It is possible to find bliss in ignorance in life, but it’s not so in business. When it comes to business, information and knowledge are the most potent sources a company can possess to make us stand out from other companies and help make a Corporation stronger and more efficient. Nowadays, information and knowledge aren’t just advantages that to have; they are the key ingredients to being able to survive and stay healthy in a business world flooded with the threat of becoming obsolete.
Businesses must be educated and tap into the knowledge, keep it in the system and disperse it throughout the organization in order to allow them to make money from knowledge. In the end, knowledge becomes a resource when there is the monetization of knowledge. This is where the issue of competence is raised since many organizations require assistance to understand their capabilities as well as the value of the knowledge they’ve accumulated within the organization in a scattered state, and the means to tap into it and turn it into a feasible monetized form prior to its eventual demise.
The knowledge properties
Understanding the nature of knowledge is crucial prior to making any attempt to capture, store and transform it. One of the most important characteristics is that it is perishable and is in a fluctuating form. It must be utilized to keep its value and requires an improved form. Knowledge is also extremely diffuse in nature, leading to a complex mixture of harvestable knowledge and non-harvestable. There is a possibility that companies aren’t aware of the value over time of certain kinds of knowledge but ignore the value of it.
Knowledge should therefore be clearly defined with respect to its duration value. The knowledge that is short-term must be commercialized before becoming outdated, while the longer-term knowledge must be evaluated to determine its value in the future and nurture.
It is a mental process which is why it gets stored in the minds of those working incorporate. Although some of it might be present before the employee joins the company, however, the majority of it could have been acquired in the course of completing the work, and consequently, the companies tend to lose it once employees leave the company. The tacit nature of information is an issue to manage and is equally challenging to prove.
As knowledge is also prone to rapidly expand due to the exchange of knowledge in groups, simple mechanisms aren’t in place for the allocation of credit to knowledge.
Enhancing Knowledge Recognition and Growth
Facilitating the development of the knowledge-based economy is crucial. Facilitation mechanisms have to be designed to ensure that it’s a free exchange within a free environment, but not a forced system that manipulates the system. Regular exchange processes such as brainstorming sessions, brainstorming sessions, and control-free mechanisms should be designed in order to free it from its shackles to be able to flow into corporate reserves. Reserves may take a variety of forms that suit corporate needs. The natural outflow of knowledge that is facilitated by meta-satisfaction can be more beneficial to the liberation of knowledge from the individual as opposed to simply offering incentives in any shape they come in. The incentive system tends to promote the liberation of it in fragmented form with no coherence or a holistic view. The person who is the owner starts to view it as something that is exchangeable to gain an incentive rather than an action with more prominent and more encompassing goals and vision.
The Learning Centers
The learning centers that are run by companies help facilitate the exchange, development, and acquisition of knowledge if they are utilized in the best way. They must be free exchange platforms, not education centers. If they are seen as executive education centers, they might end up as classes that are tedious and one-way processes instead of an unflinching presentation of thoughts. They may also run the possibility of being seen as a synonym for training, a substitute for training, and the more contemporary term used to describe training. They’re not any of them, but they are distinct methods to manage the collective knowledge that is inside and enable it to be incorporated into a proper form. There is the risk of companies applying their standard criteria to these centers because they are relevant to the corporate culture that it needs, which needs to be assessed and driven by results. This is why they must remain in the hands of their own to be judged by the only people competent to evaluate them.
The difference between training and education
The process of training is ongoing in the world of business. It’s about training executives on what is already in place to stop from becoming outdated. There are other types of training in which a new product is launched. Training is level aware, and appropriate instruction is given so that it is appropriate to various levels. Learning and development of knowledge have to be independent of the levels and is a continuous process that does not recognize the existence of levels. Training is assessed in different ways to assess its effectiveness. Learning and Knowledge Capture is an investment. There is no standard that is used. The rewards are contingent on the future and range from zero to incalculable amounts.
Without any conscious effort to distinguish between training and learning, and a comprehensive approach that includes top executives in learning centers, they run the chance of being perceived as merely modern training facilities within the corporate world.
A seasoned business executive, teacher, and consultant. Experience in industry, both as a consultant, professor, and dean at the Indian Institute of Management. Participates in Management Institutes and lectures on various management topics. Writes about management, education, political and social issues. We are actively participating in social accountability and social marketing programs.