Did you know that poor knowledge sharing practices cost Fortune 500 companies about $31.5 billion annually? Explore the 4 components of knowledge management , top tools,and knowledge management strategies to save this cost.

1. 4 COMPONENTS OF
KNOWLEDGE MANAGEMENT

2. Knowledge is a key to various issues faced by people or
organizations. Preserving and sharing knowledge is one
of the primary objectives of knowledge management.
Why is it directly associated with improved collaboration
among the employees? How does it impact the decision-
making process? Understanding components of
knowledge management will help you identify the entire
idea in a better way.

3. Accumulating and sharing information within an
organization needs an infrastructure that promotes
communication. People act as a key factor in curating a
flawless culture of information sharing. They are the
primary carrier of information, tactics, and
experiences.
Such information is then passed on to the new workers
and acts as intellectual capital for the organization.
There are two essential categories of employees. One
who carries knowledge and can share it, and the second
has technical information to manage knowledge
sharing.
People
1.

4. The flow of information is a gradual and continuous
process. The entire process of knowledge management
is divided into four major parts. Starting from
knowledge acquisition, it also focuses on its storage
and distribution. And ultimately, defining the adequate
usage of the information.
Modern knowledge management systems drive an
automated approach that aims for all the above phases.
It offers employee engagement practices for better
information accumulation. And centralized cloud
storage that offers speedy access to documents and
records.
2. Process

5. What type of information is organized mainly in this
entire process? Knowledge is unquantifiable. Yet,
knowledge management covers documents, records,
sheets, tactics, tips, ideas, and experiences. It could be
an unconventional strategy that worked in favor of the
organization or training resources for new hires.
Such information is valuable in offering in-depth insight
into the organization’s culture. A profound solution can
integrate document and content management to form
an efficient knowledge management system.
3. Content

6. Goals are almost unattainable unless they are followed
with a dependable strategy. Supplementing your
organization with top knowledge management
techniques can be a profitable strategy. Just ask, why?
Why is structuring and managing knowledge a
significant challenge faced by modern businesses?
Challenges arising from unorganized, inaccessible, and
scattered information can help you outline a flawless
strategy. Streamlining documents, output-based
planning, and automated workflow have transformed
organizations into self-sustaining entities.
4. Strategy