Knowledge Management in Business: The Best Tools

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According to a report by the consulting firm Deloitte in 2021, knowledge management is one of the three main challenges affecting the success of businesses. The preservation and transmission of knowledge are key drivers of productivity, customer loyalty, and even employee retention. The consequences of a poor knowledge management system can be a major threat. According to a study published in 2018 by the video platform Panopto, ineffective information sharing costs large American companies (17 700 employees) no less than 47 million dollars annually.

To remain competitive, companies must adopt a culture of knowledge sharing and also invest in an effective knowledge management solution. The challenge? The Knowledge Management Technology market is vast. According to Market Research, the global knowledge management market is expected to reach 2.1 trillion dollars by 2030, representing a growth of 18.3% over the 2022-2030 period. To help you find the knowledge management software that suits you, Mozzaik365 presents its top tools for knowledge management and provides insights to help you choose the right knowledge management solution that meets the needs and limitations of your company. Happy reading!

What are the challenges of knowledge management?

Knowledge management in business involves identifying, collecting, organizing, storing, distributing, and updating the knowledge that emerges during its operation (relevant customer data, market information, business processes, etc.) and is relevant to its activity. A knowledge management tool is a software that allows scaling and systematizing this knowledge management process. The use of knowledge management technologies is essential for various reasons.

Improve customer satisfaction and retain customers

First and foremost, effective knowledge management is a real asset in terms of customer satisfaction and loyalty. The collection, retention, and transmission of customer data, for example, through customer relationship management (CRM) software, enable offering tailored offerings, customer service, and even marketing campaigns to different customer segments.

A knowledge base or a content management system (CMS) and document management system also allow the customer service to provide quick, precise, reliable, and consistent answers to issues encountered by buyers. Knowledge management tool as such can also be used to provide customers with documentation allowing them to find answers to their questions in a few clicks without even having to invovle company support center. This results in time savings for both customers and customer service representatives who can focus on high-value tasks.

🔍 To delve deeper, discover our article on knowledge management strategy: the guide

Improve Employee Experience, Engage and Retain Employees

Optimized knowledge management also enhances employee experience, leading to better engagement and retention. According to a survey conducted by Panopto, 60% of employees claim to face difficulties accessing information they need to perform their job effectively. As a result, 81% of them express frustration, 26% feel overwhelmed, 12% disoriented, and 9% lost. This negative stigma can significantly impact employee engagement.

A robust electronic document management system (EDMS), content management tool, or a knowledge base can address this issue. With these knowledge management solutions, employees can easily access the resource necessary for seamless task execution. Moreover, these software applications enable companies to provide employees with updated content, combating the information overload affecting one in ten French employees.

As a bonus, certain knowledge management tools (like Mozzaik365) allow employees to effortlessly share their expertise, for instance, through the creation of wiki pages for the employee community. The opportunity to share knowledge and contribute to the development of a collective intellectual heritage promotes a sense of recognition and strengthens employee motivation.

Enhance Work Quality and Productivity

Of course, knowledge management tools have the virtue of improving work quality and workforce productivity. According to Panopto, employees lose an average of 5 hours per week waiting for information. Knowledge bases and document management systems address this issue. Through these knowledge management solutions, resources are centralized, organized, and updated. Some tools, such as Mozzaik365, even integrate a customizable search engine and a tagging system that further simplifies document retrieval.

In a context of hybrid or remote work, knowledge management software becomes even more indispensable. It enables access to work documents from any device (computer, smartphone, tablet, etc.) seamlessly and securely. Whether working from company premises or remotely, employees have access to all their updated files. They can move forward with their tasks, based on comprehensive, reliable, and up-to-date data. The risk of errors is reduced, and employees are fully productive.

🌟 To delve deeper, discover how telecommuting has transformed knowledge management.

Strengthening Internal Collaboration and Collective Intelligence

Knowledge management tools are valuable allies for encouraging collaborative work, developing collective intelligence, and fostering innovation. Content and document management systems streamline information transmission by making it accessible to all authorized collaborators, simplifying teamwork.

For instance, Microsoft SharePoint allows users to collaborate on files in real-time (co-authoring), promoting emulation, generating new ideas, and simplifying problem-solving. The Mozzaik365 extension transforms SharePoint into a true knowledge management center. Employees can easily share their expertise using customizable and replicable document templates, enabling colleagues from different departments or teams to work more efficiently and innovatively.

