What is knowledge lifecycle management?
Knowledge Lifecycle or Knowledge Lifecycle Management refers to the stages of knowledge creation, sharing, updating or retirement within a Knowledge Management System.
It encompasses how knowledge is generated, managed and used, ensuring that any information captured remains accurate, relevant and accessible throughout its existence.
Why is it important to manage the lifecycle of knowledge?
Managing the lifecycle of knowledge is essential because it ensures that the information you’ve captured remains accurate, up-to-date, and accessible when needed. It’s like taking care of a garden to ensure that the plants thrive and yield the best results.
Quality control, relevance and cost efficiency
Firstly, it’s about keeping the quality of knowledge in check. Managing the lifecycle of your knowledge assets allows you to update or remove any outdated or incorrect information.
Over time, what’s considered important or relevant can change. Lifecycle management enables you to assess whether your knowledge still applies to your current needs.
Cost-efficiency a big deal to your business? Unnecessary or obsolete knowledge takes up time, space and resources. If you aren’t managing the lifecycle of your knowledge assets, your co-workers are likely wasting time searching for answers in a sea of misinformation. But outdated or incorrect knowledge isn’t just annoying to wade through, it can pose serious risks, especially in industries with strict regulations or safety standards. Managing the lifecycle of your knowledge helps ensure you meet your compliance and safety obligations.
Powering alignment and innovation
It’s all about aligning your knowledge with your organisational goals. Managing the knowledge lifecycle can help you align your KM process with your current strategic goals and initiatives. In the same way, knowledge lifecycle management supports innovation.
By providing a foundation of knowledge, encouraging collaboration, and facilitating the sharing of best practices. Employees are equipped with the tools and information they need to generate and develop innovative ideas, ultimately driving organisational growth and competitiveness.
Retain without the pain
Knowledge retention is also important. Employees come and go, taking their knowledge with them. Capturing the knowledge and expertise of retiring or departing employees is crucial for continuity and innovation. But efficient, effective search and retrieval are vital.
As knowledge accumulates, finding information can become a challenge. Knowledge Lifecycle Management ensures that your employees are informed and prepared when practices change, allowing them to seamlessly adapt or pivot.