Knowledge management is a ubiquitous term in the world of work. The best-known online knowledge database "Wikipedia" describes knowledge management as follows: "Knowledge management is the methodical exertion of influence on the knowledge base of a company (organisational knowledge management) or an individual (personal knowledge management). The knowledge base is understood to be all data and information, all knowledge and all skills that this organisation or person has or should have to solve its various tasks. "1
In the private sphere, well-known platforms have long since taken over the structured processing of knowledge. We consult search engines for questions from the world of sport, product reviews or holiday bargains, research on sales platforms or evaluate offers using comparison portals. All of these are knowledge databases through which our queries are answered quickly and accurately. In a professional context, structured knowledge acquisition is far more difficult, and the speed of private search successes can only be transferred to a limited extent. Firstly, this is usually due to the complexity of the individual circumstances. In addition, hoped-for answers are usually poorly prepared and hardly available in the necessary, individual level of detail.
In such a situation, a specially created knowledge database can provide a remedy. This can be fed by various sources such as research in the literature collection you have purchased yourself, searching through historical data in a sophisticated folder structure, votes stored in your email inbox or transcripts from OneNote or similar. We also have to rely on our own memory to keep track of the flood of information and data. Finding out whether and in what form a current issue to be assessed may have been resolved in a past project becomes increasingly challenging as the amount of data increases. Some people may remember the tugging feeling of the never-ending search for a specific file or trying to enter the right keyword for the e-mail filing system. There are countless examples in everyday working life where we rely on the availability of individual knowledge. If we look at the definition of knowledge management presented above, it refers in particular to "methodical influence on the knowledge base of an organisation". Whether the very common approach of searching for content in the depths of one's own email inbox fulfils the above definition of a methodology is left to the reader to decide. However, even if each individual has an overview of their own data, this individual knowledge base is not accessible to all employees and is usually a thing of the past when they leave the company. Building up your own database can also be very time-consuming. It often requires a lot of interaction with colleagues in order to obtain the desired information and save it for later retrieval.
If a company decides to set up a knowledge database, the first step is to define a comprehensive knowledge management strategy.
A suitable technical solution on which the strategy can be presented should then be selected and access rights defined. In this phase, it is advisable to focus on the design of the knowledge system and make it understandable for everyone. This is very important to ensure that new content, additions and corrections are continuously incorporated. The knowledge database should live on being used in the future instead of being as comprehensive and complete a knowledge management system as possible at the time of go-live. Through consistent integration into the daily work routine, the resulting "wiki" becomes a systematic repository of data such as templates, presentations and references to literature sources. In addition, written elaborations on issues can be provided in the form of articles or, for example, explanatory video sequences for specific use cases can be added as a further form of knowledge transfer. In an environment of infinitely available information and answers, a knowledge database creates a reliable source of information for your team and also allows you to standardise processes and procedures.
"As a result of today's knowledge- and innovation-orientated communication age, the knowledge capital available in the company is increasingly becoming a decisive production factor. (...) This represents an extension of the view of information (for example in the context of market design and influence) as an operational resource or production factor. "2
A knowledge database enables significantly faster onboarding of new employees, better enablement and efficiency gains in the processing of technical or administrative tasks. Such a platform can quickly establish itself as a central reference work and supports the entire team in daily business. A side effect can be the reduced storage of information on other sharepoints that is forgotten over the years. In addition, relevant knowledge is not necessarily lost when an employee leaves the company and can be stored within the company instead.
The use of standardised processes, templates and knowledge saves time and cognitive resources that are needed to work out new issues and assess data quality. This creates space that can be used for innovation and change.
Source: KPMG Corporate Treasury News, Issue 141, March 2024
Authors: Ralph Schilling, CFA, Partner, Head of Finance and Treasury Management, Treasury Accounting & Commodity Trading, KPMG AG
Marie Czentarra, Manager, Finance and Treasury Management, Treasury Accounting & Commodity Trading, KPMG AG
___________________________________________________________________________________________________________________
1 Wissensmanagement – Wikipedia
2 Wikipedia
