This guide explains the basic sources of knowledge available to your business, how you can best harness and exploit this information and how to create a knowledge strategy for your business. All businesses have access to an extensive pool of knowledge - whether this is their understanding of customers' needs and the business environment or the skills and experience of staff.The way a business gathers, shares and exploits this knowledge can be central to its ability to develop successfully. This doesn't just apply to huge multinational companies. Knowledge management can benefit everyone from a local newsstand to a manufacturing firm.
WHAT IS KNOWLEDGE IN A BUSINESS?
It's much more straightforward. Using knowledge in your business isn't necessarily about thinking up clever new products and services, or devising ingenious new ways of selling them.
Useful and important knowledge already exists in your business. It can be found in:
1.the experience of your employees
2.the designs and processes for your goods and services
3.your files of documents (whether held digitally, on paper or both)
4.your plans for future activities, such as ideas for new products or services
5.The challenge is harnessing this knowledge in a coherent and productive way.
Useful and important knowledge already exists in your business. It can be found in:
1.the experience of your employees
2.the designs and processes for your goods and services
3.your files of documents (whether held digitally, on paper or both)
4.your plans for future activities, such as ideas for new products or services
5.The challenge is harnessing this knowledge in a coherent and productive way.
Existing forms of knowledge
1.You've probably done market research into the need for your business to exist in the first place. If nobody wanted what you're selling, you wouldn't be trading. You can tailor this market knowledge to target particular customers with specific types of product or service.
2.Your files of documents from and about customers and suppliers hold a wealth of information which can be invaluable both in developing new products or services and improving existing ones.
3.Your employees are likely to have skills and experience that you can use as an asset. Having staff who are knowledgeable can be invaluable in setting you apart from competitors. You should make sure that your employees' knowledge and skills are passed on to their colleagues and successors wherever possible, e.g. through brainstorming sessions, training courses and documentation. See the page in this guide: create a knowledge strategy for your business.
Your understanding of what customers want, combined with your employees' know-how, can be regarded as your knowledge base.Using this knowledge in the right way can help you run your business more efficiently, decrease business risks and exploit opportunities to the full. This is known as the knowledge advantage.
BASIC SOURCES OF KNOWLEDGE
Your sources of business knowledge could include:
1.Employee and supplier relationships - seek the opinions of your employees and your suppliers - they'll have their own impressions of how you're performing. You can use formal surveys to gather this knowledge or ask for their views on a more informal basis.
2.Customer knowledge - you should know your customers' needs and what they think of you. You may be able to develop mutually beneficial knowledge sharing relationships with customers by talking to them about their future requirements, and discussing how you might be able to develop your own products or services to ensure that you meet their needs.
3.Knowledge of the business environment - your business can be affected by numerous outside factors. Developments in politics, the economy, technology, society and the environment could all affect your business' development, so you need to keep yourself informed. You could consider setting up a team of employees to monitor and report on changes in the business world.
4.Market knowledge - watch developments in your sector. How are your competitors performing? How much are they charging? Are there any new entrants to the market? Have any significant new products been launched?
5.Professional associations and trade bodies - their publications, academic publications, government publications, reports from research bodies, trade and technical magazines.
6.Trade exhibitions and conferences - these can provide an easy way of finding out what your competitors are doing and to see the latest innovations in your sector.
7.Product research and development - scientific and technical research and development can be a vital source of knowledge that can help you create innovative new products - retaining your competitive edge.
8.Organisational memory - be careful not to lose the skills or experience your business has built up. You need to find formal ways of sharing your employees' knowledge about the best ways of doing things. For example, you might create procedural guidance based on your employees' best practice. See the page in this guide: create a knowledge strategy for your business.
9.Non-executive directors - these can be a good way for you to bring on board specialised industry experience and benefit from ready-made contracts.
1.Employee and supplier relationships - seek the opinions of your employees and your suppliers - they'll have their own impressions of how you're performing. You can use formal surveys to gather this knowledge or ask for their views on a more informal basis.
2.Customer knowledge - you should know your customers' needs and what they think of you. You may be able to develop mutually beneficial knowledge sharing relationships with customers by talking to them about their future requirements, and discussing how you might be able to develop your own products or services to ensure that you meet their needs.
3.Knowledge of the business environment - your business can be affected by numerous outside factors. Developments in politics, the economy, technology, society and the environment could all affect your business' development, so you need to keep yourself informed. You could consider setting up a team of employees to monitor and report on changes in the business world.
4.Market knowledge - watch developments in your sector. How are your competitors performing? How much are they charging? Are there any new entrants to the market? Have any significant new products been launched?
5.Professional associations and trade bodies - their publications, academic publications, government publications, reports from research bodies, trade and technical magazines.
6.Trade exhibitions and conferences - these can provide an easy way of finding out what your competitors are doing and to see the latest innovations in your sector.
7.Product research and development - scientific and technical research and development can be a vital source of knowledge that can help you create innovative new products - retaining your competitive edge.
8.Organisational memory - be careful not to lose the skills or experience your business has built up. You need to find formal ways of sharing your employees' knowledge about the best ways of doing things. For example, you might create procedural guidance based on your employees' best practice. See the page in this guide: create a knowledge strategy for your business.
9.Non-executive directors - these can be a good way for you to bring on board specialised industry experience and benefit from ready-made contracts.
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