Best Knowledge Management Software

Knowledge Management Software Guide

Knowledge management software is a type of application designed to help organizations capture, store and share critical knowledge within their workforce. KMS allows organizations to organize, store, access and share key information or content quickly and easily among different parts of the organization, such as teams, departments or even external partners. This helps employees save time that would have otherwise been spent on searching for relevant information within databases or documents. By making data more accessible and unified across an organization, knowledge management software can significantly improve employee productivity—which in turn helps increase profits and lower operational costs.

Knowledge management software converts raw data into a form that is simple to understand. Typically, data is collected in a central knowledge base, contextualized perfectly, and organized into searchable files. By doing this, it enables you to retrieve information easily. In other words, it collects information into a specialized database. By having a well-established and maintained knowledge base, your customers can easily find any information they need. They can get answers to their questions in the database without having to go through your customer support team.

Many companies incorporate their knowledge base on their websites. This is made possible through extranet and intranet access. You can develop a brand-oriented customer-support service portal using modern knowledge management software. Besides that, you can create content and post in the knowledge base on your website. But, you need to index and optimize the content to boost visibility and ranking in search engines.

A company’s knowledge database is also useful internally. Employees require it when performing various functions such as resolving customer issues, training, and sharing documents. To optimize the operations of the customer support team, you can interface the customer relationship management (CRM) tool and other related software with employee self-service features.

A knowledge management system is a fundamental aspect of a business. It enables you to organize massive data from your day-to-day operations, such as customer support and training. This article is a buyer’s guide that will offer you valuable tips to help you choose the right knowledge management software for your company.

The Importance of Knowledge Management Software

The massive production of data can occur as a result of the daily activities of your business. Failing to organize this data can be detrimental to your overall business success. But, having well-organized information is quite beneficial. The software allows you to manage data effectively. You won’t waste time searching for a piece of information. It also improves customer service since there are no delays in responding to customer queries and concerns.

Although the software is essential for all types of businesses, some markets and enterprises require it more. They include finance, telecommunication, and IT companies. In these businesses, large volumes of data usually get produced within a short time. But, with this software, they can organize the data to a manageable size.

Cabinets cluttered with papers in an office are off-putting and might create a mix-up of essential information. Knowledge bases eliminate the need for paperwork. It can also help in facilitating training in your company by providing timely and reliable training modules. It ensures simplicity and consistency during the recruiting and onboarding of new employees.

Common Features of Knowledge Management Software

There are different types of knowledge management software. However, there are some common features you will find in nearly all kinds of software. These features include the following:

• Tagging – The feature gives users the option of tagging others in comments and files, making referencing and searching easier.
• Upload option – This option allows employees to add information to the knowledge base. The data can be in the form of photos or documents.
• Private vs. public – This feature provides the option of making conversations public or private according to the user’s needs.
• Question and Answer (Q&A) – It is an important feature that provides forums for customers to ask questions while employees offer relevant answers.
• Self-Service Portals – One reason why the knowledge base is important is that it aids in customer self-service. By providing useful brand information, your customers will carry out some operations independently without asking for assistance.
• Really Simple Syndication (RSS) Feeds – It is a feature on the knowledge base that updates users about new and helpful articles.
• Feedback options – This option allows readers to comment and vote on the helpfulness of articles on the knowledge base.
• Browse and Advanced Search Options – This feature offers users additional searching options. These options include search engine indexing, natural language search, auto-suggest capability, and search filters.
• Decision Trees – These tools are special types of knowledge articles in knowledge management software. They enable the user to resolve or troubleshoot their issues through a series of steps.
• Workflow Customization – These options simplify the generation of content. Using special addresses, you can send some emails directly to your knowledge base.
• Publishing Options – These tools help you to format content by adding images, hyperlinks, and rick texts.

