so important.
Knowledge management is the process that organizations use to gather and share information with employees. When it comes to knowledge management in business, this includes:
Explicit knowledge
Implicit knowledge
Tacit knowledge
These different types of knowledge contain valuable information that should be organized and shared across go-to-market (GTM) teams in order to replicate and scale success.
Because knowledge management involves maintaining and storing so much information, a knowledge management system is very useful for streamlining the process. A knowledge management system allows organizations to easily identify, capture, organize, and share knowledge. This tool connects information that lives across disparate systems and locations so that teams have one, central repository of information and source of truth.
It's important to note that there are various types of knowledge management systems for businesses. While some organizations use an external knowledge management base for customers and partners to access, we'll be taking a closer look at internal knowledge management systems that are only used by an organization's employees.
If your organization is ready to power knowledge management with a dedicated knowledge tool, we suggest looking for a tool that includes the most important features and functionality. These include:
Knowledge management systems offer numerous benefits to every organization. Here’s a handful of the many advantages that a knowledge management system has to offer.
Knowledge management systems can help reduce costly errors that are caused by lack of information. In fact, one report found that Fortune 500 companies lose more than $31 billion a year by failing to manage and share knowledge. Putting a tool in place can help organizations lower these costs significantly by ensuring employees are following the correct procedures, and sharing the right information with prospects and customers.
McKinsey and Company found that revenue teams waste 20% — or an entire day’s worth of work — looking for answers. But the more time they spend searching for knowledge, the less time they’re interacting with buyers and prospects. These conversations are key to driving business productivity and growth, so it’s best to look for opportunities to remove barriers to their job performance.
Customer-facing employees need quick and easy access to the resources in order to share reliable, detailed, and up-to-date information with buyers and customers. For example, a customer might ask for specifics regarding a warranty policy. But, if an agent can’t locate the information, it’s difficult to deliver exceptional service to the customer. A knowledge management system equips employees with the information they need to best support buyers and customers in an engaging and efficient manner.
Studies show that 75% of employees think collaborating with peers is extremely important to the success of their organization. However, now that many organizations have a hybrid workforce, it can be difficult to collaborate and communicate effectively. A knowledge management system is a great way to encourage collaboration and communication at scale as it gives employees an easy way to share and access information.
Knowledge sharing is a great way to share tacit knowledge or information that reps and agents gain while interacting with prospects and customers. This ensures that everyone is aware of best practices and insights that have been useful in similar situations.
When implemented correctly, a knowledge management system can help organizations reduce knowledge silos, boost productivity, and improve employee and customer experiences. However, there are some important questions that need to be addressed before implementing a knowledge management system. We suggest considering the following questions.
For GTM teams, information lives virtually anywhere, and it’s time consuming to look for the right answers. And because your enablement team can’t be everywhere at once, it’s difficult to provide relevant and correct answers right when they’re needed. That’s why Seismic Knowledge exists. Seismic Knowledge is a self-service knowledge management solution that provides teammates with faster access to answers, documentation, and assets right within their flow of work. This means that enablement teams can spend less time answering questions from the field and more time working on strategic initiatives that drive business growth. To learn more about the Seismic Enablement Cloud™, including Knowledge, check out our Product Innovation Center.
