Market Research and Knowledge Management


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An informative presentation delivered at the SLA Annual conference in 2010. The aim was to provide an introduction to Market Research and Knowledge Management as possible career paths for professional librarians seeking potential career change.

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Market Research and Knowledge Management

  1. 1. Market Research And Knowledge Management Applications for the Information ProfessionalVictor CamlekVP Market IntelligenceThomson ReutersJune 2010
  2. 2. Introduction• Secondary Research – Research utilizing a variety of published sources for the purpose of locating fact-based or expert-resources to answer a request for information• Primary Market Research – Research utilizing a variety of methodologies involving individuals or groups for the purpose of delivering answers to information requests based on new data or unpublished sources.• Knowledge Management – Methodologies that enable corporate intellectual property to be managed so that stored knowledge as well as knowledge bearers may be accurately located, retrieved and shared, when appropriate
  3. 3. Primary Market Research• Research initiatives that aim to identify various kinds of non- published data that is not answerable within the requested parameters using secondary research procedures• Typical primary research projects are devoted to: – Customer satisfaction – Brand loyalty – New product concepts/product concept testing/naming/name change testing – Pricing models/Willingness to pay – Competitive intelligence – Win/loss reviews – Market sizing or segmentation – Customer or consumer preferences – Persona development – Ethnographic studies/usability testing 3
  4. 4. Differentiating Primary Research FromSecondary Sample Research Requests: • What is the Capital of Louisiana? • What is the per capita income in New Orleans • What large companies are headquartered in New Orleans? • Which conferences will occur in New Orleans in 2010 and 2011? • What breakfast selections do residents of New Orleans prefer? • What do residents of New Orleans think of your Brand X? • What is the employee satisfaction of Company X that is Headquartered in New Orleans? • How do attendees of conferences held in New Orleans feel about the city as the location for five specific conferences held within the past 2 years? 4
  5. 5. Differentiating Primary Research FromSecondary Sample Research Requests: Secondary Research What is the Capital of Louisiana? What is the per capita income in New Orleans? What large companies are headquartered in New Orleans? Which conferences will occur in New Orleans in 2010 and 2011? What breakfast selections do residents of New Orleans prefer? What do residents of New Orleans think of your Brand X? What is the employee satisfaction of Company X that is Headquartered in New Orleans? How do attendees of conferencesheld in New Orleans feel about the city as the location for five specific conferences held within the past 2 years?Secondary research questions involve the need to search publishedor web-based sources for factual answers. 5
  6. 6. Differentiating Primary Research From SecondarySample Research Requests:What is the Capital of Louisiana?What is the per capita income in New OrleansWhat large companies are headquartered in New Orleans?Which conferences will occur in New Orleans in 2010 and 2011? Primary ResearchWhat breakfast selections do residents of New Orleans prefer?What do residents of New Orleans think of your Brand X?What is the employee satisfaction of Company X that is Headquarteredin New Orleans?How do attendees of conferences held in New Orleans feel about the city asthe location for five specific conferences held within the past 2 years? Primary market research requests require the testing of some sample of a population to learn about feelings, perceptions, attitudes or opinions. These data are likely not published. Even if they are published in some form, there is often a need for a new study tailored to the specific needs of the company seeking to learn more recent info. 6
  7. 7. Some Projects May Go Either Way, e.g.• Secondary MR • Primary MR – Market Size (published) – Market Size (customized) – Survey results (published) – Survey results from – Consumer attitudes proprietary research (published) – Consumer attitudes – Syndicated Market (proprietary research) Research (published) – Market Research (proprietary studies)
  8. 8. Key QuestionsQuestion CommentsWhere are the market research May be available within a specificexperts? department. Generally not a large team. Often organized within product development or marketing orgs.How are Projects Best Managed? Performed either fully by an internal expert or outsourced to a firm. The decision rests on the type of research needed, skills resident within the corp. vs. a specialty firm. Regardless, internal project management may be required to ensure quality of service, project tracking and to ensure the project plan is on schedule 8
