Guide

Knowledge management and business growth

Create a knowledge management strategy

If you want to get the most from your business' knowledge, you need to take a strategic approach todiscovering, collating and sharing it. You can do this by applying a knowledge management strategy across the business.

Creating a knowledge management strategy

Gaining a good understanding of the current state of your knowledge management is essential for the strategy development process.

To begin drawing up your knowledge management strategy, you need to:

  • consider how effective your business currently is at using its knowledge
  • analyse your internal processes for gathering and sharing information - including ways of generating ideas and the staff's grasp of what is happening
  • make sure that knowledge management, acquisition and distribution is a continuing process, so that it becomes central to your business' strategy

You should also identify the value of knowledge to your business and the ways you could exploit it for financial gain. Perhaps this may be:

  • gaining a larger market share
  • developing new products
  • selling or licensing your protected intellectual property to others

Ensure that your knowledge management strategy fits in with your overall business plans.

See more on strategic planning for business growth.

Buy-in for your knowledge strategy

For your knowledge management strategy to be effective, your senior managers should be supportive and committed, and aware of the benefits it can bring. Discuss with them the best ways of collecting and using knowledge.

You may also decide to appoint a senior manager as knowledge champion for your business. 

Remember to articulate to all staff and stakeholders the benefits of good knowledge management. See advantages and disadvantages of knowledge management.