Companies are losing so much money without even knowing it. When talent walks out the door, when best practices are misplaced, when team members don’t collect lessons learned after a project is finished and when reinventing the wheel occurs on a regular basis
This is basically time and money which no one sees because it doesn’t pop up in control panels so CEOs are not aware of it. It’s common to hear stories about how someone messed up or how project lost valuable time due to knowledge loss. The curious thing is that it happens across different sectors and companies, no one seems to be able to escape the symptom.
“Oh my God, how did we miss this, why are we repeating the same mistakes again? “Haven’t we done this before?” “hasn’t anybody come up with a solution yet?” This is the kind of thing that happens over again until you come across a never again moment. Something in the line of the british petroleum incident in the Gulf of Mexico, the frustrated eagle claw mission when the US army attempted to rescue american hostages in 1980 and the volkswagen crisis. These are examples of incidents that lead to more profound strategies and deep tactical thinking in order overcome the crisis, but it already happened, the damage was done and scars remain.
Knowledge management is usually brought up when never again moments occur. But at this time the company would have already lost millions and the strategy becomes more reactive than preventive. Over time the focus became productivity and securing financial returns which in essence are vital to keep a company moving. Yet, other vital components such as knowledge management were left out of the rain until a never again moment came up.
Current challenges and market shifts create a whole new dimension of challenges for CEO. Preparing strategies to combat low productivity and boost efficiency are not sufficient and knowledge management needs to be at center stage in order to combat the new issues and complex environments. Lack of specialised talent and knowledge make the strategy even more valuable as KM models seek to develop the company’s strategic knowledge as a form of supporting business objectives.
Don’t wait for your next “never again moment”: react now before reinventing the wheel becomes your next modus operandi.
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© Jose Carlos Tenorio Favero