  9. 9. Key QuestionsQuestion CommentsWhat are the Typical Costs? There are ranges, but no typical cost. A project could cost between $30K -$100K or more. Cost depends on vertical market, level of service required, etc. Also, internal time and material costs need to be estimated. Typical associated costs may include: travel, interview time, facilities for interviews, meetings…What is the role of the information The role may range from a totalprofessional? handoff following initial research to full involvement. There is no absolute rule, however there are many reasons for info pro‟s to understand the MR process fully 9
  10. 10. Key IssuesIssue CommentsMarket research and competitive High quality market research that isIntelligence gathering professionally and ethically managed could be a vital component of competitive intelligence.Market research techniques need Customer focused studies may beto be distinguished from certain designed to learn a great dealstandard CI techniques such as about attitudes and preferenceselicitation or informal attempts to about competitive offeringsanswer KIQ‟s Survey questions may be designed to delve into competitive and market dynamics from a highly knowledgeable population? 10
  11. 11. Market Research:Before You Take the Plunge• Review data from internal KM systems – Has this work been done before? When? Is a new effort needed?• Confirm the need for MR by conducting a thorough search including a review of trade publications and syndicated Market Research• If there was previous research confirm – What do you already know? – Is a new study necessary – What can you utilize from the previous work to save time and cost COMPANY CONFIDENTIAL 11
  12. 12. Assessing the Need For Market Research “Take stock” – is a new project warranted? If yes, draft initial hypotheses and identify the type of information you will need to collect A typical project plan will follow this sequenceFrame the RFP/Shortlist Perform the Presentationrequest and Select firms Studyidentify resources or manage internally Determine budget Agree on the Analyze results Identify key Stakeholders methodolgy Create report Decide: Internal or outsource Build timeline Do preliminaries* 12
  13. 13. Preliminaries• Identify target respondents• Get list (evaluate legal/privacy issues)• Decide on research methodology• Design the interview guide or survey tool• Review/refine tool as needed• Decide on timeline• Launch the project 13
  14. 14. Moving To the Research Process Once a decision has been made and budget and stakeholder issues have been identified it‟s time to move directly to the actual research process.Frame the RFP/Shortlist Perform the Presentationrequest and Select firms Studyidentify resources or manage internally Determine budget Decide on Analyze results Identify key Stakeholders methodology Create report Decide: Internal or outsource Build timeline Do preliminaries* 14
  15. 15. A Review of Basic Market ResearchTechniquesAt this point we will present a selected high level review of variousMarket Research Techniques that you will need to be aware of. Pleasenote, this is not an attempt to completely cover all potential MR methods• Qualitative MR (Listening) • Quantitative MR (Measuring) – Panels – Online surveys – Focus Groups – CATI (Computer-Assisted – Telephone Interviews Telephone Interviews) – In-depth interviews – Mail Surveys – Ethnography – Mobile Phone Surveys – Web 2.0 techniques – CAPI (Computer-Assisted Personal Interviewing) – IVR (Interactive Voice Response Surveys) – Mixed Mode (twp or more methods in combination) 15
  16. 16. Qualitative Research Goal of Qualitative: Assess patterns, themes, and general consistency among participants or focus group sessions When to conduct qualitative research • You know many of the questions to ask, but you are not sure of the possible range of answers • You know little about the situation / topic • You need to understand how someone is thinking about something and the underlying reasons • Good starting point before hypothesis are formalized • First step prior to launching a quantitative survey Source: Courtesy of Robin Schribman 16
  17. 17. QUALITATIVE RESEARCH: LISTENINGEXAMPLES OF BUSINESS DECISIONS FOR RESEARCHProduct Development (Existing & New)• The business team is working on a new product idea or product enhancements.• The business needs to understand how to revise the idea to fit more comfortably into how our customer‟s work is completed• The business needs to determine where they may want to put their investment $‟s.Communication & Messaging• The creative team is developing advertising.• The team needs to understand if the image and copy will be “read” as intended.• The business wants to determine the value and where to focus copyValue Proposition• The business would like to know what key decision makers are thinking and how they make their decisions with regard to a product we may be introducing into the marketPost-Launch Assessment• A product launch under-performed expectation. You need to diagnose the situation – is it a product issue or a marketing issue. Source: Courtesy of Robin Schribman 17