Simplify Onboarding and Employee Retention

Implementing a sound knowledge management strategy based on effective knowledge management software is a lever for successful onboarding of new employees and retaining them in the organization. The Panopto study reveals that within the first month of their start date, new hires spend an average of 50 hours seeking help from more experienced colleagues.

The use of content and document management tools reduces this friction and improves the employee experience from the onboarding phase. With these solutions, talents can easily access the information and resources needed to settle in, train at their own pace, and increase productivity.

Protecting the Company Against Knowledge Loss

Finally, adopting a good knowledge management solution is essential for securing the organization's data, documentation, and knowledge. Employee knowledge is regularly collected and saved, eliminating the risk of knowledge loss when an employee leaves.

Moreover, a good knowledge management tool also protects the company against the loss of critical documents and information by securely storing them. It also allows configuring access to resources to preserve their confidentiality.

How to Choose Your Knowledge Management Tool?

There is a wide variety of knowledge management solutions. Here are the features and characteristics to look for when choosing the right knowledge management tool for your company:

Search Functionality

According to a 2012 report by McKinsey, knowledge workers spend an average of 20% of their time searching for internal information or seeking colleagues who can help them with specific tasks. One of the main purposes of a knowledge management tool is to address this issue.

An effective knowledge management solution must have a "search engine" feature, allowing employees to quickly access data and documents from a single entry point. Ideally, your choice should be a technology that, like Mozzaik365, offers a customizable search center with the ability to include filters and custom vertial searches.

💫 To delve deeper, discover our article on Knowledge Management: Microsoft Tools

Accessibility and User-Friendliness

A good knowledge management software is user-friendly and accessible to all employees. When choosing your knowledge management tool, you must ensure that it is compatible with the various devices used by employees (desktop computers, laptops, smartphones, etc.). This way, your employees can leverage the solution and collaborate seamlessly, even when working remotely.

The chosen technology should also be designed and intuitive to provide an optimal user experience and facilitate its adoption by employees. A good idea is to invest in a tool integrated into your existing digital work environment to allow your teams to adapt effortlessly.

Collaboration Features and User-Friendliness

As seen, one of the main challenges of knowledge management is to simplify the transfer of knowledge among organization members, particularly to stimulate collective intelligence and innovation. To achieve this successfully, your knowledge management tool should have collaboration and user-friendly features that encourage the sharing and distribution of knowledge, such as:

• Contribution assistance feature with document templates allowing employees to structure and share their knowledge smoothly.
• Co-editing features allow collaborators to work together on shared files.
• Integration with the company's communication channels to enable users to comment, interact, and circulate information without friction.

‍Integration to Other Tools Used by Employees

The integration of the chosen solution with the software already used by employees is a crucial criterion in selecting your knowledge management tool. Integrated with existing tools, KM technology is more effectivley adopted by employees.

Furthermore, good integration is also a guarantee of daily productivity. Employees can search for information in their digital workspace from a single point and transition seamlessly between tools. Adopting knowledge management technology integrated into your digital workspace (such as the Mozzaik365 Sharepoint extension) is a key step in creating a unified and seamless Digital Workplace.

Electronic Document Management (EDM)

A good knowledge management tool is, above all, an effective resource for document management. It must allow employees easy and secure access to updated and reliable data. To achieve this, the chosen KM software must include electronic document management (EDM) functionality to control the lifecycle of digital documents (creation, indexing, storage, updates, archiving, deletion).

💡 To go further, discover how to transform your SharePoint into a real EDM | The ultimate guide

Data Security

Data security is a crucial criterion in choosing your knowledge management tool. The intellectual asset and confidential information of your organization must be entrusted to a provider ensuring a high level of security, whether during data storage or sharing. Hosting on a secure cloud, compliance with GDPR, or ISO 27001:2013 certification are valuable assurances to guard against informational risks.

Pricing

Finally, pricing is an element to consider in selecting your knowledge management solution. The proposed pricing should align with your company's budget. However, keep in mind that KM software is an investment that should enhance your organization's productivity and achieve cost savings (reduced hours of lost work, better human resource management, etc.). Therefore, the cost of the solution should be evaluated in relation to expected gains and avoided losses.

