Tuesday, May 4, 2021

Knowledge Governance Practices

Data, information, knowledge, and wisdom are the different stages of the information life cycle that organizations need to manage more effectively by enforcing governance practices.


Fundamentally, knowledge is the product of the human mind, the power of knowledge can be released only when it’s used to create value. For the digital workforce, knowledge is the power; for digital business as a whole, knowledge is an asset. An essential role for Knowledge Management is the need to enable knowledge flow, connect ideas but also people, and crucially management.

 Unfortunately, many organizations still take a very reactive attitude to manage knowledge, how to manage such intangible assets more effectively, and more importantly, how to enforce knowledge governance discipline?

Establish the governance discipline in managing knowledge effectively: A simple example is the knowledge that people acquire and maintain. We hire people with their experiences, skills and generally their knowledge. An essential role for Knowledge Management is the need to enable knowledge flow, connect ideas but also people, and crucially management disciplines.

Knowledge is the soft asset, the firm does not always own the asset, therefore, the deployment has to consider interdependency of ownership. It is crucial to validate and establish cohesive governance and risk management for data, information, knowledge, and wisdom. The valuation of such assets is crucial to the process so that knowledge is an asset and it has value.

Be fully cognizant of the complex nature of knowledge assets: Knowledge assets are a blend of resources, not a single asset, and, while you might deploy a person as an asset, they are limited by capability, which is more often than not ignored when taking an asset management approach to knowledge. Knowledge is an asset to every organization and its integrity, availability, and confidentiality can be crucial to how the organization functions or maintains its services and products. Complexity requires the exploration of the interdependencies that contribute to the value of critical knowledge.

The problem is that you cannot scan or treat knowledge as you would treat other "assets" via a reductionist/rationalist approach - a problem inherent to "resources" within the resource-based view of the firm. Knowledge asset scanning is vulnerable to the context of time and place, the value is emergent and not always known at the time of a reductionist scan. During the stage of knowledge as tacit or implicit, it is extremely volatile.

Knowledge Management is not just a technological problem, but a business and human problem, thus, knowledge governance needs to be people centric: Knowledge is the product of the human mind. The true value of people, especially today’s knowledge workforce include many tangible and intangible factors, and their value can be increased when knowledge management focus is people- how to engage, empower and inspire them to improve productivity and develop creativity. For any company to succeed in the long term, how resources, such as knowledge sharing and management, is determined should be understood by all important parties and governed effectively. 

Sound governance is to improve knowledge management effectiveness and eliminate risks and harness people centricity. It is essential for the entire company to be pulling in the right direction by allocating resources, time, and assets scientifically, policies and standards can be put in the right time and place, and the governance process/mechanism can be embedded into the business process seamlessly.

There is no hard asset that you can buy today that will guarantee the success of your organization. Data, information, knowledge, and wisdom are the different stages of the information life cycle that organizations need to manage more effectively and improve knowledge governance effectiveness, with the goal to reach the next level of digital business maturity.


2 comments:

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