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Three Keys to Successful Knowledge Management

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As an organization evolves, it accumulates diverse experience. Every new challenge presents opportunities to learn, innovate and solve. These experiences could be around strategies, processes, algorithms or domain-specific knowledge. It is important for an organization to syndicate this knowledge because it will equip the organization to deal a little better with a situation that has precedence and can ultimately lead to competitive advantage. When an organization is small, syndication is less of a challenge because everybody is aware of what others do. However, as an organization grows, operations become compartmentalized and knowledge sharing does not naturally occur; therefore, a more conscious effort is needed to implement an effective knowledge management system.

Recognizing the importance of knowledge management is just the beginning. It is also necessary to consider the likely pitfalls to should avoid while devising an effective knowledge management strategy. A useful knowledge management strategy must address the following points: 
Cultivating a culture that encourages knowledge sharing,
Understanding the need for intellectual property protection, and
Devising a cohesive strategy for dissemination.

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