Wouldn't it be nice to know you know what you know?

If your head is spinning from that title, here's another way of saying the same thing. Your business has accumulated a vast amount of data that can be of value to you now and as your business grows. But if all that data is not in a form that you can easily retrieve and analyse, it is of little use. You may actually be sitting on a treasure trove of information that could improve your customer service and your profit, but how to get hold of the treasure?

Knowledge Management can bring order to this chaos and help you find the nuggets buried in your data stores. Many small businesses simply do not realise that they have been building an unstructured collection of valuable data. Applying knowledge management tools can organize and mine this storehouse, and also make it possible for the information to be shared across the organization.

Too often, customer billing information is in one file, purchasing history is in another and client contact information in another. Project information including the skills needed, who worked on what, how long they took, and how much it cost compared to the revenue, all that is somewhere else. Imagine how valuable it would be to look down into your data stores and discover connections and relationships you might not have noticed before. What could that mean to building and enhancing customer relationships? To your company's strategic planning? What might you change if you discovered patterns of buying that you had not seen before?

In many ways, knowledge management is a living thing. As humans, we are constantly renewing ourselves. We recognise changing conditions, draw on our memories of what has served us well in the past to deal with change, visualise alternative outcomes, and make decisions about how we will proceed. We carry our database on our shoulders and make connections and see relationships that change continually as we gather new data from our experiences. That's very much like what a knowledge management system can do for a business.

In today's increasingly high-speed, competitive environment, businesses cannot afford to waste resources or miss opportunities. I've found that a frequent benefit of knowledge management is an increase in internal collaboration and sharing of best practices. As a company, you already know more than you think you know. And now you know that knowing is not enough; you have to be able to share knowledge and eliminate duplication.

Know what I mean?

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