Benefits of Knowledge Management Software

1. Access Control & Security: Knowledge management software provides a secure platform that enables organizations to store and share confidential data while preventing unauthorized access. It also allows users to easily create and control user-level access permissions.
2. Improved Collaboration: Knowledge management software increases organizational collaboration by providing an integrated platform for teams and departments to quickly exchange information, ideas, and updates on projects in real-time. This allows teams to work together more efficiently and effectively, leading to higher productivity.
3. Streamlined Document Management: Knowledge management software simplifies the process of managing documents by allowing users to upload, store, track, and monitor documents in one organized system. It also ensures documents are securely stored without worrying about storage limitations or unnecessary duplication of content.
4. Automated Processes & Workflows: By automating manual processes like document approval cycle, review cycles etc., knowledge management software helps improve efficiency with streamlined workflows that ensure that all tasks are completed accurately and on time.
5. Increased Productivity & Efficiency: By centralizing knowledge into one accessible location, knowledge management software helps organizations save time by eliminating redundant tasks like searching for files or answers from multiple sources. Employees can quickly get the information they need without wasting time or resources trying to find it themselves.
6. Enhanced Communication & Insightful Analytics: With built-in communication tools such as chatrooms, discussion boards, notifications etc., knowledge management software helps improve communication between team members while providing valuable insights through reports and analytics generated from collected data.
7. Cost Savings: By eliminating the need to purchase additional software or hardware, knowledge management software helps organizations save time and money while maximizing resources.
8. Scalability: Knowledge management software assists organizations in becoming future-proof with the ability to scale up or down as needed. As organizations grow, they can add more users or upgrade their existing plan to increase storage and access limits.

Why Is It Important To Organize Company Data?

Your employee and customers will benefit from well-organized data in several ways. These benefits include:

1. Enabling customers to be independent - The knowledge base and the customer self-service portal are linked. They provide customers with the necessary information about products, services, and operations, which reduces your customer support team’s workload.
2. Facilitating training - The knowledge base contains company’s information such as policies, missions, goals, and rules that might be useful to new employees.
3. Information centralization for sales agents - Sales representatives need to be equipped with sales and marketing strategies. They can get such information in one place when content is collated in a database.
4. Information centralization for support agents - Your support team needs to find information quickly and efficiently. When data is centralized, they will respond promptly to customers’ queries, which will boost customer experience in your company.
5. Safeguarding good practices - Valuable information can be preserved on your knowledge base. Helpful content remains with you even after the resignation of the employee who created it.
6. Streamlines sharing of information - Internal communications and sharing of documents can slow down operations in your business. Having a centralized database can reduce such snarl-ups. This is because all employees have quick access to all the information they might need.
7. Keep management updated - Without a database, you and your managers will rely on paper reports from other employees. But, when data is organized in a central place, you will access all the essential information you require to make decisions.

How Much Does Knowledge Management Software Cost?

The cost of knowledge management software varies greatly depending on a number of factors, including the size and complexity of your business’s needs. Generally speaking, basic solutions start around $1,000 per year for small businesses, while full-featured solutions can range from several thousand dollars to hundreds of thousands of dollars each year. The amount you'll pay will depend on the features you need, the size and scope of your organization, and the type of system you're looking at. For example, some cloud-based solutions may require an initial setup fee and ongoing subscription fees based on the number of users or storage capacity needed. On-premise solutions may require additional hardware purchases depending on the system requirements. You should also factor in consulting and customization services as well as customer support when evaluating costs. Ultimately, selecting the right solution that meets all your organizational needs can be worth any price tag when it comes to managing information effectively.

There are two options you might want to consider when purchasing your knowledge management software. These are the web-based deployment model and also knowledge management tools in integrated CRM suites.

Standalone Knowledge Management Systems vs. Integrated solutions

In the “best-of-breed” or standalone system, knowledge management tools are not integrated into the system. You’ll need to incorporate these applications into the software to ensure its optimum performance. These applications include call center automation, help desk automation, and customer service solutions. On the other hand, integrated suites have instinctive applications. In many cases, these packages are ready to be used as soon as you purchase them. However, you must check whether the incorporated applications meet the needs of your business. If some important applications are missing, integrate them into the software.

On-premise vs. Web-based systems

There are two common methods of licensing CRM software: the on-premise model and the web-based model. In the on-premise model, you are required to pay only once for the licensing of the software. In this case, you get a perpetual license. On the other hand, a web-based licensing model involves paying monthly subscriptions for the permit. This model, also known as “Software-as-a-Service (SaaS)” model, is the most preferred model for many businesses. The on-premise system is installed on your company’s server. But, you can only access the web-based system using an internet browser because it is cloud-based software.

The prices of knowledge management software vary based on functionality. For instance, integrated systems might be more expensive than standalone systems due to the already installed applications. In the on-premise deployment model, you will pay a large one-off payment. On the contrary, you’ll need a monthly budget for the web-based model, which can scale up to a large sum over time. Generally, you’ll pay more for software containing many features. If you want to have a fully equipped knowledge base, consider paying for an enterprise-level subscription because it is less expensive than other options.

Who Uses Knowledge Management Software?

