Knowledge management and business growth

Different knowledge management systems can help your business use knowledge more effectively. However, some can be complex to set up and maintain. Choose systems that suit your business and add value without becoming a burden. You may want to consult an IT specialist. Before investing, carry out a technology needs assessment. Your system will deliver the greatest value for your business if you align it with your IT strategy. 

The main types of IT systems used in knowledge management are described below.

Database tools

Databases store information so it can be easily accessed, managed and updated. For example, you might use a database to store customer contact information, orders and preferences. In many situations, businesses can gain clear benefits from databases.

A data warehouse is a central place to store information from different systems and in different formats. Many businesses now use digital asset management to organise and access information, especially if they sell online. Speak to an IT specialist for advice if you are considering a data warehouse.

Data mining involves analysing your data to identify patterns. For example, data mining can show which products are most popular or which customers are likely to buy certain items.

Reporting and querying tools help you create reports and analyse data. For example, they can show how many of your sales were handled by one particular employee.

Web-based tools

Business intelligence portals are websites that bring together all sorts of potentially useful information, such as legal issues or details of new research.

The internet and search engines can be a powerful source of knowledge, although always check that your sources are reliable. Online forums and newsgroups can also provide useful insights, but check the credibility of the author before trusting the information.

Other tools for knowledge sharing and management include intranets and extranets. An intranet is a secure internal network for the sole use of your business. An extranet is similar to an intranet but you can extend it to customers and suppliers. 

Social tools, such as social media channels and blogs can also be useful when it comes to sharing knowledge.

Customer analysis tools

Customer relationship management (CRM) software helps you understand your customers and target them through channels such as your website, email and phone. Read more about customer relationship management. Website analytics tools, such as Google Analytics, show how customers use your website. This helps you improve performance and target customers more effectively.

If you invest in a new information system, consider your business needs, the available technology options and how you will implement it. Each stage may bring challenges and opportunities.