CC: Whats your take on this ..
CHAPEL HILL, N.C.--(BUSINESS WIRE)--Jan. 31, 2000--World-class companies are saving millions and improving systems with
knowledge management systems specifically designed to directly contribute to larger corporate goals.
For example, one research partner in the definitive report, "Knowledge Management of Internal Best Practices," by Best Practices,
LLC, is a leading chemical manufacturer that uses a systematic approach to ensure that knowledge management supports corporate
strategy. An integral part of this approach is a formal, six-step process for managing intellectual assets; the company credits this intellectual
capital management system with $1 million in savings during the first year of use.
But successful knowledge management implementation such as this is tricky, and concrete benefits have eluded many companies. While
a surplus of writing exists on knowledge management theory, how do executives know what will work in practice and if a given strategy is
suited to their company's needs and overall strategy? The difficulty of executing successful knowledge management policies makes the
report by Best Practices, LLC, a research and consulting company based in Chapel Hill, North Carolina, even more relevant to today's
business climate. The research findings emphasize practical applications of knowledge management and highlight actual cases where
knowledge management initiatives are succeeding and serving to reinforce strategy. Over 50 companies with world-class knowledge
management strategies are profiled, including Xerox, British Petroleum, Dow Chemical, Hewlett-Packard, Monsanto and General Electric.
Formal inclusion of knowledge management strategy functional-area planning has repeatedly proven to be an economical and successful
tactic. The study revealed that one research partner, a $12 billion high-tech company, incorporates knowledge management into the
corporate strategic planning process, which gives its entire operation focus and coordination. Another partner cultivates and nurtures best
practices knowledge in critical process areas that support its corporate strategies. The company identified "Critical Work Processes" and
employs a formal checklist for defining and improving these essential processes.
The use of metrics and strategic indicators is an additional profit-enhancing aspect of knowledge management. One financial services
benchmark partner made best practice performance improvement the cornerstone of the company's operating strategy, using strategic
indicators to drive its progress. This policy led to savings of $3.6 million last year, and increased potential revenue opportunity by more
than $20 million. Another financial services company used accounting of its "hidden assets" - its intellectual capital - to attract increased
investments.
For more information about "Knowledge Management of Internal Best Practices," please visit
benchmarkingreports.com or contact Lilly Gutwein at lgutwein@best-in-class.com or 919-403-0251,
extension 240.
Additional insight into the field of knowledge management is obtainable through Best Practices, LLC's Knowledge Management
Excellence Forum, which provides ongoing information from industry leaders in key areas such as System Design and Implementation;
Information Technology; Managerial Skills; and Learning and Sharing. Membership in the Knowledge Management Excellence (KME)
Forum is open to executives in all industries. For more information, please visit the KME website at kmexcellence.com . The
site provides knowledge executives access to year-round, customized research on a variety of knowledge management topics, access to
our best practices database, information on industry trends, and opportunities to participate in knowledge management studies. For more
information, please contact Adam Bianchi, the manager of the Knowledge Management Excellence Forum, at abianchi@best-in-class.com
or by phone at 919-403-0251, extension 230.
ABOUT BEST PRACTICES, LLC
Located in Chapel Hill, NC, Best Practices provides clients with access and intelligence for achieving world-class excellence. The firm's
work is based on the simple yet profound principle that organizations can attain superior economic performance by studying and
implementing the best business practices, operating tactics, and winning strategies of excellent companies. Serving diverse sectors
worldwide, Best Practices' industry specializations include pharmaceuticals, financial services, telecommunications, media, and utilities. For
more information about Best Practices LLC, call 919-403-0251 or visit the corporate website at best-in-class.com .
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CONTACT: Best Practices, Chapel Hill
Lilly Gutwein, 919/403-0251
Fax: 919/403-0144 |
