Why Enterprises Need AI-Based Knowledge Management System?

Today, the challenge for any enterprise is managing massive amounts of information and getting to it. Not only that, 70% of business leaders said employees spend an hour or more searching for one piece of information.

And a recent Gartner, Inc. survey found 47% of digital workers couldn’t find the information or data to do their job right. These stats prove we need better knowledge management systems.

AI based knowledge management systems can make a difference by getting you access to information, boosting productivity and decision making. Now let’s get into what these are and how they can help your business.

What are AI-Based Knowledge Management Systems?

AI-based knowledge management systems are AI applied to traditional knowledge management systems to infuse better information accessibility. These systems use natural language processing (NLP), machine learning (ML) algorithms, and automated data categorization to streamline the entire process of getting information and organizing it. As a result, getting to enterprise knowledge is faster and easier.

Given that business leaders agree that their workforce spends way too much time finding the right information, knowledge management systems is among the best use cases of Generative AI.

Types of AI-Based Knowledge Management Systems

There are several use cases of knowledge base AI through which enterprises can streamline knowledge management. Let’s know the most popular ones:

1. Enterprise Knowledge Portals

Enterprise knowledge portals are single platforms that give employees access to all the company information. These portals often include features like personalized recommendations and advanced search so employees can find what they need fast. For example, Atlassian’s Rovo AI delivers tailored content and insights, so employees spend less time searching and more time using the information.

2. Document Management

Document management systems with AI can auto-tag, categorize and retrieve documents. Features like version control and storage ensure documents are accessible and up to date. It can auto-tag documents based on content so employees can find what they need without searching for ages.

We just finished a project with a client where we built a PDF Consultant AI that saved hours of reading and categorizing long-form content. The users upload PDFs to the solution which acts as the AI knowledge base and the solution then answers questions based on that knowledge. It’s been a game-changer for enterprises to manage documents and get information at their fingertips.

3. Chatbots and Virtual Assistants

Chatbots and virtual assistants are AI-powered tools that provide real-time help to employees. They’re available 24/7 and can understand context so they can provide relevant information and support instantly. For example, a chatbot in an enterprise system can answer questions about company policies, retrieve documents or guide employees through complex processes. This reduces dependence on human support and speeds up problem solving.

Also Read: How does Generative AI and the Future of Education Going to Transform Global Society?

Benefits of Knowledge Base AI

Let’s look at how knowledge base AI makes a difference in an organizational setup.

1. Enhanced Productivity

AI solutions for the KM process also help increase efficiency because employees do not spend much time searching for information. More than a fifth (23%) of enterprise leaders admit they invest more than 5 hours per piece of information. By implementing AI, the process of searching and fetching information is eased and employees can remain more productive without the need to navigate through piles of data.

2. Improved Decision Making

AI makes it easier to find out information within the shortest time possible hence resulting in informed decisions. For instance, the use of AI algorithms can help in sorting large amounts of data and presenting the relevant information to the decision-makers. This helps in avoiding situations whereby certain decisions are made with half-baked information.

3. Cost Savings

Shortening the time required to gather such information leads to considerable cost savings for enterprises. Through automation, knowledge management is improved, and implementation of AI reduces the costs related to data management and productivity loss among employees.

4. Enhanced Employee Satisfaction

Gartner research showed that 47% of digital workers cannot find the information needed to do their work efficiently. AI helps to resolve this issue as it allows employees to locate resources more easily and without much effort. This enhances job satisfaction and minimizes frustrations that emanate from information flow restrictions.

Also Read: Generative AI in Education – In-Detail Insights by Biz4Group

How to Implement AI-Based Knowledge Management System?

Here is how an enterprise can adopt an AI-based knowledge management system.

1. Assessment and Planning

The first crucial phase of adopting an AI-powered knowledge management system is to evaluate your requirements and plan. For example, XYZ enterprise needs to enhance its knowledge management. It starts by first analyzing where workers have challenges in accessing information they require, for instance, in customer service or on the production line.

Also, the enterprise should conduct AI readiness assessment to identify whether their data is ready to be uploaded to an AI system.

2. Select the Right AI Tools & Technology Provider

Once these needs are established, XYZ finds the right AI technology partner that can help it implement the right technology. We, at Biz4Group, offer AI development services and provide enterprises with the best technological solutions, thus increasing productivity and enhancing the decision-making process.

We also help enterprises find the right AI platforms and tools. Some criteria we use are interoperability with the systems already in place, simplicity of use, and scalability. We help you select an AI solution that fits well with their existing software suite and addresses their distinct requirements.

3. Training and Improvements

For successful adoption, XYZ always ensures that their employees are well trained for the software. It should also establish a system to help employees in adopting the newly developed AI system. Most importantly, it’ll have to keep improving the AI-based knowledge management system. Constant updates and technology support services are the critical factors here.

Wrapping Up: Next-Gen Knowledge Management with AI

Surveys indicate that much time and efficiency is wasted in poor management of knowledge. An answer to this is presented by AI-based knowledge management systems, which utilize other advanced technologies like NLP and machine learning to enhance the retrieval and management of knowledge.

When properly adopted, these AI solutions facilitate the increase of efficiency, effectiveness in business decisions, reduction of costs, and satisfaction among employees.

However, enterprises need professional AI development services to create such sophisticated knowledge management systems, and Biz4Group can assist with that. We have extensive experience in Generative AI software development and have been helping businesses across industries adopt AI.

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