Top 7 Benefits of Knowledge Sharing for Your Business
- 6 Min read
Two heads are better than one. This wise, old saying rings particularly true in today’s business world, where collaboration and communication are crucial to achieve growth and success. And this is where knowledge sharing comes in.
Knowledge sharing is an essential part of making a business successful; it encourages coordination, boosts morale, and helps teams to stay on top of their industry. By understanding and practicing effective knowledge sharing, companies can unlock their team members’ potential and increase productivity and growth, especially when remote work is present. Who wouldn’t want that, right?
And that’s why we’re writing this article; to help you understand what knowledge sharing is in a business setting, its importance within the workplace and how to overcome knowledge barriers.
Knowledge sharing is the process of exchanging and distributing information, ideas, and insights among members of an organization. This exchange of information is key for any organization to function efficiently and effectively, and it is a so-called knowledge management process.
A knowledge sharing culture helps members to share best practices, solve challenges together, improve team member coordination, and it can be done in many different ways, such as through conversation, encouraging collaboration, or the use of technology.
Just imagine a team where each of the members is great at something but clueless about other things. If employees are encouraged to share their knowledge and skills with each other, they can all become better and they won’t directly depend on each other as much. Just think how much easier it would be if web developers knew a bit of SEO!
It is also an invaluable tool for organizations to develop creative ideas, identify opportunities, and drive innovation. When knowledge sharing takes place, it is easier for members to make well-informed decisions that are beneficial to the organization’s success.
So remember this, sharing is caring!
Within the knowledge management process, we can refer to two main types of knowledge, depending on its nature and how knowledge sharing happens. So let’s take a look at them.
Explicit knowledge is the type of knowledge that is codified and can be written down in documents, books, articles, and other forms of media. It usually responds to What is…? and it’s the type of knowledge that we traditionally think of when discussing the term knowledge. It is easily shareable and can be used to educate and inform large numbers of people.
This type of knowledge is often used to create training materials, manuals, textbooks, and other documents. It can also be used to create databases, websites, and other digital resources.
The importance of this kind of knowledge is that it is easily documented and can be relied upon for accuracy.
Tacit knowledge is knowledge that is typically acquired through experience, intuition, and trial and error. It is usually difficult to explain, and often not deliberately shared.
Tacit knowledge is often referred to as know-how or know-why. It often involves complex processes, such as problem-solving, decision-making, and the understanding of relationships between different elements or combinations of elements.
Examples of tacit knowledge include understanding how to interact with people and how different situations should be handled, or knowing when to speak in a meeting or how to write an email and phrase your sentences to achieve the desired result.
While it can also be documented to some extent, the best way to share tacit knowledge is through collaboration, training and mentorship.
And now that we’re familiar with the culture of knowledge sharing and the different types of knowledge, let’s take a look at the main benefits within the workplace.
The benefits of knowledge sharing are incalculable, but we’ve narrowed them down to ten, because we care about you and, let’s be honest, because ten is a nice round number.
There are many potential barriers to knowledge sharing in the workplace. But some of the most common and serious barriers include the following:
If you really want to foster a collaborative environment in the workplace, it is key to break down these barriers to knowledge sharing and work on a workplace culture that motivates and allows teams to share and create collective knowledge.
1. Encourage team members actively to share knowledge and expertise, learning with and from each other. Take advantage of subject matter experts in your organization by encouraging them to teach others. This could include internal mentoring and training sessions, presenting at conferences or workshops, and sharing case studies, best practices, or other examples of success or failure.
2. Use technology to facilitate knowledge sharing. This could include tools such as collaboration software, knowledge management systems, or social media platforms.
3. Recognize and reward those who share their knowledge and expertise with others. This could include public recognition, awards, or other forms of recognition. Heck, you can even issue Amazon gift cards!
4. Create a culture of learning, knowledge sharing and continuous improvement. Encourage your employees to seek out new information, connect ideas and insights, and to share them with others. Provide training and development opportunities to help employees improve their knowledge management and skills in the form of workshops, seminars, or courses.
5. Provide opportunities to network and connect with others outside the workplace. This could include social events, networking groups, or other forums for knowledge sharing.
6. Encourage open and transparent communication. Encourage employees to share knowledge and ideas openly and honestly, and create an environment where they feel safe and comfortable to do so.
7. Be a knowledge sharing role model. As a leader, it’s critical to set an example and show your colleagues that you value the exchange of ideas and knowledge, and that you’re willing to take the lead in sharing your own expertise and experience.
In conclusion, when employees are encouraged, have the opportunity and are treated well, knowledge sharing will simply come much more easily, and it will be far more effective.
FuseBase (formerly Nimbus) allows you to collect, retain and share your company’s knowledge seamlessly with its suite of tools. Create Superdocs with the Internal Workspace, where you can embed just about anything you can think of to enrich your document management and make it easier to communicate. FuseBase also comes with instant messaging and video calls, for when emails or screencasts just don’t cut it. Thanks to FuseBase, sharing knowledge and learning from each other has never been easier.
Build a complex strategy for knowledge sharing with FuseBase!
In conclusion, sharing knowledge in the workplace is essential for businesses to stay competitive and successful. By creating a culture of open communication, encouraging collaboration, and leveraging technology, organizations can ensure that knowledge is shared and employees are equipped with the skills, resources, and information they need to succeed. Establishing a comprehensive knowledge sharing strategy is critical for business success and should be a priority for any organization looking to build a successful future.
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