A Knowledge Economy – What is the market value of your business’ knowledge?

Have you ever lost your phone or a hard drive with all your information?
Imagine what would happen if this happened to all of your organisation’s intellectual property. We live in a knowledge economy where skill and know-how are our most valuable assets in business.

In a thesis published in 2008 by UNISA, JL Smuts wrote: “An organisation that kept its workforce skills and expertise could operate quickly even though it lost all of its equipment. An organisation that lost its workforce, while keeping its equipment, would never recover. This shift to knowledge as the primary source of value results in the new economy being led by those who manage knowledge effectively – organisations that create, find and combine knowledge into new products and services faster than their competitors (Barclay and Murray, 1997, Moss-Kanter, 1997).”

She also wrote:  “Imagine that, in the same way that a disc failure on your personal computer or laptop erases all information in the file folders, all intellectual capital within your organisation is erased from the employees’ minds and the organisation’s storage media. There is no Towards a Comprehensive Knowledge Management System Architecture University of South Africa 2 doubt that the market value of such an organisation will be affected severely as decisions in an organisation are made based on sufficient, relevant and accurate knowledge (Meyer and Botha, 2000). Stewart (1999) supports this notion that the management of knowledge turned out to be the most important economic responsibility of individuals, businesses and nations, as it forms a key component of what is acquired, produced and sold.”

There are many ways and tools to manage knowledge within an organisation, but to do this effectively takes more than just a system.  Effective Knowledge Management is a culture which should be developed, implemented and practised from the top to the bottom of an organisation.  This includes choosing the right Knowledge Management system that is scalable and easy enough for teams to use.

When implementing a Knowlege Management system, it is essential to partner with a team that understand business functions, people, processes and technology.  At RQTech we obtain a strong foundation in business engineering. When partnering with our clients we aim to understand the business issue before building a solution.

Reference:  https://uir.unisa.ac.za/bitstream/handle/10500/3108/dissertation_smuts_j.pdf?sequence=1&isAllowed=y 

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