The growing needs for knowledge management
Every business is in the information and knowledge business. Many are today being valued accordingly, rather than the hard assets they have. The goal of knowledge management is a practical one. It is to improve the business capabilities through better use of the individual and aggregate information and knowledge resources. It includes links to external sources that are reliable, practical and useful.
Knowledge resources include skills, capabilities, experience, routines and norms. It should also add knowledge about the technologies that are driving all the changes in the marketplace. Customer service experiences and innovation are examples of an area that requires a lot of new knowledge. It is necessary to keep up with the increasing competitiveness of the global marketplace.
A vital and necessary resource for successful and sustainable organisations
Your competitive advantage in the marketplace could well be buried somewhere in this knowledge. This knowledge could be easily lost to competitors if it is not correctly managed and protected. Satisfying your level of need with useful information and knowledge is illustrated in this graphic. As set out above, you have a range of options to choose from when it comes to securing the right information and knowledge.
Your competitive advantage in the market could well be hidden in this knowledge. This knowledge could be easily lost to competitors if it is not correctly managed and protected. Satisfying your level of need with useful information and knowledge is illustrated in this graphic. As set out above, today, you have a range of options to choose from when it comes to securing the right information and knowledge.
The first level is now very inexpensive. It can provide you with the essential tools, processes, programs and training sessions using live and recorded webinars. These can then be activated at a time and place to suit you. Often you can acquire the knowledge online for free if you have the time to invest in finding it.
Having found what you need online, you may need to get a more in-depth understanding. It can come from a facilitator or coach via email or over the phone. Mostly this can be quick and cost-effective if you have the questions you need to be answered carefully framed in advance.
Time is never wasted on interpreting precisely what you want and need. By using modern communications technology, it is possible to get the services of a specialist online to address specific problems. It is usually all you need to move a complicated situation forward, without the costs associated with personal visits.
Whatever you do will require data, information and knowledge.
Until 1900 human knowledge doubled approximately every century. By the end of World War II, knowledge was doubling every 25 years. Today things are not as simple as different types of knowledge have different rates of growth.
For example, nanotechnology knowledge is doubling every two years and clinical knowledge every 18 months. Common knowledge is doubling every 13 months. According to IBM, the build-out of the “internet of things” will lead to the doubling of knowledge every 12 hours.
As you accumulate information at an accelerating rate, you face growing costs and inefficiencies that threaten their ability to function. The answer lies not just in new ways of applying information technology and services but encouraging new behaviour in knowledge management.
You will need to become involved with big data.
You could liken big data to a large river in flood, flowing right past your organisation. In that river is all the information and knowledge you need to be designing your business or organisation. However, there will be some issues you need to address:
- What will you use to capture the information and knowledge you need as it flows past?
- Applying your ability to recognise the right information and knowledge at the right time will be a challenge.
- How will you sort and manage the increasing flow of data?
- You don’t need much, so let the rest keep flowing down the river.
Take time to assess what information and knowledge you need across the entire organisation. It’s not much good just focusing on one area that you like. Put all the information and knowledge you gather into a knowledge base and make it available across the business. There are now many information technology applications that can do this for you.
Is your road closed to important rivers of data, information and knowledge flowing by your organisation?
Don’t let the size or numbers frighten you.
In a recent lecture at Harvard University neuroscientist Jeff Lichtman, who is attempting to map the human brain, has calculated that several billion petabytes of data storage would be needed to index the entire human brain.
The Internet is currently estimated to be 5 million terabytes (TB) of which Google has indexed roughly 200 TB or just .004% of its total size. The numbers involved are astounding, especially when considering the size of the human brain and the number of
The numbers involved are staggering, especially when considering the size of the human mind and the number of neurones in it. So when it comes to designing our organisations we have plenty of brainpower, we have to use it better. Making good use of the data flowing past is critical, only because your competitors will be doing it.
Your competitive advantage could well be tied up in how you utilise big data. Whatever you do will require data, information and knowledge because these three things lead to wisdom and critical design input.
“Knowledge is power”. Sir Francis Bacon
“Of central importance is the changing nature of competitive advantage – not based on market position, size and power as in times past, but on the incorporation of knowledge into all of an organisation’s activities”. Leif Edvinsson