Big List of Knowledge Management Statistics

We often hear that we have more information available to us than ever before. But it might be more accurate to say we're just collecting and storing a lot of data.

Actually finding and using that information is a different story. As businesses and organizations gather more and more data, it's getting harder to find what they need.

That's why we created this list of knowledge management statistics. We want to show the problems healthcare faces, the solutions organizations are using, and the benefits of information management.

» Avoid consequences of poor knowledge management

Knowledge Management Statistics Point to Pressing Challenges

A recent study by IDC found that two main problems stop companies from making the most of their data [1]:

• 37% of survey respondents feel that it's complicated and time-consuming to share information outside their company.

• 33% said their company has data siloed everywhere and that they can't easily collaborate on it.

The numbers show that companies are storing mountains of data but are having trouble using it. A report from RBC Capital Markets explains why many healthcare facilities are struggling to keep up [2]:

• The healthcare industry is responsible for creating about 30% of all the data in the world.

• The amount of healthcare data is expected to grow by 36% each year until 2025.

When we look at these statistics together, we see some worrying insights. Here's what our new report on hospital knowledge management trends found [3]:

• On average, hospital workers waste over 65 hours a year trying to find information in their company's systems.

• More than half of respondents (52.20%) said they had to work late to find the proper guidelines. This could be a big reason why healthcare workers are feeling more and more burned out.

• Almost half of the respondents (47%) said they saw patients get worse care because it was hard to find the correct information.

• In one out of every ten cases of challenging information access, the patient was hurt or died.

» Check out the roles and challenges of healthcare management

Knowledge Management Trends: Emerging Solutions

How can we make it easier to find the correct information when there's so much of it?

Many tools and methods are meant to solve this problem, but a survey from eGain shows that many of them aren't working out. [4] This is especially true when it comes to finding one reliable source of information.

• 36% of the people surveyed by eGain said their company uses three or more tools to manage information. 31% said they don't even know how many tools they have.

• Only 18% were happy with their information management tools, even though they should be a crucial part of their business.

In other words, if you're trying to figure out how to manage better all the information your company has, you're already on the right track.

» Learn more about knowledge sharing in nursing

The IDC report shows that many businesses still struggle with this. And here's how [5]:

• Just over half of big companies have a system to share information, but only about 45% of their employees actually use it.

• Most companies (56%) use knowledge management systems to track IT issues and customer service requests.

Companies need to figure out why their employees aren't using their knowledge management systems. A recent report has some ideas for how to fix this. [6]

The top three priorities cited by knowledge management teams are:

• 30% - Identifying, mapping, or prioritizing critical organizational knowledge

• 27% - Incorporating AI/generative AI and "smart" technology

• 25% - Transferring expert knowledge

The top three essential technologies cited by knowledge management teams are:

• 38% - AI to recommend content or knowledge assets

• 36% - Team collaboration/digital workplace apps

• 31% - Generative AI to create new artifacts and content

» Check out the latest trends in medical technology

Real Results from Effective Knowledge Management

Companies that have figured out how to use knowledge management are seeing benefits in many parts of their business.

Let's see what a recent IDC report says about this [7]. The four biggest benefits that companies get from using knowledge management systems are:

• 39% - Improved business execution, such as better decision-making, reduced time to market, and innovation
• 35% - Customer support improvements, such as lower service volumes and faster service
• 35% - Satisfaction and engagement improvements among employees and customers
• 35% - Improved employee performance, including productivity, learning, and collaboration

One of the best ways to improve knowledge management is to use AI tools. They can help employees find information quickly and easily without having to learn how to use complex databases.

A report from Visier shows how these tools can help [8]:

• Most managers (87%) say that AI tools help them do their jobs better by giving them more information about their employees and letting them spend more time on essential tasks.

• Almost all managers (96%) believe that having better information about their employees would help them make better decisions.

Even though those numbers are just for managers, an extensive report from McKinsey shows that knowledge management can have a massive impact on businesses overall [9]:

• Having a system where employees can easily find company information can save up to 35% of their time.

With all these benefits, it's no wonder that experts from Global Industry Analyst predict the knowledge management industry will grow massively in the next few years [10]:

• The global knowledge management market was $655.8 billion in 2023 and is set to reach $2.1 trillion by 2030.

» Learn how to reduce hospital costs

Building Knowledge Management Where It's Needed Most

Many ways of doing business, and many parts of our lives, are poised to benefit from the growth of knowledge management systems. This knowledge management revolution can't come soon enough for the fast-moving and demanding field of healthcare.

At C8 Health, we're proud to offer a new standard of excellence in Clinical Resource Management to thousands of healthcare professionals in the U.S., Canada, and Europe. We help these organizations access critical information that bolsters their daily decision-making so they can offer better patient care and more fulfilling work to their staff.

» Break down healthcare knowledge silos. Contact us today

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Disclaimer: Our content serves informational purposes only and shouldn't replace the advice and services of qualified professionals. While we strive for accuracy, we cannot guarantee an entirely error-free experience. C8 Health will not be liable for any losses or damages resulting from the use of our content.