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Dara Dirth

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The Silver TsunamiHere's a sobering statistic that should keep every C-suite executive awake at night: 10,000 baby boomers are retiring every day in the US alone. That's not just people walking out the door, it's decades of institutional knowledge and hard-earned expertise evaporating into thin air.This Silver Tsunami isn't a distant threat. It's here, swirling around us right now. APQC’s recent survey of 1,000 knowledge management (KM) professionals across industries revealed that 51 percent of the enterprise workforce will retire or leave within five years. That’s half the organizational brain trust. Gone.The Boiling FrogRemember the parable of the boiling frog? The creature doesn't notice the water heating up gradually until it's too late to jump out. That's exactly what's happening to businesses today. While 58 percent of C-level executives and 51 percent of board members express concern about knowledge loss from departing retirees, the response has been glacially slow.The most damning finding? A staggering 92 percent of organizations don't capture knowledge on a regular basis. They are literally watching their competitive advantage walk out the door, day after day.Quill and PapyrusThe few companies attempting knowledge capture are stuck in the Stone Age. The survey revealed that 53 percent still rely on manual capture and documentation methods—essentially digital versions of quill and papyrus. Picture this: 30 percent of organizations wait until employees are literally heading for the exit door to capture their knowledge. Another 23 percent conduct last-minute elicitation interviews, which are typically rushed and shallow. Even worse, 37 percent depend on informal people-to-people transfers.These antiquated approaches are neither scalable nor sustainable—they're business malpractice.AI: Opportunity and ProblemEnter AI—both the solution and the problem rolled into one disruptive package. The opportunity is enormous: AI can automate knowledge capture, analyze patterns in expert decision-making, and create searchable repositories of institutional wisdom at unprecedented speed and scale.But here's the rub—the survey found that nine in 10 of respondents aren't leveraging AI to automate KM. And there's a reason: trust. Organizations are terrified of AI-generated answers that could be incorrect or non-compliant. It's a classic catch-22: the technology that could solve the knowledge crisis is paralyzed by accuracy concerns. No wonder 95 percent of AI pilots are failing to deliver business ROI, according to recent MIT research.KM and AI: BFFs for Business ValueAI automates knowledge management, and knowledge management makes AI trustworthy. This symbiotic relationship works because robust content management practices ensure AI has clean, accurate, well-governed data to work with. Meanwhile, AI handles the heavy lifting of knowledge automation to speed up the entire knowledge capture, retention, publishing, and optimization process.BFFs in ActioneGain’s Fortune 500 and Global 1000 clients are already striking gold with the combined power of AI and knowledge management:A global financial services corporation enhanced first contact resolution rates by 36 percent and cut onboarding duration by 40 percent through AI-powered knowledge platforms.A leading utility eliminated knowledge silos and sped up knowledge creation 10X while improving search success 6X.A fast-growing SaaS enterprise boosted contact center representative confidence by 60 percent and self-help utilization by 30 percent.A major federal government department serving 25 million citizens saw their Forrester CX Index ranking rise by a third in a single year.A massive federal agency redirected 70 percent of inbound calls to AI-enabled virtual support while slashing case resolution time by 25 percent.These aren't incremental improvements—they're transformational results that land these organizations in the elite 5 percent of companies succeeding with AI.Beat the Clock (and the Competition)!Your experts are retiring. The clock is ticking. Every day you delay implementing AI-enabled knowledge capture is another day of irreplaceable expertise walking out your door forever.Organizations that act now to leverage the power of AI and KM will emerge as the winners. They'll turn the knowledge exodus into a knowledge edge, transforming the Silver Tsunami from an existential threat into a competitive advantage.The question isn't whether you can afford to invest in AI-enabled knowledge capture and retention. The question is whether you can afford not to. Because in today’s knowledge-centered economy, there are no participation trophies—only winners and losers.The tsunami is here. Will you surf it or be swept away by it?

Strike Gold in the Silver Tsunami With AI-Enabled Knowledge Retention

December 2023 - TD Magazine

Establish a new relationship with work that leaves you feeling better about your professional life.

The Birth of Dread

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