Implementing knowledge management requires 5 steps:
When staff members leave, this results in a significant loss of knowledge for any organisation. It is important to continually invest in a KM programme in order to mitigate the loss of knowledge. The Reserve Bank of New Zealand had exactly this situation and 1999. Snowden defines KM succinctly (1999) as
‘The identification, optimisation, and active management of intellectual assets, either in the form of explicit knowledge held in artefacts or as tacit knowledge possessed by individuals or communities.’ (p. 63)
The KM strategy process involved all areas of the organisation and involved 4 phases as shown below:
Some initiatives carried out at the RBNZ included:
- changing the organisation culture – leadership by example, KM became a core competency for all managers, and KM became part of the banks recruitment program.
- increase opportunities for collaboration (open-plan offices).
- provision of incentives for knowledge sharing.
- gaps analysis was carried out and databases consolidated to bring information in one location.
- 3 project teams were created.
- increased use of information mapping techniques.
Knowledge management is not a project; it is a continuum. Eventually the bank realised that KM is an intrinsic part of an individual’s approach to work, and hence intrinsic to the bank’s culture.
The term ‘Knowledge Assets‘ was first introduced in the Baldrige Glossary in 2003.
The term “knowledge assets” refers to the accumulated intellectual resources of your organization. It is the knowledge possessed by your organization and its workforce in the form of information, ideas, learning, understanding, memory, insights, cognitive and technical skills, and capabilities. Your workforce, databases, documents, guides, policies and procedures, software, and patents are repositories of your organization’s knowledge assets. Knowledge assets are held not only by an organization but reside within its customers, suppliers, and partners as well.
Knowledge assets are the “know how” that your organization has available to use, to invest, and to grow. Building and managing its knowledge assets are key components for your organization to create value for your stakeholders and to help sustain overall organizational performance success.
Source : baldrige21
To read more about Value Creation from knowledge, click here.
Source : pinterest
Due to advances in IT and KM business models are continuously evolving.
Here is an exciting read on KM Technologies that is also relevant to this article.
That’s all for now, until next time!