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There are many definitions for knowledge management, including Wikipedia’s that states KM comprises of a range of practices used in an organization to identify, create, represent, distribute and enable adoption of insights and experiences. But for me to simply put it, Knowledge Management is all about delivering the right knowledge in the context of work. Many businesses are realizing the importance of knowledge and leveraging the internal company knowledge to gain an edge over competition.

With data dispersed throughout an organization in unconnected databases, knowledge management system brings these disparate sources together, organizes and processes corporate knowledge into usable forms for all employees.

Most KM engines are all about the query: the handful of search words a user chooses to type. In a customer service solution, customer service interaction, enterprises increasingly have enormous context that is either derived from information from CRM, CTI, IVR or analytics or explicitly stated by the customer during the interaction. This guides the agents through the process of finding the best possible decision in the shortest amount of time.

But for many businesses, KM is evolving into a proven strategy for their organizational success. The major benefit of a Knowledge Management system is that everyone in the organization has access to corporate knowledge. This knowledge can also be turned into a business asset if required.

According to Gartner corporate knowledge can also be turned into an asset for consultancies; a KM system can capture techniques, processes, and presentation templates, which can be reapplied to future consulting assignments.

With the advancement of Web 2.0 technologies, users are able to communicate and share in multiple formats and multiple workflows for each knowledge base. The workflow dynamically generates configurable authoring screens with no coding required and can be integrated with external CMS systems making it easier to access content. Context-based search can be triggered automatically to offer the user the right information at the right time.

Implementing a KM system can be a detailed process, involving an extensive amount of time and resources to set the system in motion. Knowledge management (KM) is a key component of a company’s self-service plan, and all companies strive for a 360-degree view of the customer. Knowledge Management is empowering the user to strive to be innovative and creative to build customer value.