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Many traditional organizations are facing existential challenges because of new entrants who thwart the existing business model and disrupt their business! A fresh knowledge management strategy is essential for many organizations to ensure continuous innovation and knowledge sharing inside their organization.
Knowledge management is of strategic importance to ensure that organizations can innovate by utilizing institutional memory and preserving customer loyalty. About 80% of organizational knowledge is unstructured and they are available in the form of text, videos, images, and so on. Organizations that fail to mobilize their knowledge assets are heading toward business closure!
Given the proliferation of GenAI technology and its faster adoption in enterprises, it is prime time for many organizations to revise their existing knowledge management strategy and put forward a stronger culture of knowledge creation and sharing to stimulate business growth. Organizations should encourage all their external and internal stakeholders to create new knowledge faster paving the way for faster distribution of new knowledge. This new knowledge can be utilized by other business stakeholders for competitive advantage.
In this blog, we shall cover motivations for a new knowledge management strategy, a playbook to create a modern knowledge management strategy along with business use cases, and how to execute it with the strong cultural ethos of the organization.
Motivations for New Knowledge Management Strategy
GenAI technology has changed the way new knowledge is created, how it is been shared, and more importantly how it is consumed for strategic and tactical business advantage. GenAI has given power to many business customers to undertake research into organizations’ products and services much more easily and quickly. GenAI technology is helping many internal stakeholders to create, organize, and share knowledge seamlessly within their organizations. Much of the unstructured knowledge within organizations can be curated and organized in a structured way utilizing organizational taxonomy and ontology.
GenAI technology can be viewed as a strategic investment in helping organizations mobilize internal knowledge spanning across a multitude of business systems in various formats! Unearthing that internal knowledge and making it available to the right stakeholders can help organizations innovate faster and maintain their competitive advantage. More importantly, any new knowledge that is created is attached to many metadata, it helps stakeholders understand the importance and nuances of using the specific knowledge for their use cases.
Business Use Cases of GenAI Knowledge Management
There are several business use cases where GenAI technology can applied effectively for knowledge creation, organizing knowledge, and knowledge dissemination. Knowledge managers, technical writers, business analysts, project managers, and so on can utilize GenAI capabilities to create document outlines, brainstorm ideas, undertake complex cognitive tasks such as changing tone to align with brand guidelines, and so on. GenAI capabilities can be tapped into for organization-wide knowledge searches that can index and source knowledge across different knowledge repositories. These GenAI capabilities can generate accurate responses to stakeholders’ questions.
Use case #1 – Meetings & Email
There is no organization in the world where internal meetings do not take place! Meetings help organizations get clarity on issues, help to make decisions, talk about risks, and so on. Most of these meetings are recorded and stored in digital form. These meetings can be transcribed into textual form using GenAI technology and curated to form baseline knowledge on topics of interest. Data, emails, and so on can enrich this baseline knowledge.
The typical use case where organizations see value is through automatically curated Minutes of Meetings (MoM) and action items. GenAI technology can also assign action items to the right set of stakeholders based on additional data such as contact lists, meeting invitees, and so on. Thus C-level executives, program managers, and project managers can keep track of the status of all action items to measure progress.
Moreover, learnings from each strategic program and project can be made available to GenAI capabilities so that any internal stakeholders can query and consume the knowledge without any friction to avoid making wrong decisions.
Use case #2 – Enterprise Search Engine
Given the prevalence of knowledge silos existing across the organization, it is prime time to build a unified enterprise-wide search engine based on GenAI capabilities such that it takes a “prompt/question” and generates a response based on knowledge from different knowledge sources/documents. This approach is very different from lexical search where internal stakeholders need to be aware of a few business glossaries to seek any information. GenAI-powered search engines utilize semantic matching algorithms.
Asking questions in natural language and getting a response feels like a natural conversation-style interface that most of us are accustomed to. Thus, this GenAI capability will stimulate a knowledge-sharing culture and enable stakeholders to seek accurate information quickly!
Example of Gen AI-powered search in a documentation
Use case #3 – Data and Insights
Many of the data and information are stored in structured databases. Accessing and making sense of that structured information needs a lot of engineering effort. This engineering effort includes accessing data, curating them, and producing insights reports or dashboards. GenAI capabilities can be applied to structured data whereby stakeholders can ask questions and these tools provide insights in natural language. Many of GenAI’s capabilities provide an interface so that you can chat with your data! This helps many stakeholders utilize data insights for making data-driven decisions
GenAI technology also plays a vital role in knowledge creation and ensuring a single truth. GenAI technology can also build taxonomies and ontologies based on the knowledge repositories of your organization, identify knowledge gaps in your knowledge repositories, and identify and address ambiguous information existing across different departments of your organization. Leveraging GenAI capabilities for organizations’ knowledge management use cases will help organizations execute their corporate strategy more effectively.
Tips for Knowledge Management Strategy
Once the knowledge management strategy is formulated and agreed upon by C-level executives, it can be put into practice as part of strategic initiatives. Here are a few tips to execute a knowledge management strategy effectively
- Curate all knowledge repositories spanning across different departments to understand knowledge gaps and collaborate channels available to enrich that knowledge
- Curate all business glossary terms and seek consensus from internal business owners on standard definitions, assumptions, metrics, and so on
- Build organizational-wide taxonomy and ontology
- Identify and assign knowledge managers who are accountable for knowledge curation and knowledge management across various departments of your organization
- Identify business systems and knowledge repository systems that hold vital knowledge of your organization. This helps with choosing the right GenAI technology so that it can connect to these knowledge repository systems out-of-the-box
- Establish streamlined business processes and cadence amongst various departments so that new knowledge is created under agreed standards and old knowledge is always kept up to date
- Provide training to all stakeholders on utilizing GenAI-powered tools to execute their work efficiently
Closing Remarks
GenAI technology will revolutionize how knowledge management is being executed. It will help organizations create new knowledge quickly, organize the existing knowledge effectively, and disseminate the knowledge to all stakeholders in a more natural way. Many organizations are already taking advantage of GenAI capabilities such as chatbots and make them available to internal stakeholders for propelling business growth. Before procuring any GenAI tools, all organizations need to formulate what they wish to do and more importantly why they want a new knowledge management strategy. Once the strategy charts the way forward, the corporate governance team can execute the GenAI knowledge management strategy to put their organization on a path for achieving their organization’s vision.
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