Why is Knowledge Management Important?
In the emergent networked knowledge economy, knowledge is increasingly the primary source of wealth. There is high value in know-how assets, such as designs, patents, knowledge of technologies, processes and markets. Intangibles accounts for an increasing proportion of national wealth and international trade. Even in the making and supply of physical goods, it is the intangibles, such as product and application kow-how, customer service that adds customer value, and can command a premium price. A Benefits Tree shows how improved knowledge can flow through to bottom-line business benefits, such as productivity, quality and customer service.
How Do I Make the Business Case for Knowledge Management?
Since knowledge management is most commonly a strategic programme affecting many parts of an organization, and the results of an investment are not always immeidately obvious it is difficult to make an a priori financial investment case. However, it is essential that you understand the business value proposition for knowledge management, understanding the benefits that can be obtained, as outlined in Knowledge Management: Making Sense of an Oxymoron. Once more established you can consider Measuring Intellectual Capital.
What Makes a Viable Knowledge Management Strategy?
A viable strategy is one that has demonstrable links to business objectives. Common strategies are based around faster-time-to-market, improved customer service and higher productivity through better sharing of best practices. A key factor in every case is that core knowledge, such as customer knowledge, is actively managed so that it flows easily from those who generate it to those who need it. Developing a Knowledge Strategy needs a focus on two or three of the seven strategic knowledge levers.
How Do I Assess my Organization's Readiness?
You need to carry out some kind of diagnostic along four dimensions - business strategy and priorities, information and knowledge (content and processes), human and organizational factors, and technological infrastructure. The Know-All Check is a questionnaire that offers a preliminary assessment based on ten proven success factors.