This is surely not the first article you have read on Knowledge Management (KM).
Maybe KM is just hype, not worthy enough to act and start initiatives on?
What is knowledge management?
Knowledge management is like love: everybody knows it – or some parts of it – but nobody is able to produce a clear definition. Knowing this, people will always have comments on a definition. Nevertheless a fair try, a generic example:
Knowledge management is more about managing organisations from a different pespective
Knowledge Management is about:
- A collection of processes on developing, securing and reusing knowledge
- Deployed by and in favour of all collaborators and stakeholders
- To achieve the strategic goals of the organisation
It is not important to have a definition of KM per se, but it is important to have a clear internal definition for your organisation, in line with what your organisation wants to achieve through the discipline.
When for example KM is an instrument to stand out in the market, when knowledge exposure is a differentiator (what always is!):
Knowledge management is about:
- Applying and reusing knowledge efficiently and effectively
- To deliver faster, better services and solutions to our clients
- Being recognised in the market as THE expert in our domain
So, sorry, I don’t have a single, widely accepted definition. But I'm sure you can generate a definition that works for you and your company.
Strategic reasons
For Western organisations especially, the production of goods or the delivery of services is no longer of paramount importance. That place has been taken by the development, management and deployment of new knowledge.
The organisations of the future are those able to valorise their knowledge in the quickest and most efficient way.
Even though the financial crisis and global warming make it less visible, our economy really is changing from an operational economy to a knowledge-driven economy. Your information and expertise count and they are your biggest asset!
Exposure reasons
Thirty years ago, a customer was happy with a product as such. After that, a product with accompanying services became the credo. Today, customers not only want a product with accompanying services, but they also want to be supplied with the necessary knowledge and expertise for using the product in an optimal way.
This means that information, communication and knowledge are becoming significantly more important to support customers, to stay one step ahead of the competition, to innovate or to simply be efficient.
Tactical reasons
Well imagine the following in your organisation:
- Decisions taken without correct information and knowledge
- Risks detected without knowledge and context
- Innovation-driven without appropriate market and technological knowledge
- Helping your clients without knowledge of their business
Productivity reasons
Every time the economy stagnates, companies focus on the preservation or an improvement of the company results. There are various ways of increasing profit. Increased sales efforts and a sharper purchase policy are just two examples.
In most cases, people are put under pressure to work harder and more productively. Many are frustrated and stressed by the difference between their personal efforts and the organisation’s inefficiency concerning information management and the flow of this information throughout the organisation.
The majority of enterprises do not opt for measures that lead to a more effective, efficient use and organisation of information and knowledge, be it in times of economic recession or boom.
Market studies claim:
- One to two hours per day lost on searching and not finding
- One and a half hour per day lost on re-inventing the wheel
- The average document is copied, either physically or electronically, nine to 11 times; what is the correct version
- 25% of enterprise documents are misplaced and will never be located again
- The volume of information is doubling each 9 to 15 months
Synopsis - what to do
Still not convinced about the value and urgency of appropriate management of your knowledge? Or is it just another hype for you? Maybe you are right! Maybe Scott Simon’s quote applies to you:
‘Intelligent people can always come up with intelligent reasons to do nothing.’
For sure, knowledge management is not about managing knowledge. Knowledge management is more about managing organisations from a different pespective.
