Good Governance Guides

Good Governance Guide: No 5.2

Category: Performance
Subject: Knowledge Management
Source: Chartered Secretaries Canada

Definition:
Knowledge management is about recognizing that the sum is more valuable than the parts. Hence, businesses that can store, retrieve and share knowledge that is consistent with their near and long term business requirements and strategic interests will be better positioned to manage risk and sustain a competitive edge.

Discussion:
Essentially, an organization needs to recognize its own critical core competencies and the drivers of the marketplace (e.g. technologies, trends, customers, competitors, investors, environmental conditions). The organization must then establish a small knowledge management team of four to six interested individuals whose task it would be to identify, articulate and communicate what is sacred. This must then be shared with other colleagues to institutionalize a culture of sharing.

A key element of work for the knowledge management team is to conduct an audit to determine a baseline or some threshold from which improvements can be measured. The team can thereafter identify best practices to preserve and share core knowledge in an effort to maintain competitive advantage. The whole of this is subject to review and continuous improvement.

The best fashion to ensure the long term success of knowledge management is to ensure linkage to strategies and business objectives. This ensures alignment and culture change over time.