In the competitive world today, majority of the companies are gradually realizing the significance of knowledge sharing among individuals working within an organization. It is being identified as an essential constituent for corporate success. From sales and marketing to the customer services, knowledge sharing can boost every function within a company.

Fostering a culture that promotes knowledge sharing can assist companies in filling information gaps, incrementing output, increasing innovation, stimulating leadership, and much more. If you want to know how knowledge sharing can help your company meet its goals, then you are at the right place!

Benefits of Knowledge Sharing across Organizations

The development of knowledge sharing platforms and learning technology is playing a substantial role in eliminating communication impediments and incrementing the straightforwardness and efficiency of information sharing in the workplace.

Despite all this, only one-third of the companies surveyed have a well-defined knowledge sharing strategy. You’d be surprised to know that only 20 percent of companies consider their knowledge sharing efforts effective.

Want to encourage knowledge sharing among your workers?  

It’s just not enough to ‘ask’ them to help one another! You will have to initiate a well-defined knowledge sharing policy, encourage an environment of knowledge sharing, and employ latest tools and technology to stimulate knowledge transfer in order to drive corporate growth and achieve positive outcomes.

Here are top 6 benefits of sharing knowledge in the workplace:

1) Nurturing a learning corporate culture

Did you know that information sharing is one of the main ways of instigating a social learning atmosphere in the workplace?

Companies that stimulate learning in the office naturally attract more talent, adjust quickly to any business change, and are more likely to experience augmentation in employee impetus.

2) Identifying and Filling Knowledge Gaps

Another major advantage of inculcating a knowledge sharing culture in the office is that it allows managers to identify any existing knowledge gaps within the company. By means of knowledge sharing tools, admins can recognize which content is being accessed the most and what common queries are. This way, they can realize if there are any loopholes in the current learning programs and come up with better training strategies.

We all know how rapidly Millennials are becoming a part of the workforce today. With the inclusion of fresh talent and departure of previous generations, companies are experiencing a generational gap which is quite evident in the organizational knowledgebase.

Moreover, employees switching from one job to another also result in loss of precious information. Consequently, it can impede corporate growth and productivity.

Therefore, fostering a knowledge sharing environment can help seal this knowledge hole by efficiently leveraging information from experienced employees.

3) Augmenting Efficiency and Competence

Did you know that your employees could be taking up to 8 attempts to locate the right search result?

It’s quite alarming that nearly one third of employees expend more than 20 minutes to look for correct information.

What does that mean? A substantial amount of time spent unproductively seeking relevant information!

Therefore, promoting an information sharing culture in the office will significantly shrink the time spent in looking for knowledge as all employees will have access to the right information whenever they need it and from any location across the globe.

4) Constructing a Supportive Corporate Community

Knowledge sharing acts as an effective way of forming a close-knit community. While internet has been facilitating businesses in looking for knowledge and collecting information at a fast pace, not all that you find on the internet is dependable.

By means of a dedicated information sharing platform, businesses can store knowledge in a secure online space that is accessible only to the users who are permitted. This way, companies can ensure the consistency and relevancy of the information being shared.

5) Providing your reps with an internal knowledge base

Businesses are increasingly recognizing that consumers today are in the driver’s seat. Additionally, social networks have empowered them with a platform where they can fearlessly voice their opinion. In the light of escalating consumer expectations, it is crucial for company representatives to be equipped with the right knowledge, at the right time. Using an information sharing platform will facilitate your workers in staying well-informed about the business policies, practices and techniques at all times.

6) Cutting down Costs and Time

Information sharing platforms facilitate employees in sharing all the valuable information they have stored in their minds along with their achievements, let-downs and experiences with their co-workers. This will save your employees from reinventing the wheel and committing the same mistakes done by their predecessors. Consequently, they can easily come up with the correct solution, at the right time.

Moreover, along with saving the time consumed in solving clients’ problems, it will also curtail the costs that your business may experience in case of imprecise problem-solving efforts.

Furthermore, several cutting-edge platforms offer Q&A and discussion features that can significantly decrease the time to call resolution. Today, your representatives can have all the correct responses within easy reach to increase customer contentment.

Final Thoughts

Information sharing in the workplace is an excellent way of developing a community within a business. Employees can offer helpful insights along with reviewing any previously shared information that might be flawed. It not only boosts employee efficiency but also helps companies in cutting down costs and time associated with knowledge search.

Therefore, integrating information sharing practices into the philosophy of a business can diminish corporate silos and encourage transparency essential for organizational accomplishment.

Author Bio:

Ehsan Memari is a blogger for BoostHQ. The leading knowledge sharing platform for organization to share, centralize and discuss internal knowledge. 

Ehsan is a regular contributor to blog posts related to knowledge sharing, L&D and eLearning.