Preservation of organizational knowledge becomes an increasingly complex task due to the overwhelming influx of informational noise, frequent employee turnover, and the inherently forgetful nature of humans, who can forget 50-80% of new information within just one day. 

This creates a substantial barrier to maintaining and transmitting knowledge and expertise within an organization, necessitating strategic measures to effectively manage these challenges​​​​.

Estimations have it that the average U.S. enterprise-size company might lose $4.5 million in productivity annually by failing to share and preserve information. 

In addition to this, it's widely acknowledged that the volume of information we encounter annually is drastically increasing. This increase affects both individuals and organizations alike. 

Given the dynamic nature of information exchange, coupled with an overwhelming influx of data, individuals often rely on short-term memory for information processing. 

Organizations are faced with the challenge of efficiently organizing and rendering data accessible. After all, what good is information if it’s submerged in an ocean of data that makes it virtually forgotten? This also places a significant emphasis on communication and capturing employee expertise, making knowledge retention an increasingly complex task.

What is Knowledge Retention?

Knowledge retention refers to the process and practices an organization or individual employs to capture, maintain, and access accumulated knowledge. 

This involves strategies such as documenting processes and insights, creating databases or knowledge bases, implementing training and mentorship programs, and leveraging technology to store and share information. The goal is to preserve valuable expertise, experiences, and information, making them readily available for future use and ensuring that critical knowledge isn't lost due to factors like employee turnover or information overload.

Why Should You Take Care of Knowledge Retention?

Did you ever notice that people like keeping books on shelves even though they will likely never read them again, or just in case they ever need to remind themselves of something? We are intuitively aware that knowledge is power, and we absolutely love to have a hold on it.

Now, if you think you would have a hard time throwing away your rarely used book collection, imagine how hard it would be to lose practical knowledge born from years of experience and work. That is the kind of knowledge that gets things done, that has been put to the test and shown results. When we talk about organizations, we talk about this knowledge because this knowledge is organization. Let’s take a look at what you stand to gain with effective knowledge retention practices:

Preserving intellectual capital

At the heart of every organization lies its intellectual capital—this is the sum of all knowledge, skills, and experiences possessed by its employees. Knowledge retention acts as a safeguard, ensuring that valuable insights and expertise remain within the organization even after individual employees move on. 

Improving efficiency and productivity

Consider a scenario where a team is tasked with solving a problem that has occurred before. Without knowledge retention, this team might spend excessive time and resources rediscovering solutions that already exist within the organization. However, if the organization has a knowledge retention system, the team can quickly access previous solutions, best practices, and insights to quickly address the issue.

Facilitating innovation

Innovation is fueled by knowledge. It thrives on the ability of employees to connect the dots, draw on past experiences, and build upon existing ideas. Let's take the case of a product development team looking to design a new feature. By tapping into a repository of previous project documents, customer feedback, and design iterations, the team can identify what worked well and what didn't, sparking new ideas and approaches.

Supporting decision-making

Decisions shape an organization's future, and we suppose that nobody likes making blind steps into the future. Access to detailed historical data, past market analysis reports, and outcomes of previous market entries can provide precious insights. Decision-makers are enabled with resources to weigh their options and make choices that are backed by empirical data and historical precedents.

Aiding in onboarding and training

The onboarding and training of new employees are phases that highlight the importance of effective knowledge transfer. Through a well-structured knowledge retention system, employees can quickly learn about the company's products, processes, and culture by accessing a central knowledge base. This repository might include training modules, recorded webinars, and documentation of past projects that enable employees to ramp up much faster than if they had to rely solely on fragmented knowledge sharing.

Sustaining organizational culture

Lastly, knowledge is at the foundation of an organization's culture. This knowledge establishes both the technical know-how and the shared values, norms, and practices that define the life of an organization. Through stories, traditions, and shared experiences, knowledge retention contributes to a sense of identity and community among employees. This cultural continuity is important for building a positive work environment and aligning employees toward common goals.

