Essential Actions Executives Need To Do To Build A Strong Knowledge-Base Company

Small Business Canada

Executives play a strategic role in expanding the knowledge accumulation through applying incentives as mechanisms to develop a more innovative climate and managing effective tools to acquire knowledge from external sources. In doing this, they can develop a workplace that is effective in:

  • Acquiring knowledge about new products/services within our industry.
  • Benchmarking performance with competitors or industry.
  • Using feedback to improve subsequent practices.
  • Utilizing teams (e.g. committees or management teams) to manage knowledge resources.
  • Developing and implementing education or training programs.
  • Carrying out a career path program or recruitment program to acquire experts.
  • Conducting organizational events (such as a “knowledge contest” or “knowledge fair”) that promote knowledge activities.

It will also be necessary for executives to integrate knowledge internally. Executives can promote knowledge integration by creating expert groups or steering committees to enhance knowledge quality and evaluate knowledge assets. Executives must have the desirable expertise to steer the organizational strategy facilitate this process, by undertaking initiatives that improve knowledge transfer, thus enhancing the performance of employees and the implementation of effective changes to maintain the quality of products and services. In doing this, executives can build a workplace that is effective in:

  • Monitoring or controlling organizational knowledge to keep product or services in line with market requirements.
  • Regularly assessing knowledge requirements according to environmental changes.
  • Linking the knowledge sharing system using various software and programmes.
  • Defining “core knowledge” or “core competence” areas.
  • Using expert groups to evaluate the quality and effectiveness of organizational knowledge.
  • Disseminating organizational knowledge among employees.
  • Rewarding individuals or teams based on the quality of knowledge generated.

Furthermore, executives are aware of networking with business partners is a key activity for organizations to enhance knowledge exchange. Networking is a critical concern for executives in this process is developing alliances with partners in external environments. Executives need to understand what it is about the organization’s capabilities that allow the organization to develop alliances with business partners and interact with other organizations. In doing this, executives can develop a workplace that is effective in:

  • Creating knowledge alliances with suppliers, customers, or other partners.
  • Sharing knowledge management visions and goals with external partners (such as suppliers and customers or other partners) to develop collaborative activities, shared goals and trust-based relationships with them.
  • Extending (or linking) knowledge related policies or rules (measurement, rewards) with external partners (such as customers, suppliers or other partners).
  • Linking our knowledge sharing system with external partners (such as customers, suppliers or other partners).
  • Facilitating and implementing activities such as conferences, contests, seminars with external partners.

The actions mentioned above, when carried out correctly, can build a knowledge-based company that can create and implement innovations timely as they operate and compete in global markets.

Mostafa Sayyadi, CAHRI, AFAIM, CPMgr, works with senior business leaders to effectively develop innovation in companies and helps companies—from start-ups to the Fortune 100—succeed by improving the effectiveness of their leaders. He is a business book author and a long-time contributor to and Consulting Magazine and his work has been featured in these top-flight business publications.  

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