Opinions differ on the components needed for an effective strategy but one well-known perspective is that of the US military, for whom a strategy must cover:
· Ends – why are we doing this?
· Ways – how are we going to achieve our aims?
· Means – what resources will we use?Companies can choose any number of objectives but Knowledge management (KM) can inform both Ways and Means thus:
o Increased collaboration
o Quality improvements
o Higher productivity
o Reduced costs
· MeansKnowledge management (KM) can and should inform an organisation’s strategy. Indeed, at Knoco we believe every company should develop a KM strategy to support and enable its overall business strategy.
A KM strategy should include the following elements:
· A vision – what will the future organisation’s use of KM look like?
· The scope of KM – what do we mean by KM and where will it apply? (i.e. it’s not document or information management, although those are related disciplines)
· The business drivers – why are we doing this? Examples might include cost reduction, new product development, mergers and acquisitions, movement into new markets etc.
· Opportunities and risks – what initiatives are underway to which KM can be aligned? What potential threats exist?
· The value proposition – what is the size of the prize? How much value can be gained?
· The critical knowledge areas – where should we start?
· Stakeholder management – who should be part of this and how do we gain and maintain their support?More information about Knoco’s KM strategy work can be found on the Knoco website here.