• Employees: Employees use knowledge management software to access, search and store information related to their individual jobs. They also use it to collaboratively share documents and ideas with other employees.
• Customers: Customers may use knowledge management software to find answers to questions about a company's products or services. They can also view the latest product updates and helpful tips for troubleshooting.
• Suppliers: Suppliers can use knowledge management software to access documents related to orders, materials, and shipments from companies they do business with. This allows them to stay up-to-date on new orders and ensure they're supplying what is needed in a timely manner.
• Partners: Partners such as distributors or resellers may use a knowledge management platform to share product information with customers or prospects. It can also be used for training purposes and as an internal reference tool for sales reps.
• Management Team: Knowledge management systems are also useful for managers who need access to up-to-date company data such as financials, employee performance reviews, customer feedback, etc. It can help them make decisions more quickly by providing easy access to all the necessary information in one place.
• IT Professionals: IT professionals use knowledge management software to store technical manuals and instructions that can help them diagnose problems quickly when responding to customer inquiries or requests for support. They can also store company procedures that teams follow when updating hardware or introducing new software into their environments.
• External Users: External users such as vendors, consultants and contractors may use knowledge management software to access documents related to their work. This can help them stay up-to-date on what is expected of them and make sure they're meeting deadlines.
• Administrators: Knowledge management software administrators are responsible for the overall management of the system, setting up users, tracking usage, and ensuring security. They may also be responsible for creating new knowledge base articles and maintaining existing ones.

What Integrates With Knowledge Management Software?

Knowledge management software can integrate with a variety of different types of software. One type is productivity software, such as project management applications and task tracking tools, which allow users to collaborate on projects and keep the team up to date with the latest information. Other types of software that can integrate with knowledge management systems include document management, customer relationship management (CRM), enterprise search, e-learning platforms, and business intelligence solutions. These applications provide an efficient way for teams to share important data, documents, and insights across an organization. By integrating these different pieces of software into one system, an organization can maximize its use of knowledge to improve efficiency in workflows and decision-making processes.

Knowledge Management Software Trends

1. Automation: Knowledge management software is becoming increasingly automated, allowing for faster and more accurate retrieval of data. Automation also enables organizations to better manage their knowledge and use it more effectively.
2. Security: Knowledge management software is becoming more secure, with advanced encryption protocols and authentication measures designed to protect user data from unauthorized access. This is an important consideration, as knowledge is a valuable asset that must be safeguarded.
3. Scalability: Knowledge management software solutions are becoming more scalable, allowing them to work with larger datasets and accommodate the needs of growing organizations. This scalability allows businesses to better manage their information and respond quickly to changing circumstances.
4. Integration: Knowledge management software is being integrated with other applications and systems, such as customer relationship management (CRM) platforms and enterprise resource planning (ERP) solutions. This integration allows for the efficient sharing of data between different departments and ensures that all stakeholders have access to the same information in real-time.
5. User Experience: Knowledge management software is becoming easier to use and more intuitive, with user interfaces that are designed for maximum efficiency and minimal training time. This makes it easier for users to access and utilize the software’s features without needing extensive technical know-how.
6. Artificial Intelligence (AI): AI is being used to improve the performance of knowledge management software, making it smarter and more accurate in its search results. AI can also be used to analyze collected data and provide insights that can be used to improve the overall performance of an organization’s knowledge management system.

How to Choose the Right Knowledge Management Software

1. Define Your Needs: Before shopping for the right knowledge management software, it is important to identify your specific goals and needs. Are you looking for a platform to store documents, or one that facilitates collaboration among employees? Knowing how you will use the software will narrow down your choices and help you find the best fit.
2. Research Solutions: After determining what features are most important, research the available options. Consider both free and paid solutions, and look at customer reviews to get an idea of which ones have proved successful in other organizations.
3. Analyze Costs: Make sure that any software you're considering fits within your budget constraints. Be sure to factor in not only upfront costs but also maintenance fees, training expenses and other potential hidden costs associated with implementation and use of the software over time.
4. Try Before You Buy: Once you have narrowed down your selection to a few viable options, ask each vendor if they offer a free trial period so that you can test out the product before making a final decision. This will give you a chance to experience firsthand how well their interface works with existing systems in your organization as well as how supportive their customer service team is when resolving any issues you may encounter during setup or use of the program.
5. Make the Decision: After evaluating all of your options, it is time to make a decision on which knowledge management software you feel best meets the needs of your organization. Consider each option's features, costs, customer service and user-friendliness before signing a contract.