  18. 18. QUALITATIVE RESEARCHCOMMON APPROACHESIn Person Office Visit Ethnography• Interview takes place in the • An observation based approach where respondent‟s office, usually one-on-one roles of interest are observed in-person in their work space completing tasks of• Used for reaching hard-to-schedule interest participants • Duration of observation with a specific• Good when the topic is complicated. individual varies; however, generally not Generally 60 minutes in duration, but less than 2 hours can be longer • Multiple participants and sites usually• Vital when important to see involved “environment” Focus Group Workflow Mapping • A discussion led by a moderator with 6 • A working session where 3 – 4 – 8 participants at a focus group respondents with experience in the role facility. Maximum of 2 hours in of interest and a moderator build a duration diagram of the tasks and decisions • Generally completed in blocks of 4 – 6 • Generally 6 – 12 hours to complete sessions over two days divided among different locations Source: Courtesy of Robin Schribman 18
  19. 19. QUALITATIVE RESEARCHCOMMON APPROACHESRemote with Technology Telephone Interview Online Focus Group• Very similar to an office visit except • Similar to a focus group except the telephone is used for respondents discuss using telephone communication conference line and materials are• Maximum of 60 minutes in duration shown using a desktop sharing• Can be scheduled on clients time service• Used for sensitive topics • Maximum of 60 minutes in duration • Fewer respondents can be accommodated in one session • Can be organic or scripted Source: Courtesy of Robin Schribman 19
  20. 20. QUALITATIVE RESEARCH FOCUS GROUPS • If the groups are not conducted correctly there may be costs involved Why Leave with incorrect interpretation of the discussionFocus Groups • A professional moderator runs a focus group. The moderator‟s job is to the directing the conversation and ensuring that all respondents voice their opinionProfessionals • Experienced moderators spent years honing their skills • The moderator‟s goal is to generate a maximum number of different ideas and opinions from as many different people in the time allotted • Consider the bias involved with moderating your own focus groups. How will you react in a focus group situation if the participants don‟t like the concepts? Will you probe for more details on their concerns or will you either (a) try to sell them on the concepts, (b) defend the concepts or (c) quickly try to steer them on to the next topic? • Using a trained and non-bias person will provide the necessary element of objectivity into your study • Allows internal stakeholders to observe / listen Source: Courtesy of Robin Schribman 20
  21. 21. QUALITATIVE RESEARCH PREPARING TO LISTEN: INTERVIEW/DISCUSSION GUIDE• Every interview follows a discussion plan.• A good interviewer will prepare a draft and will explain how the draft will elicit the information you need to know. Draft revision is part of the process• Every conversation plan has the following sections • Request for the respondent(s) to introduce themselves • If a concept is to be discussed, a short overview (verbal / visual) to provide just enough information to support an intelligent conversation • Groups of logically related questions • Closing• A “dress rehearsal” of the plan is a very effective way to double check the “right” questions are represented and the plan „feels‟ like it will flow well Source: Courtesy of Robin Schribman 21
  22. 22. QUALITATIVE RESEARCH ETHNOGRAPHY • Ethnography combines together participant observation and interviewing • An extensive amount of time is spent with participants. 2 or more hoursEthnography of time which may occur over more than one appointment • Usually a small team is involved, a lead interviewer accompanied by about two additional observers. These participants observe, lend interpretation expertise, and capture conversation when the lead is interviewing a respondent. • A substantial amount of time is spent observing participants with occasional question / answer periods. • These projects are larger in scale in terms of time to completion and participants. 4 or more months. Multiple sites. Multiple participants per site. • When you need to understand how a customer group is completingWhen to Use something in a great amount of detail.Ethnography • Ethnography is primarily reserved for product development Source: Courtesy of Robin Schribman 22
  23. 23. QUALITATIVE RESEARCHEMERGING TRENDS: WEB 2.0: PANELS / BLOGS Research Panel Moderated Blog Home page for panel designed toreflect the core aspects of the brand Moderator is responding to a specific response Source: Courtesy of Robin Schribman 23
  24. 24. Quantitative Market Research Goal of Quantitative: Determine size of an opportunity, quantify responses, and optimize go-to market strategies, such as pricing and value propositions When to conduct quantitative research: • Need to quantify value of product configuration • Support for a business unit requesting help estimating the revenue opportunity for business case approval • Marketing needs to segment large customer base of information into meaningful / sizable groups • Order of magnitude needs to be determined to help prioritize internal investments • Need to quantify preference, loyalty or risk Source: Courtesy of Robin Schribman 24
