Knowledge Management – Defining the Business Need
Successful knowledge management is not achieved by chance, rather it is a function of understanding the scope of the required effort, establishing a clear vision of the expected benefits, and securing the support and resources necessary to execute.
Defining the Business Need
The formulation of a successful knowledge management strategy is based on providing answers to five fundamental questions:
- What problem are we trying to solve?
- What benefits can we expect?
- How will we measure progress against our goals?
- What level of support is required from the organization?
- What is the cost to execute this initiative?
Although it may not be possible to answer these questions conclusively, it is essential to invest sufficient effort towards a reasonable response to each question. Further, there must be organizational acceptance. Failure to articulate answers to the fundamental questions may result in unrealistic expectations or lack of executive support to achieve project objectives.
Providing answers to these questions is not only required at the inception of a knowledge management initiative but must be an ongoing activity as the project evolves and matures.
As knowledge management mature, it is essential to conduct a formal cost – benefit analysis to determine the proper level of investment. Continued success will come from efforts to enhance content creation processes, employ enhanced technologies and deliver tangible business value by leveraging knowledge assets. This research report introduces an approach to measure the return from knowledge management initiatives.
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