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Enhancing employee knowledge sharing and collaboration can lead to improved ROI

Traditional knowledge management relies heavily on documented knowledge which slows down productivity and leads to increasingly frustrated employees in large organizations.

According to numerous studies 70%-90% of data is redundant, outdated, or trivial. If previous workplace interactions partially filled the gaps in knowledge management, then the shift to hybrid work has only broadened the corporate-wide knowledge blindspot.

Business leaders need to consider reshaping knowledge management and focus on accessing and retaining employee knowledge while improving the enterprise's bottom line.

KMWorld held a webinar with Ross Murray, new business sales manager, Starmind, who discussed how enhancing employee knowledge sharing and collaboration can lead to measurable ROI and more.

Traditional knowledge management is turning knowledge into information, Murray said. However, there are several problems with measuring the ROI. Finding relevant information is becoming increasingly difficult due to an unprecedented amount of data.

According to a 2022 Starmind-commissioned Forrester Consulting study, “The Modern Workplace Demands a New Approach to Knowledge Management,” 47% of respondents said information is scattered across too many tools. More than $1 million is lost every month due to inaccessible knowledge in a company with 1,000 employees.

Today’s knowledge management process needs to provide knowledge on demand, he explained. A knowledge holder shares information with a knowledge seeker, this creates value. AI can capture that information quickly while the knowledge seeker can add additional value. AI can then learn from this process to gather and send information quicker.

Starmind offers a single platform that connects every employee to your organization’s best-available knowledge—powered by AI and available in real time.

The winning combination for generating successful ROI is people, data, and AI, according to Murray.

An archived on-demand replay of this webinar is available here.

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