Knowledge is wealth, more so in the age of the information superhighway. So APQC, a proponent of knowledge management, benchmarking, and best practices business research, has come up with methods to preserve and share knowledge in the corporate sector.
The study conducted by APQC has listed 19 best practices that help companies in identifying and applying critical knowledge. According to APQC, these practices are important in tackling employee turnover and the impending wave of Baby Boomer retirements.
Among the best practices mentioned, the company claims that business leaders should be allowed to decide what knowledge is critical and their subordinates should support their decision making. While taking steps to record and preserve knowledge, an organization should take various elements such as the ratio of tacit to explicit knowledge, the intended audience, and the rate of change.
Once the critical knowledge is identified and the methods to preserve and transfer them have been decided upon, it is time for the company to arrange for a systematic knowledge transfer, which has clear goals and which sets a deadline for implementing knowledge transfer. And then, the companies should take steps to make that knowledge widely available and make it easier for employees to navigate, filter, and customize the flow of knowledge.
“There is growing interest in knowledge capture and transfer as a result of changing demographics, the pace at which knowledge and skillsets are evolving, and new technologies that make it increasingly difficult to pinpoint critical knowledge among the masses of information available,” said Lauren Trees, KM Program Research Manager, APQC. “All these trends point to a need to identify the knowledge that organizations need to succeed; separate it from the noise; and document it so that it’s available when, where, and how employees need it.”
Offering another service that relies on knowledge, APQC recently introduced a Benchmarking Portal to provide members with critical performance data at their fingertips.