The saying “knowledge is power” doesn’t exist without a reason.
Knowledge is one of the most important assets an organization can have.
The management of that knowledge also plays a crucial role in the effectiveness of a company’s project management plan, especially in an era of unprecedented business competition.
Understanding the intricacies of project knowledge management and effectively implementing it into your company is an excellent way to streamline business processes, improve communication, increase employee efficiency, and help project managers and decision-makers do their jobs effectively.
Yet, that’s just the tip of the iceberg when discussing how to manage project knowledge and this article will delve much deeper into the concept.
Stick around as we explore the subject’s core elements, role in modern businesses, types of knowledge that need to be managed, and the process of knowledge sharing.
We’ll also investigate the benefits, applications, and challenges of implementing knowledge management systems into your organization.
3 Key Elements of Project Knowledge Management
At its core, project knowledge management encompasses gathering, analyzing, organizing, knowledge sharing, and using information to increase the effectiveness of your company’s projects. And while the Internet is full of such information, its unstructured form makes its effective application challenging.
Fortunately, that’s where project knowledge management comes in, turning unstructured information into structured knowledge and playing a vital role in a company’s processes. However, before discussing this role, we must understand what project knowledge management is made of.
There are three key elements you should be aware of:
- Process – A well-structured knowledge management process is a critical part of the equation. It ensures an effective flow of information, which must be collected, analyzed, and turned into knowledge before being implemented throughout the company’s projects.
- People – Individual employees, such as a knowledge base manager and even entire teams, are another crucial aspect of project knowledge management. They contribute, test, and implement the previously acquired and organized knowledge on a project.
- Tools – From basic document management systems to data archives and knowledge-storing repositories to Wikis that make your collected knowledge resources easier to share and understand, there are numerous examples of knowledge management systems and dozens of tools that play a part in it.
These three elements combine to create effective knowledge management systems, integral to any project management plan.
The Role of Knowledge Management Systems (KMS)
Knowledge management systems, or KMS for short, play a crucial role in organizing the gathered knowledge and allowing users to apply this knowledge to the company’s projects and processes.
Together with document management systems, a well-implemented KMS also improves document control, helping make vital information readily available to each employee.
Finally, as the use of KMS has been growing steadily, these systems have also become vital in the decision-making process.
By granting a project manager and other decision-makers quick access to necessary information, KMS ensures leaders can make thought-out decisions for a company’s good.
Types of Knowledge: Tacit vs. Explicit
A KMS consists of two types of knowledge – tacit and explicit.
On the one hand, you have tacit knowledge gained from personal experiences.
Usually, it’s not written down anywhere.
This type of knowledge is difficult to express, making it challenging to transfer between employees, and even more so due to the drawbacks of employee turnover.
This knowledge transfer requires numerous person-to-person interactions, and businesses frequently use discussion boards to transfer tacit knowledge from an employee into a repository, making sharing easier.
At the same time, fostering a knowledge-sharing culture as a company also plays a crucial role here.
On the other hand, you have explicit knowledge, which is much more straightforward to share between employees. These are the things like manuals and handbooks that are more easily shared, but are difficult to communicate about in a single form.
KMS and document management systems are more than enough to ensure this type of knowledge is documented and shared, ensuring entire teams can quickly access it.
⭐️ Read more about the different types of knowledge
Knowledge Creation and Sharing Processes
Difficulties within a project are common in most companies, regardless of the industry.
Yet, an effective communication plan and collaboration between members can lead to new ideas and quick solutions to these difficulties, leading to new knowledge and a way to resolve the problem.
This knowledge is then distributed to other individual teams in real-time, leading to organization learning and ensuring such difficulties don’t slow down future projects. It’s an ongoing process, which can further be enhanced by fostering a culture of continuous learning and improvement.
Project plans and document submission checklists also play an essential role here in the knowledge transfer phase, helping managers ensure that important information isn’t lost before, during, or after a project has been completed.
Get more tips about knowledge management from Tettra
Benefits of Good Knowledge Management in Projects
Successful knowledge management implementation brings numerous benefits to an organization and its projects, regardless of the industry it’s operating in. These benefits, at least the three primary ones, include the following:
Enhanced Risk Management
The knowledge of past projects at your fingertips can dramatically improve the workflow of your project managers and other decision-makers, helping them evolve their risk management strategies. Access to such knowledge resources can help these employees calculate and predict any risks associated with future projects, create mitigation plans, and ensure everything goes as smoothly as possible.
Increased Employee Productivity
Creating, implementing, and maintaining knowledge and discussion databases for your company’s processes and projects also fosters communication among team members. Such an approach ensures that all employees are on the same page and effectively working toward the same goal, which can drastically improve employee efficiency and productivity.