  25. 25. QUANTITATIVE RESEARCH: MEASURINGTypical research problems:Product Development • The business team is working on a new product idea • The business needs to finalize the product or feature configuration, set the price and forecast potential revenueCustomer Satisfaction • The business needs to understand the trends in customer satisfaction as compared with a baseline of data • Identify larger market opportunities or gaps that may be fixedBrand Loyalty and Brand Equity • The business needs to measure its ability to retain customers based on their allegiance to a brandMarket/Customer Segmentation • The business needs to improve the effectiveness of marketing efforts by breaking a larger market into meaningful groups Source: Courtesy of Robin Schribman 25
  26. 26. QUANTITATIVE RESARCHWHAT QUANTITATIVE PROJECTS HAVE IN COMMON An Analysis Plan• An analysis plan outlines how the results will be analyzed to insure all of the necessary questions and respondent types have been included• The analysis plan double checks that the survey will collect the data needed to reach a meaningful analysis.• In certain cases when you are also assessing competitors and want to make sure you have a truly objective and common comparison• The type/format of survey questions will be dependent on analysis plan and how you will want to review data collected Source: Courtesy of Robin Schribman 26
  27. 27. QUANTITATIVE RESARCHWHAT QUANTITATIVE PROJECTS HAVE IN COMMON Question Types: Open and Closed • An “open” question provides no options to select among. For example: “What did you particularly like about the idea” • When including open-end questions remember someone will have to read and assign codes to every response. This can become expensive and labor- intensive very quickly • In general, use open-end questions sparingly (no more than 4) as only a minority of respondents will complete • A “closed” question provides options to select among – generally multiple choice style • These questions are much more efficient to tabulate and should be the core of any quantitative questionnaire • Closed questions have “scales”. Generally the scale is the number of options to select among which are usually 4 / 5 / 7 or 10 • May include rating and ranking type questions • Can be used for brand awareness and perception type research Source: Courtesy of Robin Schribman 27
  28. 28. QUANTITATIVE RESEARCH ALL MEASUREMENT PROJECTS INCLUDE… Estimates the number of completed surveys needed to accurately A Sampling represent all of the groups of interest. • A sampling plan sets counts for specific demographics to Plan insure the results are accurate and projectable. • In general, the greater the number of completed surveys the better; however, there are diminishing returns. • Determine incentive • A short qualifying section is first in the questionnaire to insure participants are qualified to answer the questions Screening • This is very similar to the screening questionnaire used in Criteria interviews • A list of prospective participants to contact by telephone or e-mail • List management is critical to get the best respondentsRecruiting List • Can be pulled from an internal database or purchased from a list vendor Source: Courtesy of Robin Schribman 28
  29. 29. QUANTITATIVE RESEARCH COMMON WAYS TO MEASURE PROFILING: A Set of Questions to Describe Something • A survey focused upon how customers are evaluating the product or service they are usingSatisfaction • Usually repeated over time to be able to monitor if internal changes have a positive or negative effect upon customer opinions • A variation on a satisfaction survey. A point-in-time look at what products and services a customer is using, how often and their opinions on performanceAttitudes And • Usually includes a comparison to competitors Usage • Assessing brand awareness and appeal can be an attitudinal in nature • Risk studies also tend to be attitudinal • A standard series of questions about a new product idea: interest, likelihood to Concept purchase, likelihood to use, others • Purpose is to assess market receptivity to the product concept Evaluation • Can provide directional pricing guidance • Can be used to make a go/no-go decision for basic product enhancements Source: Courtesy of Robin Schribman 29
  30. 30. QUANTITATIVE RESEARCH EXAMPLES OF MODELING • Configures a product at the optimal priceTrade-Off / • Evaluation of individual features – grouped together based on perceived Conjoint value Analysis • Complicated technique / generally requires vendor expertise • Determines how a brand is perceived Brand • How extensible is the brandAwareness • How does it compare to the competition • Assess product/service strength with a customer group • Ongoing measure either transactional or survey based Loyalty • Generally a tracking study – conducted on-going, quarterly or annually • Provides guidance in formulating survey design to support particular analysis techniques -- i.e., Conjoint, K-means,Specialist Latent Class, etc. • Generally requires advanced statistical software Source: Courtesy of Robin Schribman 30
