There are many reasons to implement a Knowledge Management System in an organization, but the main goal is usually to help people access knowledge and use it to perform tasks better.
To gain a deeper understanding of knowledge work in law firms, iManage recently commissioned Metia Group to conduct in-depth research, with close to 1100 global respondents from across the legal industry to gain a deeper understanding of knowledge work and discovered that:
- 68% of survey respondents said the information in digital documents and files is the most important thing to their business.
- 28% of survey respondents said that most or all of their documents are scattered and siloed across multiple systems.
- 30% of respondents said that documents reach their organisation via five or more channels.
The above mentioned statistics show that knowledge is one of the most important assets of an organization. Yet knowledge is too often undocumented, difficult to access and has the risk of disappearing:
- Because teams use different apps within the same company, this results in isolated and fragmented information that is difficult to find when customers or agents need it most. That’s why knowledge workers spend 30% of their time looking for or recreating information that already exists. When knowledge isn’t shared and accessible, employees waste time reimagining solutions, make mistakes people have made before, don’t gain the insights they need to be productive, and answer the same questions over and over.
- Employees retire or quit a company, taking decades of company knowledge with them. And even if they train their replacement before leaving, departing employees can never pass on everything they know because some knowledge is tacit. Having a process helps capture that tacit knowledge that might otherwise disappear.
- Knowledge stored in emails or local drives can disappear due to system failures or due to loss or theft of devices.
All of these situations are unavoidable which highlights the need for a good knowledge management system even more.