Knowledge management and business growth

To get the most value from your business knowledge, take a clear and planned approach to finding, organising and sharing it. You can do this by using a knowledge management strategy across your business.

Creating a knowledge management strategy

To develop a knowledge management strategy, you first need to understand how your business currently manages knowledge. You should:

• review how effectively your business uses knowledge
• analyse how you collect and share information
• recognise that managing knowledge is an ongoing process and a key part of your business strategy

You should also identify the value of knowledge to your business and the ways you could exploit it for financial gain. This may be, for example, through gaining a larger market share, developing new products or selling and licensing your protected intellectual property to others. Make sure that your knowledge management approach fits in with your overall business growth strategy.

Buy-in for your knowledge strategy

For a knowledge management strategy to work, senior managers need to support it, understand its benefits and stay committed. Work with them to find the best ways to collect and use knowledge. You could also appoint a senior manager as a knowledge champion. Make sure all staff and stakeholders understand the benefits of good knowledge management.