Improved Decision Making
Finally, a well-thought-out and implemented knowledge management system also acts as a crucial element in decision-making processes. Access to such a knowledge-sharing platform can help new employees, senior managers, and anyone in between make better, well-informed decisions regarding all company tasks, processes, and projects.
Practical Applications of Knowledge Management in Projects
Knowledge management has tons of benefits, and it can be a game-changer for projects. Here are a few ways to put it to work:
Sharing Knowledge Across Projects
A good knowledge management plan makes it easy to transfer what you know from one project to another. With tools like discussion boards and collaboration platforms, it’s easy for teams to share insights, making your whole company more efficient.
Boosting Communication and Teamwork
With a knowledge management system (KMS), sharing info and ideas gets way easier. Communication improves, and discussion boards or databases help teams work together smoothly, reducing issues across multiple projects.
Using the Right Tools
Whether it’s simple checklists, knowledge-sharing wikis, or full-featured KMS platforms, using the right tools can significantly boost productivity.
Advanced Practices in Project Knowledge Management
When done right, project knowledge management can transform the way you work, especially when you use advanced tools and practices:
Using New Tech to Share Knowledge
Knowledge management benefits from different technologies—from wikis for sharing info to cloud computing for better access, and even AI to automate tasks. Together, these tools help improve overall efficiency.
AI is everywhere these days, and it’s for a good reason.
It helps KMS analyze huge amounts of data, quickly turning it into useful insights. Plus, AI can automate repetitive tasks and help manage project timelines better.
⭐️ Read more about you can use AI at work
Cloud Computing’s Role in Sharing Knowledge
Storing and sharing resources on cloud platforms makes accessing documentation easy and fast, in real time. It also boosts team communication and makes collaboration a breeze.
Advanced Ways to Improve Project Knowledge Management
Project knowledge management has a lot of potential. You can unlock it by using the latest technologies and best practices like these:
Using New Tech to Boost Knowledge Sharing
Tech plays a big role in project knowledge management. Whether it’s wikis for sharing info, cloud computing for easy access, or AI to automate tasks, these tools can make your team more efficient.
AI and Knowledge Management
AI is making waves—and for good reason. It helps a knowledge management system (KMS) process large amounts of data fast, turning it into useful insights. Plus, AI can automate repetitive tasks and improve project timelines.
How Cloud Computing Helps Share Knowledge
Cloud-based tools make storing and sharing information easier, ensuring you can access documentation quickly. They also improve team communication and help everyone collaborate more effectively.
Creating a Culture of Knowledge-Sharing
For a KMS to work, you need a culture where sharing knowledge is the norm.
Encouraging Ongoing Learning
Leaders should create an environment that promotes continuous learning. A good plan encourages employees to learn both on the job and about the organization, making sure everyone is ready to step into their roles effectively.
Promoting Team Collaboration
Project managers need to do more than just set up a KMS; they need to encourage teamwork. Offering platforms with discussion boards and real-time chat can help teams share knowledge smoothly.
Challenges in Project Knowledge Management
While setting up a KMS is important, it’s not always easy. Here are some common challenges:
Clearing Up Misconceptions
One common issue is thinking a KMS only captures explicit knowledge (like facts or procedures). But tacit knowledge—things like experiences and skills—is just as important, though it can be harder to share.
Managing Resistance to Change
Implementing a KMS often meets resistance. Employees might be hesitant to change how they work, so it’s up to leaders to guide them through the process smoothly.
Best Practices for Setting Up Knowledge Management
Even with challenges, any company can successfully implement a KMS by following these best practices:
Set Clear Processes and Guidelines
Start by setting ground rules for managing project knowledge. Make sure everyone knows how to use tools like document management systems and understands the process for transferring knowledge.
Regularly Measure and Assess Your KMS
Don’t just set up a KMS and forget about it. Regularly check how well it’s working and how your team is using it. How you measure success will vary by industry, but tracking project metrics is a good place to start.
What’s the Future of Project Knowledge Management?
Project knowledge management is still a growing concept, but it’s already a critical part of business success. Even at its early stages, a KMS boosts productivity and efficiency.
The future will likely bring even better tools—like enhanced document management, real-time collaboration, cloud-based platforms, and advanced AI—to make knowledge management more powerful for every company.
Try Tettra for Your Internal Knowledge Base & Knowledge Management Software
Tettra helps teams put these knowledge management practices into action by providing an easy-to-use platform for sharing information, promoting collaboration, and organizing knowledge.
With its cloud-based accessibility, AI-powered features, and support for continuous learning, Tettra empowers teams to efficiently manage and share knowledge across projects.