  31. 31. QUANTITATIVE RESEARCH BEST PRACTICES IN SURVEY DESIGN / EXECUTION Be precise in what information you need to gather. A focused goalFocus on Objectives will help to simplify the survey Survey the Right Make sure your selection of sample is random. For web surveys Number of People make sure e-mail addresses to be included are representative of the population to be studied Craft Invitation • A well-crafted invitation is essential to improving response rates Carefully • For web surveys, critical that your invitation is designed to minimize the likelihood of being flagged as spam • Let them know how long the survey will take • Specify a deadline Screener Order Questions An inverted pyramid approach to General Questions Logically question order can help ensure the effectiveness of your survey – final Specific Questions flow of survey will vary Open-Ended Questions Demographic Follow-Up Source: Courtesy of Robin Schribman 31
  32. 32. QUANTITATIVE RESEARCH BEST PRACTICES Write Objective • Respondents should not be able to determine where you stand Questions on any topic, so use nonjudgmental wording and choose neutral terms • The best practices for writing scales have been thoroughly researched. Respondents prefer fully labeled scales • Where possible use standard scales rather than writing your own The shorter the survey, the better the response rate. As the surveyShorten the Survey grows in length, your abandonment rate will also grow. Your respondents contribute because they value their relationship withClose the Feedback you and they want to see you improve. If appropriate, explain what Loop you‟re using the data for and share your findings with relevant communities Source: Courtesy of Robin Schribman 32
  33. 33. Benefits of Market Research• New Data Gathered and Analyzed based on a specific business requirement provides a valuable decision support tool• Some degree of business risk may be mitigated• Unfavorable concepts may be prevented from occurring• MR permits companies to get closer to customers in a variety of ways• Informed decision making is a critical success factor 33
  34. 34. MR and the Info Pro• Primary market research Is A vital component of the research process• Info Pro’s may extend their current sphere of influence, career status and overall value to their home company by getting closer to the MR Process• A full-time market research position could be a career extension option• The CI practitioner should be able to tap into Market Research experts as they offer ethical approaches and proven methodologies that may be applied to gathering primary competitive intelligence derived from customer- focused research 34
  35. 35. Where To Get Market Research Training• Selected List – Burke Institute • “Since our founding in 1975, Burke Institute has trained more than 75,000 participants from 10,000 companies, in 40 different countries” – Marketing Research Association • “MRA‟s education will provide inspiration and solutions. Conferences, webinars and self study courses are all available and educational opportunities exist for every career level. Obtain all the tools you need to gain an edge on the competition. MRA‟s PRC program strives to approve most online education products.” 35
  36. 36. Focusing On Knowledge ManagementVictor CamlekVP Market IntelligenceThomson ReutersJune 2010
  37. 37. Knowledge ManagementThere appears to be no one simple Definition of Knowledge Management 37
  38. 38. KM: A Working Definition• Knowledge Management Involves – A process that is used by a firm or enterprise to create an official place to store intellectual property (IP). This data repository would house the official final version of IP (a report, research results, spreadsheets, presentations, etc.) – A technology that makes the IP retrievable to those individuals who have a need to know and are cleared to receive access to this material – A taxonomy, coding or algorithmic method that will permit others to discover this valuable information and retrieve it if they are cleared to do so – A contributory or mandated process whereby producers of intellectual property play a vital role in populating the repository – A way to organize access to functional experts within a firm or enterprise so that these individuals may be called-in to contribute their expertise, where appropriate to important projects 38
  39. 39. Knowledge In The Business Enterprise • Formal corporate assets • Includes: patents, copyrighted Explicit materials, trademarks, publications, reports, templates, datasets Assets • Informal assets that are based on human experience • Includes: Experienced knowledge Tacit Assets bearers, content that do not represent official corporate positions, intellectual capital, skill sets and other undefined resident capabilities 39
  40. 40. Expert View of KM 2010• Gartner Research – Describes two adjacent disciplines • Knowledge Management • Enterprise Information Management – Differences • KM: “is a discipline that formalizes the management of an enterprises intellectual assets. KM promotes an integrated approach to identifying, capturing, retrieving, sharing and evaluating an enterprises explicit and tacit knowledge assets” • EIM: “is an integrative discipline for structuring, describing and governing information assets across organizational and technological boundaries to improve efficiency, promote transparency and enable business insight.” – These are important distinctions that help to clarify the role and info pro or information department may elect to play Source: Knowledge Management and Enterprise Information Management Are Both Disciplines for Exploiting Information Assets. Gartner Research, 31 July 2009. ID Number: G00169664 40
