As the baby boomers are retiring, the biggest loss for organizations is the vast
amount of tribal knowledge the employee takes with them.
According to the Pew Research Center, baby boomers reached a peak size of 66
million in the workforce in 1997 — the largest generation of workers ever and by
2017 dwindled to 41 million. Their ages in 2017 ranged from 53 to 71. As the
baby boomers were reducing in number, millennials (those born between 1981-
96) took over as labor force’s largest age group in the middle of this decade and
were estimated to be 56 million in 2017.
It is in the best interest of any organization’s sustainable growth, to capture as
much of this intelligence as possible to ease the transition for the new workforce
coming in, even if these new employees don’t necessarily accept the way things
were done previously. It is easier said than done with managing this valuable
knowledge especially since the older employees may not like writing the
information they have gathered over the years while the younger and newer
employees have been exposed to the latest technologies and do not want to be
manually reading pages and pages of documentation. The same is true with
customers seeking to know specifics on a product or a service or any information
from an organization. Technology is making it possible for knowledge
management to transition from the traditional paper-based documents to digital
information that is easily accessible and searchable. Collecting data and applying
machine learning or natural language processing to analyze it for patterns and
providing the results in a more meaningful way is the direction in which
knowledge management is going.
Sevantiz is a leading provider of conversational AI based solution that collects all
institutional wisdom and connects the information seeker to the data being
sought. The Flockwise platform from Sevantiz uses an Artificial Intelligence based
engine along with Machine Learning and Natural Language Processing capabilities
to power the Knowledge engine to process data coming in the form of structured,
semi structured and unstructured data providing intelligent results to the
information seeker and the organization.