How to Ensure Knowledge Retention?

To effectively retain knowledge, both individuals and organizations must adopt deliberate strategies and practices tailored to capture, store, and share knowledge. Let's explore how this is conducted at both levels.

For individuals:

Individual knowledge retention is important because all information wherever stored must ultimately find its purpose and utilization in the mind of the individual.

• Continuous learning: Individuals should cultivate a habit of continuous learning, seeking opportunities to acquire new skills and knowledge. This can be through formal education, online courses, workshops, or self-study.
• Note-taking and documentation: Writing down insights, ideas, and learnings is a powerful way to retain knowledge. Keeping journals, project logs, or digital notes helps in consolidating and revisiting knowledge.
• Teaching and sharing: One of the most effective ways to solidify one's understanding is to teach it to others. Sharing knowledge through mentoring, presentations, or discussions reinforces one's own understanding and benefits others.
• Reflective practice: Regularly reflecting on experiences, successes, and failures helps in internalizing lessons learned. This can be done through self-reflection, writing reflective journals, or engaging in peer discussions.
• Searching databases: What good are organization databases if they are not utilized? Individuals should search for relevant documents and insights. Being creative with your searches might provide precious information that is relevant to your task that you didn’t even know existed.
• Utilizing memory aids: Techniques such as mnemonics, visualization, and association can enhance memory retention. Organizing information in a structured manner, using mind maps or charts, can also aid in retaining complex information.

For Organizations

On the other hand, organizations should provide individuals with all the necessary tools they need to learn and effectively transmit and access knowledge:

• Knowledge management systems (KMS): Implementing knowledge management systems allows organizations to capture, store, and retrieve knowledge efficiently. These systems can include databases, intranets, and collaborative platforms that facilitate the sharing of documents, best practices, and expertise.
• Communities of practice: Establishing communities of practice within the organization encourages sharing knowledge among employees with similar interests or skills. These communities provide forums for discussions, knowledge exchange, and collaborative problem-solving.
• Mentorship and coaching programs: Pairing experienced employees with newer ones through mentorship programs facilitates direct knowledge transfer. Coaching sessions provide personalized guidance, helping individuals navigate challenges and learn from the experiences of seasoned professionals.
• After-action reviews (AARs) and debriefs: Conducting regular AARs after completing projects or key activities allows teams to reflect on what worked, what didn't, and why. These sessions help capture tacit knowledge and make it explicit for future reference.
• Documentation and standard operating procedures (SOPs): Documenting processes, decisions, and lessons learned in SOPs ensures that critical operational knowledge is codified and accessible. This helps in maintaining consistency and efficiency in operations.
• Training and development programs: Investing in employee development through ongoing training programs ensures that the workforce remains skilled and knowledgeable. Tailored training sessions based on identified knowledge gaps can increase individual competencies and organizational capabilities.
• Using technology: Utilizing technologies like AI and machine learning can enhance knowledge retention by identifying patterns, predicting knowledge gaps, and recommending learning resources.

Knowledge Retention with Akooda

Akooda's AI-powered Enterprise Search platform offers a compelling solution for organizations looking to improve their knowledge retention capabilities. The platform is designed to unlock company-wide insights by integrating with an organization's internal digital footprint, encompassing various SaaS tools upon which businesses depend​​. 

This integration allows for effortless navigation through structured and unstructured data, enabling users to find exactly what they are looking for through conversational search.

Akooda also features deep learning-based personalization, which enables a nuanced understanding of natural language queries. This personalization is continuously improved through Large Language Models (LLM), adapting to individual preferences and the internal corporate language. This approach improves search relevance and prioritizes results to include a range of actionable insights such as documents, tasks, and reminders​​.

Moreover, Akooda incorporates generative AI to offer contextual insights and generate relevant summaries. With Akooda, you are creating an environment where knowledge becomes an integral part of daily workflow without you even noticing it. Everything is accessible and relevant, and information is easily directed when it's needed to who needs it.