Must-know ‘knowledge management’ terms for 2023 and beyond

Data is dominating just about every industry at the moment. Already being generated at break-neck pace — with an estimated 2.5 quintillion bytes created each day — its growth shows no signs of slowing down either. That’s why knowledge management is becoming increasingly important too. As well as facilitating decision-making capabilities that are critical to success and innovation, tapping into dormant or siloed insights can stimulate cultural change and bolster the development of the entire team.

Here, we delve deeper into the nature of knowledge management, and decipher some of the hottest terms relating to this topic right now…

What is knowledge management?

Data should never be on the head of a single team or individual. Otherwise, your workforce will spend more time searching for information than they would actually using it. This very challenge lays the foundation of knowledge management, and justifies exactly why expertise should be identified, captured, organised, and shared in a more integrated manner.

Generally, it involves creating systems and processes that empower single employees or entire communities to acquire, share, and apply knowledge effectively — improving performance, helping to solve problems, and enabling them to make more informed decisions. The ultimate goal of knowledge management is to create a culture of continuous learning and innovation, where knowledge is recognised as a valuable resource that can be leveraged to achieve strategic objectives. 

Here are six of the hottest terms to wrap your head around, if you haven’t already:

Artificial Intelligence (AI) and Machine Learning (ML): AI and ML are transforming the way businesses collect, store, and analyse data — enabling companies to automate processes, predict outcomes, and gain insights from large datasets. ML, on the other hand, uses algorithms to learn from data and improve accuracy over time.

Blockchain: This distributed ledger technology allows companies to create secure, transparent, and tamper-proof records of transactions. With this, it has the potential to revolutionise supply chain management, financial services, and many other industries.

Digital twins: Virtual replicas of physical objects, processes, or systems, these enable organisations to simulate and test scenarios in a safe and controlled environment — reducing the risk and cost of real-world experimentation.

Knowledge graphs: A knowledge graph is a way of organising information that connects concepts and relationships in a network. It enables businesses to create a unified view of their data, making it easier to find insights and make strategic decisions.

Natural Language Processing (NLP): A branch of AI that enables computers to understand and interpret human language, NLP is used to analyse text data, automate customer service, and improve search engines, among other applications. There’s even NLU, too.

Augmented Reality (AR): This technology overlays digital content onTO the real world, enhancing the user's experience — boasting applications in retail, manufacturing, and education, among other industries.

These evolving terms in knowledge management represent an exciting time for businesses to adopt nuanced technologies and improve their operations. By embracing these new tools and methods, businesses can stay ahead of the curve and remain competitive in an ever-changing and endlessly-innovative landscape.

Keen to curate your own knowledge management strategy? With a toolkit to rival some of the UK’s largest cloud tech giants, Vapour has the power to unleash true flexibility and supercharge your business growth. Simply get in touch, today.