List of Top 10+ Best Knowledge Management Software In 2023 (Free & Paid)

Knowledge Management Software Buyer's Guide

Knowledge Management refers to a strategy that an organization approaches to create knowledge and focuses on storage, sharing, collaboration, usage, and managing information appropriately. Knowledge management aims to create value, leverage, and enhance the organization’s knowledge assets to meet organizational goals.

» What is Knowledge Management Software?

Knowledge management software helps people to use the knowledge to achieve tasks better. The software archives and retrieves knowledge experts to develop understanding, collaborating, process alignment, and to support decision making. The knowledge management software exists within the organization while focusing on the knowledge base for both end-users and customers.

» What are the Features of Knowledge Management Software?

The knowledge management system is the IT system used for an organization to share information internally and externally. The system includes a customer relationship system, a knowledge base, and a learning management system. There are several types of knowledge management systems, all with few common characteristics, which include: online tutorials, how-to-guides, training programs, FAQ content, webinars, and case studies.

Comprehensive knowledge management software focuses to simplify processes for internal and external customers as well as for managerial staff. All types of businesses must implement useful knowledge management software that incorporates applicable features.

› Search Tools:

This search technology feature in your chosen software should empower customers, employees, and agents with instant knowledge at their fingertips. You should be able to find answers to your questions with your wording which reduces your time taken to your searching.

› Taxonomy for Data Classification:

Managing your data should become easy with the software and allow your users to access the required information by following a logical taxonomy structure.

› Capture:

The software should allow your admin department to capture user feedback and customer experience with ease. It should also keep the company’s knowledge relevant and ensure the information provided to customers is accurate and up-to-date.

› Share:

The software’s automatic push notification feature helps organizations to reduce training duration and raises customer awareness regarding the latest information all from one portal. It should also track who is reading your content and edit the data with the latest information, ensuring complete quality control of content processes and user behavior.

› Report:

This feature should let you get a next-level overview while gaining insights into the key information in the knowledge management tools. You should be able to get fully customized reports for your needs.

› Easy To Use:

Your software should be simple and easy to implement, set up, and access. It should have simple operations to allow you to update your knowledge base with the latest information.

› Q&A Section:

Your chosen software should include this feature where you can give them direct answers to their questions. This is an important feature of the software one should look for, as its where you can engage with your customers and help them.

› Accessibility:

Your software shouldn’t limit you in any way. Anyone who wants to access the software should be able to do so from any platform, including mobile devices.

› Facility to Comment:

This feature lets your customers share their feedback and discuss important topics. This should also include a comment section to allow other readers to voice their opinions.

» What are the Benefits of Knowledge Management Software?

Knowledge management software provides enormous benefits to your organization but does not happen overnight. You can achieve these benefits step-by-step with the software. The knowledge management software will be a valuable asset for your organization, which benefits your departments and employees themselves. Some of the key benefits of knowledge management software include:

› Maintains Organizational Knowledge:

The software stores the business’s trade secrets and knowledge, allowing users to leverage this knowledge for the organization benefit. Having a well-maintained knowledge management software increases the organization competitive edge.

› Connects Knowledge: 

The software develops a mutually beneficial relationship among employees. They can connect, share and appreciate each other with their knowledge identification, which provides comprehensive and inclusive data that benefits the organization.

› Encourages Communication:

Interorganizational collaboration and networking builds strong and healthy relationships within the organization and promotes teamwork. Moreover, to find details on an issue or answer for a problem, users can communicate with the knowledge providers of the organization.

› Increases Productivity: 

The best knowledge management software allows its users to access information immediately, which improves the overall performance of the business. Moreover, the software enables employees to resolve their issues by themselves effectively and in time.

› Promotes Continuous Learning:

The software encourages your employees to search for the answers to all issues instead of referring them to the helpdesk. This induces an encouraging environment for continuous learning and develops creative and analytical thinking in employees.

› Provides Standardized Approaches:

An organization leverage the knowledge management software to impose a standard guide to follow by its employees. This guide eliminates misunderstandings, inconsistencies, and repetitive instructions in the workplace.

» What is the Cost of Knowledge Management Software?

Knowledge management solutions at its best provide the organization with a single and unified platform for the information and knowledge to discover, access and update with ease. The software main goal is to make companies more efficient and profitable. There are several knowledge management solutions available in the market that helps your organization to gain and make the best use of the knowledge. However, each solution is excellent at one aspect with good functionality of other features. Therefore, it depends on your decision to choose the solution that fits your business needs and which can improve your business.

Most of the software providers offer a free trial, so your decision cannot turn bad if you want to try them first before investing. The price of some software solutions may be complicating and are customizable depending on your business needs. Most of the software providers offer various plans that fit your needs at affordable prices. The price varies based on your company’s size. The basic plan starts with $5/user/month for up to 5000 users. If you are a startup, it cost you approximately $50/project/month. However, you need to learn what features include in the plan you chose.

» Conclusion

It has become important for companies, especially for the IT, finance, and telecommunications industry to use the knowledge management software to sustain in this information economy era. All sizes of businesses can benefit from the software and promote business success as a whole. The software has the potential to streamline training processes for your company that faces troubles to grow.