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Why We Think Internal Knowledge Management Will Be Critical in 2022, As Per Gartner®

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Numerous articles over the past six months have highlighted a powerful trend: Employees, shaken by the events of the last 18 months, are rethinking their priorities and their relationship to work. People are resigning and changing employers like never before. In this environment, according to Gartner’s 2022 Planning Guide for Collaboration and End-User Technologies, internal knowledge management will be critical to productivity and continuity.

Along with changing roles, many employees are shifting their expectations around remote and distributed work. As hybrid work environments, remote teams, and asynchronous communication become the norm for most knowledge industries, strategies for communicating and working together are changing. Gartner explains, “Email is slowly dying as the preferred method of communication and collaboration. Staff members and the teams they associate with are rapidly shifting to workstream and social channels to interact. This transition dramatically accelerated with the recent shift to ‘work from anywhere.’”  

Apps that enable WFA, the report notes, “are becoming pervasive in the workplace. They should be leveraged as both knowledge capture and access mechanisms, allowing workers to share knowledge resources as part of any interaction.”

Why knowledge management matters now

Knowledge management is paramount at this moment because work, and people, have fundamentally changed.

Employees aren’t all in the same location with easy, reliable access to their managers, peers, and subject matter experts. Communication happens asynchronously; you can’t tap someone on the shoulder or call across the conference room. People are also leaving companies at record levels. Without an effective knowledge management system, they can take decades of experience and institutional knowledge with them, leaving a huge gap for their replacements to fill. 

According to Gartner, “Now that ‘work from anywhere’ is the new normal, that access is no longer a given. Further, employee churn is at record levels. When key people leave the organization, their expertise goes with them. Both of these trends will continue and accelerate in 2022, putting both business productivity and continuity at risk. Internal knowledge management focused on capturing knowledge and connecting subject matter experts will be essential to mitigating this risk.”

Knowledge management done right

How do you manage knowledge in an effective, sustainable way? Start by thinking of it as knowledge sharing, not knowledge management.

The fundamental flaw in most legacy knowledge management systems is that they put the technology first and the human second. Legacy solutions can be rigid and overly structured, rather than in line with employees’ organic way of seeking and sharing knowledge. For a system to work with today’s communication and collaboration needs, people need to be able to capture, discover, or request knowledge naturally—without interrupting their existing workflows. Gartner specifically recommends that “developers should be able to document an insight or solution with the collaboration platform used by their team.”

Organizations that rely on legacy knowledge management solutions will face even bigger problems as they bring on younger employees. As The Verge points out, “the concept of file folders and directories, essential to previous generations’ understanding of computers, is gibberish to many modern students.” When these employees are stumped, their instinct is to go find an answer themselves, usually by searching in a browser or going to a forum.

People who are directly asked a question are motivated to share their knowledge with the questioner. If you asked those same people to provide detailed documentation in a Wiki, they might resist, but they’ll happily answer a coworker’s question in a chat or comment thread. Answering a question is an easier ask than writing blank-slate documentation because the audience, the starting point, and the scope are clear from the beginning.

File-based structures and directories don’t support our natural ways of seeking and providing information. The ideal solution is a knowledge-sharing process that’s frictionless, intuitive, and—most importantly—self-sustaining.

Stack Overflow for Teams fits the need

More than 10,000 teams—including Expensify, Instacart, and Microsoft—already use Stack Overflow for Teams to share knowledge, collaborate more productively, and ensure business continuity. 

With Stack Overflow for Teams, you can:

Speed up onboarding by centralizing knowledge on an intuitive platformKeep knowledge accurate by making information easy to find and updatePrevent knowledge loss and reduce repeat questions that sap productivityCollect institutional and proprietary knowledge in a continuous, organic wayMeasure engagement to see how people interact with your knowledge over time

Stack Overflow for Teams allows your employees to stay within their existing workflows. If finding and providing information is a pain, people will avoid it, but if they can do so organically within their established workflows, you can build a truly self-sustaining knowledge sharing and collaboration system.

Protect against knowledge loss

To drive productivity and ensure continuity in 2022 and beyond, Gartner recommends that companies invest in solutions that make “knowledge capture a core function of business systems, processes and workflows.” Apps that enable effective knowledge management and remote collaboration have become ubiquitous and essential in the workplace. That’s because knowledge loss is expensive in every sense of the word.

