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New Business Model:

Business Enablers

Knowledge

What Your Firm Knows to Create Value

by Vadim Kotelnikov, Founder, The first-ever BUSINESS e-COACH for Innovative Leaders, 1000ventures.com

"Knowledge is of two kinds. We know a subject ourselves, or we know where we can find information upon it."  - Samuel Johnson

 

Knowledge Includes:

  • know-how of creating value

  • processes of how the firm works

  • best practices

  • customer intelligence

  • new business concepts

  • R&D

  • competitive intelligence

Five Important Implications of Knowledge as Value3

  1. The tangible output of knowledge work is explicit knowledge, but the creative process is largely tacit.

  2. Explicit knowledge is increasingly quick and easy to distribute globally

  3. When it is embedded in products and services, explicit knowledge dramatically lowers the cost of the basic infrastructure required to be competitive

  4. All knowledge creates new knowledge and, thus, grows through use, while physical assets are depleted by use.

  5. The explosion of knowledge growth, combined with its rapid distribution, makes it difficult to stay on top of the available knowledge in any industry. Thus, a global knowledge economy rewards not only creators of new knowledge but also those who can identify and integrate knowledge effectively.

Related Chapters of the Business e-Coach:

Knowledge Management

Idea Management

Tacit Knowledge

Managing Knowledge Workers

Articles:

Practical Guidelines for Conducting Knowledge Management in SMEs

Links Between Individual Learning, Collective Learning and Ethics

Knowledge Defined

Knowledge is a set of understandings used by people to make decisions or take actions that are important to the company.

As opposed to "information" that is, knowledge is defined by its use and its relevance to work. It should be linked to the building blocks of how the organization creates value, especially unique know-how and capabilities.1

Knowledge as the Source of Business Value

In the new economy, the knowledge component of products and services has increased dramatically in importance and has become the dominant component of customer value. The shift to knowledge as the primary source of value, makes the new economy led by those who manage knowledge effectively - who create find, and combine knowledge into new products and services faster than their competitors.

"Knowledge includes all the valuable concepts and vital know-how that shape a business to be wanted and needed by customers. Companies that are fast to market and demonstrated an ability to move with speed and sustain speed view time and knowledge as assets that are real money in the bank."4

Explicit and Tacit Knowledge

All knowledge isn't the same. There is explicit knowledge - the kind that can be easily written down (for example, patents, formulas, or an engineering schematic). The explicit knowledge can create competitive advantage, but its half-life is increasingly brief, as it can be replicated easily by others.

Tacit knowledge, or implicit knowledge, is far less tangible and is deeply embedded into an organization's operating practices. It is often called 'organizational culture'. "Tacit knowledge includes relationships, norms, values, and standard operating procedures. Because tacit knowledge is much harder to detail, copy, and distribute, it can be a sustainable source of competitive advantage... What increasingly differentiates success and failure is how well you locate, leverage, and blend available explicit knowledge with internally generated tacit knowledge".3

 

Bibliography:

  1. "The Centerless Corporation", Bruce A.Pasternack and Albert. J. Viscio, 1998

  2. "Smart Business", Dr. Jim Botkin, 1999

  3. "Relentless Growth", Christopher Meyer, 1998

  4. "It's not the BIG and eats the SMALL... it's the FAST that eats the SLOW", Jason Jennings and Laurence Haughton, 2000

Founder - Vadim Kotelnikov. © Copyright by Ten3 East-West.  | Copyright | Glossary | Links | Site Map |

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