‍Best Knowledge Management Solutions

Given the challenges associated with knowledge management and the proliferation of solutions, choosing knowledge management (KM) software is a real challenge. To help you meet this challenge, we present a selection of the best knowledge management tools for businesses.

Microsoft SharePoint

Microsoft SharePoint is a collaboration tool designed to securely store, organize, and share information. It creates team sites centralizing content, information, and applications needed for collaborative work. SharePoint integrates well with other Microsoft suite tools, offering direct accessibility to databases in Microsoft Teams. Co-editing of Word, Excel, OneNote, or PowerPoint files is seamlessly done within the SharePoint team site.

👉 For more information, discover 4 steps to create your SharePoint 365 intranet | 2024 Guide

Mozzaik365

Mozzaik365 is a SharePoint Online extension that extends the abilities of SharePoint, transforming intranets into a unified Digital Workplace. Simplifying internal collaboration, communication, and knowledge sharing, Mozzaik365 enhances SharePoint into a well-designed, functional, and secure knowledge management center.

It offers essential features like wiki creation, contribution assistance, Electronic Document Management (EDM), and an advanced, customizable, code-free search engine.

Click here to book your demo with an expert!

Confluence

Confluence is a collaborative work software equipped with a knowledge management system from Australian software developer Atlassian. It allows the creation, organization, sharing, modification, and collaborative commenting on content through "wikis" (team sites). ‍

Confluence's search engine employs artificial intelligence (AI) to accelerate document searches and provide instant answers with automated page summaries. Confluence integrates with over 3000 software, including Slack, Jira, Trello, and Microsoft.

KnowledgeOwl

KnowledgeOwl is an American knowledge base creation and management software. It enables secure internal content sharing or sharing with an external audience. Suitable for companies wishing to share product documentation with clients or establish an accessible help center, KnowledgeOwl is appreciated for its user-friendly interface, cost-effectiveness, and quality customer service.

Notion

Notion is a renowned Californian productivity application that goes beyond simple note-taking. It manages projects, tracks tasks, creates wikis, and databases. With Notion, businesses can store, organize, retrieve, and circulate internal knowledge without compromising security. Notion's user-friendly interface is easy to learn and use. Additionally, Notion's API allows integration with many tools, including Jira, Slack, and GitHub.

Haiilo

Haiilo is an all-in-one internal communication platform based in France. It facilitates the creation of a knowledge base, document libraries, and wikis. This solution includes a search engine to seek information fast in the workspace and a content management system. Users appreciate the platform's simplicity, user-friendliness, and post-sale service.

HubSpot Knowledge Base

HubSpot is a renowned marketing and customer relationship management (CRM) software. Businesses can use HubSpot to create online knowledge bases for their customers. The reporting feature analyzes searches to identify potential shortcomings in the provided documentation. The aim of this tool is to enhance customer satisfaction through self-assistance and boost the productivity of customer service teams by freeing up time for more complex queries.

Intalio

Intalio is a 30-year-old American software vendor that offers electronic document management (EDM) or enterprise content management solutions. This AI-based tool allows organizations to manage and control the entire lifecycle of their documents and content (capture, storage, archiving, analysis, etc.).

Document360

Document360 is a British SaaS that enables businesses to create, share, and manage knowledge bases for customers (technical documentation, tutorials, self-service FAQs, etc.) and their customer service and developer teams (troubleshooting guides, support knowledge bases, integration documentation). This AI-powered solution stands out for its ease of use and quality customer service.

Key Takeaways on the Best Knowledge Management Tools

Knowledge management (KM) is a significant challenge for organizations, representing a crucial lever for competitiveness and performance. Knowledge management tools play a vital role in implementing effective knowledge management strategies. In general, these software solutions enable the creation, storage, organization, updating, archiving, and deletion of documents and information. They also facilitate the knowledge distribution internally and, in some cases, to an external audience.

Choosing a knowledge management technology requires careful consideration. Several features and characteristics must be present, including:

• A powerful search engine to easily retrieving relevant information.
• An easy-to-use platform that promotes collaboration.
• Integration with other tools used by collaborators.
• Electronic Document Management (EDM) abilities.
• Information security.
• A good balance of quality and price.

Mozzaik365 excels in all these aspects and undeniably stands among the best knowledge management tools available in the market. To discover all the advantages of our solution, request a demonstration by clicking here.