If you’re not investing in knowledge management, you could be putting your business at risk. If, on the other hand, your organization is capturing knowledge in a way that makes it easy to find and update in the future, you’re banking knowledge that will continue to pay dividends as your employee base grows and evolves.

Gartner, “2022 Planning Guide for Collaboration and End-User Technologies,”  Mark Lockwood, Mark Cortner, Darin Stewart, Larry Cannell, Guy Creese, Eric Grenier, 11 October 2021. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

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Article: cio.com

Finance

China’s Economy Grows Despite Int’l Challenges: Turkish Expert

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© Provided by Xinhua

China would continue to contribute to the global economy, especially with the Belt and Road Initiative, and the Regional Comprehensive Economic Partnership (RCEP) agreement, said Turkish economist Sinan Alcin.

ISTA

Original Article: bignewsnetwork.com

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UK PM Boris Johnson Arrives in India for Two-day Visit

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Ahmedabad (Gujarat) [India], April 21 (ANI): UK Prime Minister Boris Johnson on Thursday landed in Gujarat’s Ahmedabad for a two-day visit to India with focus on stepping up cooperation in the Indo-Pacific, giving momentum to negotiations on Free Trade Agreement (FTA) between the two countries as well as enhancing defence ties.
Johnson started his visit from Ahmedabad where he is scheduled to meet with leading business gr

Original Article: bignewsnetwork.com

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Senate Panel Advances Sandra Thompson’s Nomination As FHFA Director

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The Senate Committee on Banking, Housing and Urban Affairs confirmed the nomination of Sandra Thompson to serve as the next director of the Federal Housing Finance Agency, sending her nomination to the full Senate.

The vote passed 13 to 11, with all 12 of the committee’s Democrats and one Republican voting in favor of advancing Thompson’s nomination.

During the session, the committee also approved the re-nomination of Federal Reserve Chair Jerome Powell, the nomination of Federal Reserve Gov. Lael Brainard to be Vice Chair, and Philip Jefferson was confirmed as a member of the Federal Reserve.

Lisa Cook’s nomination to be a member of the Federal Reserve concluded in a tie. Cook, if confirmed by the full Senate, would be the first Black woman to serve on the Federal Reserve board.

Thompson in a statement said that she appreciates the support from Committee members and looks “forward to continuing to work with Congress as [she] fulfills [her] current role as Acting Director while the nomination process proceeds.”

In February 2022, the confirmation process of Thompson and a handful of Fed nominees stalled after Senate Republicans boycotted the vote.

At the time, Pennsylvania Sen. Patrick Toomey, the ranking Republican on the committee, critiqued the nomination of Sarah Bloom Raskin, who was nominated to be vice chair for supervision of the Federal Reserve.

Toomey questioned Raskin’s ties to Reserve Trust Company, a Colorado-based fintech startup that gained access to the Fed’s payment system in 2018. After Democratic West Virginia Sen. Joe Manchin said he would not vote for Raskin due to her views on climate change, Raskin withdrew her nomination.

The committee’s confirmation of Thompson, who has been leading the FHFA since June 2021, will be welcome news to many industry stakeholders and affordable housing advocates who have been calling on her confirmation.

Bob Broeksmit, president of the Mortgage Bankers Association, called Thompson “a breath of fresh air” during the ICE Experience Conference in Las Vegas this week.

“Her administration is really focusing on the ways in which Fannie Mae and Freddie can achieve its mission to make homeownership available and affordable to low- to- moderate income borrowers and to black and Hispanic borrowers who own homes at shamefully lower rates in this country, than people who look like me,” he said. “And I think that Fannie and Freddie, under Sandra Thompson’s direction, will come up with some really innovative ideas.”

Early on in her tenure leading the FHFA, Thompson said that she would prioritize sustainable lending practices and expand credit to underserved communities.

“As a longtime regulator, I am committed to making sure our nation’s housing finance systems and our regulated entities operate in a safe and sound manner,” Thompson said in June 2021, when she was appointed acting director. “We can accomplish this, and at the same time have a laser focus on mission and community investment. There is a widespread lack of affordable housing and access to credit, especially in communities of color.”

Since then, Thompson has made substantial headway. Within three months of her tenure, she set new affordability benchmarks to expand access to credit in underserved communities, made on-time rental payment history part of Fannie Mae’s underwriting process and signed a historic interagency fair lending agreement.

The post Senate panel advances Sandra Thompson’s nomination as FHFA director appeared first on HousingWire.

Source: housingwire.com

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