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Learn Top 5 Knowledge Management Trends for 2021

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Learn Top 5 Knowledge Management Trends for 2021

Jul 21, 2021   |  By
KMI Guest Blogger Emily Harrinson

Some companies conduct their business as usual, and their knowledge management solutions are accelerating their growth or sustaining their momentum. Cloud technology, the hybrid workplace, graph databases, artificial intelligence, and language processing solutions lay the groundwork of a robust knowledge management environment.

There is an increase in the adoption of these technologies because of the pandemic. However, many businesses have planned for their digital transformation even before COVID. The contributions of these initiatives provide solutions to the complex work scenario.

The Hybrid Workplace

Technology-supported collaboration experiences a dramatic increase, and the hybrid work environment will likely be the norm even if the pandemic subsides. Collaboration platforms are steadily growing, and COVID increases the rate of their adoption. For instance, from November 2019 to October 2020, Microsoft reported at least a fivefold increase in the daily active users of Teams. From April 2020 to October 2020, there was at least a 50% increase in collaboration platform usage.

The use of videoconferencing is also commonplace as a substitute for face-to-face meetings, one-on-one interactions, and industry conferences. Its usage experienced a 10-fold increase over the past two years. Zoom was the prevalent choice, although Webex said that its number of users doubled. Although there were some imperfections in online interaction, there were also unseen benefits in increased spontaneity, lower travel costs, and remote work.

Collaboration tools like intranets and file sharing, enterprise social networking, analytics, and project management are also part of the hybrid workplace. According to Mordor Intelligence, the enterprise collaboration market reached the $36 billion mark, and for the next five years, it will grow by 10.7% annually. On the other hand, Adroit Market Research anticipates a $45 billion market by 2025.

Cloud Technology

Cloud technology allows work-from-home employees who also buy college essays online to access the same information. Software-as-a-Service (SaaS) is a cloud component offering online applications, while Platform-as-a-Service (PaaS) supports application development and deployment. On the other hand, Infrastructure-as-a-Service (IaaS) provides storage, servers, and networking in the cloud.

Gartner reported that SaaS adoption would increase 16% or reach $117.8 billion this year, while IaaS and PaaS would grow by 27% each. According to writing services australia, Amazon is the market leader in the public cloud sector, followed by Microsoft, Google, and Alibaba.

In 2017, Gartner defined content services as a new category, and they are moving to the cloud. This type of service represents enterprise content management, including a set of capabilities such as search and metadata, records management, intelligent content capture, and process management. Research and Markets forecast about 24% annual growth for content services from 2021 to 2026. Data Bridge Market Research offers a slightly lower prediction of about 22% by 2026.

Artificial Intelligence

According to International Data Corporation (IDC), from 2019 to 2024, the AI market revenues, including hardware, software, and services, will grow by 17% annually and reach $300 billion by 2024. As of August 2020, the expected revenues for the year were $156.5 billion, or a 12.3% increase from 2019. The slight drop is attributable to the pandemic, but IDC forecasts a higher growth rate. Electronic records management (ERM) and customer relationship management (CRM) are the broadest categories, with CRM vendors offering both employee and customer experiences in the use of AI.

In 2020, IBM, Deloitte, Cognizant, Accenture, and Infosys held about a third of the AI services market with 80% of the revenues, while AI business services accounted for 20%. IDC correlates business analytics and intelligent automation programs with a fragmented and crowded services market with 150 vendors.

McKinsey & Co. conducted an AI use study with 2,400 respondents in several specialty areas. High-tech, assembly, and automotive sectors are most likely to report a high percentage of AI adoption. Inventory and parts optimization, customer service analytics, and pricing and promotion experience revenue increase as well. Warehouse automation, contact center automation, and talent management experience reduced costs because of their AI adoption.

Graph Databases

Graph databases, although developed decades ago, have become mainstream in the last few years. As an emerging technology, they have not reached widespread application, but about 90% of organizations say they will use these techniques within the next five years.

In some essay writing services reviews, reviewers note that businesses use graph databases because of their native ability to store process complex queries, store relationships of data ability, and increase processing speed. Fraud detection and recommendation engines use these graph techniques to detect links among entities. Supply chain transparency and regulatory compliance are some of the use cases that offer significant benefits.

NLP and Text Analytics

Natural language processing (NLP) and text analytics include AI and use techniques to understand language. Text analytics is the technology behind intelligent search and analysis of large volumes of information. Scientists and pharmaceutical companies use it to analyze data about COVID-19 and its variants. Text analytics summarize findings, link articles to clinical discoveries, and uncover patterns.

Text analytics is also beneficial in analyzing content, emails, and social media to predict customer behavior, monitor customer sentiment, track compliance and detect fraud. Azure Cognitive Services include text analytics and speech-to-text services to allow companies to use these technologies.

Natural language processing (NLP) interprets the intent of written or spoken language through computers to respond appropriately. Researchers forecasted a slowdown in the market because manufacturing, consumer goods producers, and transportation and logistics industries experienced a downturn due to reduced customer interactions and supply chain issues.

Interactive virtual assistants and chatbots are predicting dynamic growth by producing benefits such as cost-saving. Juniper Research predicts an $11 billion savings across banking, retail, and healthcare by 2023. Mordor Intelligence estimates the global market for text analytics to be $5.5 billion in 2020, increasing by 17% annually over the next five years.

On the other hand, Mordor Intelligence predicts a growth of 20% per annum from 2020 to 2026 for NLP. On the other hand, Markets and Markets also have the same forecast.

Final Thoughts

The pandemic caused the onset of work-from-home initiatives, but some organizations have planned their digital transformation initiatives. Knowledge management technologies continue to move forward and evolve. Increased usage of these tools is steadily gaining ground and providing enriching opportunities to promote knowledge management.

About the Author

Emily Harrinson is one of their London-based company’s most influential editors. She has more than 15 years of experience and enjoys reading books, music, and sports. You can notice her positive nature in providing essay help and custom dissertation service.

 

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