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Top Benefits of Cloud-Based Knowledge Management Systems for Modern Businesses

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Top Benefits of Cloud-Based Knowledge Management Systems for Modern Businesses

Jul 03, 2024   |  By
KMI Guest Blogger Amanda Winstead

While cloud computing has been around for quite some time now, a number of businesses today still operate without it. However, many are starting to realize that in the rapidly evolving landscape of knowledge management (KM), adopting
a cloud-based system is more efficient compared to handling everything on-site.

While on-premises KM systems do offer full control, the cons are starting to heavily outweigh the benefits. With an on-premises system, you need a local server to handle data, a network for sharing that data, high-end security protocols, IT staff, and ongoing maintenance and management to ensure the infrastructure of the system is operating effectively. All of this adds up to a lot of time, effort, and money.

In contrast, with cloud-based KM systems, none of your internal resources get tied up because everything is handled off-site by a cloud vendor. There is no internal implementation. You simply pay a monthly fee to access the system. This results in a number of advantages and benefits, including scalability, improved accessibility, enhanced collaboration, cost reduction, and more.

1. Enhanced Security and Compliance

When you are dealing with vast amounts of sensitive information, security is paramount. Cloud servers are known for having advanced security protocols that keep your data protected and ensure compliance with regulatory requirements.

On top of having advanced encryption protocols and access controls, cloud vendors also have teams dedicated to data security. So instead of having to hire your own internal IT staff to manage security, it’s all taken care of for you when you subscribe to a cloud-based knowledge management provider.

Additionally, if your company relies on video meetings due to employees working remotely, and confidential project information is shared in those meetings, cloud video is essential to facilitate real-time and asynchronous access. A quality cloud service will encrypt that video and keep it out of the wrong hands. 

2. Streamlined Onboarding

With on-premises KM systems, you can run into a number of challenges when onboarding new employees. One of the biggest issues is information overload and new employees struggling to know where and how to access the information they need. When onboarding information is not centrally organized and easily accessible, it can also lead to confusion about roles and expectations and can make it harder for new employees to adjust to company culture.

With cloud-based knowledge management systems, however, everything new employees need to get up to speed and settled in their role can be accessed on one easily searchable, central platform. This includes onboarding documents, company policies, and training materials. You can also often integrate cloud KM systems with other digital onboarding tools to customize your onboarding and ensure adequate training.

3. Greater Scalability

Cloud systems can much more easily adapt to growing data and company demands. While on-premises systems can struggle to keep up with company growth and expanding information storage needs, cloud KM systems offer nearly limitless storage capacity.

Cloud systems can accommodate an increase in users and data without requiring costly infrastructure changes. This enables your business to scale and expand operations seamlessly and effortlessly.

4. Cost Savings

Traditional, on-premises KM systems require expensive IT infrastructure, hardware investments, constant upgrades, and ongoing maintenance. However, with cloud computing, all of the infrastructure and maintenance is handled by the vendor off-site, and it’s a pay-as-you-go subscription model, meaning you only pay for the resources you need and consume.

Additionally, there are often other financial tools that can be integrated with cloud-based KM systems, to further optimize business operations, such as cloud accounting tools. So not only can you save money with cloud commuting, but you can also enhance your financial decision-making as cloud accounting tools make it easier for accounting teams to communicate and collaborate. It also ensures all of your accounting files are easily accessible in one centralized location. 

5. Remote Accessibility and Collaboration

One of the most convenient benefits of cloud systems is that they can be accessed from any device that has an internet connection. This is particularly beneficial if you have a distributed workforce across various geographical locations.

As remote work is commonplace at many companies now, these types of cloud-based KM systems can significantly improve remote team efficiency. Instead of everyone struggling to access and share information, all data is stored and shared from a central location, making it much easier to access and collaborate, no matter where your teams and individual workers are located.

Because everything is powered and stored on one central platform, it also speeds up data sharing. This reduces delays and boosts collaboration in real time. Everything including documents, design concepts, complex projects, and feedback can all be shared quickly, enabling more efficient remote collaboration and team alignment.

6. Improved Decision-Making

Data management is much more efficient with cloud-based KM systems. Integrating new cloud data strategies can vastly improve decision-making as these systems use analytics tools to transform data into actionable insights.

For example, many cloud computing systems utilize AI to collect and analyze huge data sets and then detect patterns using machine learning. Those patterns can then provide insight into how certain business operations can be improved for better outcomes and efficiencies.

Final Thoughts

As new challenges arise in the face of digital expansion, cloud-based knowledge management systems will become indispensable for businesses looking to drive innovation and growth. However, adopting any new solution doesn’t come without its own challenges. For transitions to cloud-based systems to be successful, you will need to prepare your teams and adopt a more collaborative approach to knowledge sharing. It’s also important to select the right cloud-based system that aligns with your company’s goals and existing processes.


Amanda Winstead is a writer from the Northwest US area with a background in communications and a passion for telling stories. She has been following Knowledge Management for several years and it's one of her favorite topics to explore.  Along with writing she enjoys traveling, reading, working out, and going to concerts.

If you want to follow her writing journey, or even just say hi you can find her on Twitter or LinkedIn or check out her portfolio.

 

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