  41. 41. Important Distinctions EIM KM Sources Explicit Explicit and tacit Purpose Consistency, usability, Access, leverage, shareability, codification shareability Technology Many: for example: ECM, Social Software apps DW, BI, MDM, and so on predominate Governance Formal, enforced Informal, socially acceptable Metrics Formal, quantitative Informal qualitative Audiences Internal Internal/external BI=Business Intelligence; DW=Data wharehouse; ECM=enterprise content Management; MDM=master data managementSource: Knowledge Management and Enterprise Information ManagementAre Both Disciplines for Exploiting Information Assets. Gartner Research,31 July 2009. ID Number: G00169664 41
  42. 42. The Key Components of EIM and KM EIM KMSource: Knowledge Management and Enterprise Information ManagementAre Both Disciplines for Exploiting Information Assets. Gartner Research,31 July 2009. ID Number: G00169664 42
  43. 43. Important Aspects of The EIM/KM Distinction• Utilizing this Distinction permits the Info Pro to Assess the competencies required to participate EIM KM •Governance, Risk and • Client engagement Compliance roles • Influencing motivation •Technology • Leveraging a combination selection/management of text and people skills; •Cross departmental stakeholder management management policies • Ongoing support and •Stakeholder management maintenance to ensure the • Rules and guidelines program remains on development, course documentation and • Internal monitoring marketing/championing • Relationship building 43
  44. 44. Value Chains• KM involves an awareness of the Porter Value Chain Model• This model helps to understand where KM may be implemented 44
  45. 45. APQC: KM Stages of Implementation APQC is member-based nonprofit organization specializing in benchmarking, knowledge management, measurement, and process improvement. APQC promotes a five phase adoption of KM Source: APQC 45
  46. 46. APQC KM Maturity Levels APQC’s Levels of Knowledge Management Maturity™ “This tool provides a road map for moving from immature, inconsistent knowledge management activities to mature, disciplined approaches aligned with strategic objectives” Source: APQC 46
  47. 47. The KM Process View Source: KM101, Taming the “infolanche”, Phillips Wyatt Knowlton, Inc. 47
  48. 48. Benefits Associated with KnowledgeManagement• Improved profitability driven by efficiency and innovation• Resource optimization• Improved talent management• Ability to create communities of practice• Improved content management• Superior ROI from completed projects and information that has been acquired• Development of a “knowledge sharing” culture (as opposed to silos) 48
  49. 49. Important Requirements of EIM/KM• Data Repository – Includes corporate or departmental portals – Provides access to various information collections – Can involve multiple layers of security – Portals need to be backed up by servers or cloud-based storage – Potential to house • Explicit IP • Experts database – Critical business process groups may achieve dataflow • Finance • Invoice fulfillment system • HR • Library Services • T&E/Training/News, etc., etc 49
  50. 50. Important Requirements of EIM/KM• Technology That Makes Knowledge Retrievable Includes – Enterprise content management systems – Enterprise Search – Federated Search – Records Management – Security – Architectures (Proprietary or open) – Web Portal Software• Involves planning, vendor selection and maintenance• Requires strong connection with IT, HR, Finance, Legal and Marketing departments 50
  51. 51. High Level Provider Segmentation“…knowledge management is not a product you can buy, but a set ofbusiness practices that focus on the intelligent capture and reuse ofinformation and knowledge held by employees…” John T. Maloney (1998) High Level View of Technology Providers Within EIM/KM Content Enterprise Federated Records Portals Management Search Search Management Autonomy Autonomy Auto Graphics Autonomy Microsoft Documentum FAST/Microsoft Ex Libris CA Sharepoint IBM Google Muse Global EMC IBM Open Text IBM OCLC Filenet (IBM) Websphere Oracle Convera ProQuest Open Text Oracle Web Vignette Endeca Others… Oracle Center Others…. Inqura Many others Suite Others… Many others 51
  52. 52. Other Factors Critical To EIM/KM• Taxonomies/Algorithms – Needed to make information retrievable with a high degree of precision• Contribution Incentives/Participation Recognition – KM requires contributions – The challenge of motivating employees rests with the governance policies that must be set within each company• People Sourcing – COPs – Expert Databases – Correspondent Networks 52
  53. 53. Communities of Practice• A Group of knowledge bearers that is organized for the purpose of sharing and learning from one another either in-person or via virtual communications media.• The collective contributors may yield a body of new knowledge based on their combined expertise.• The goal is to maintain the continuity of the COP.• This interaction should contribute measurably to operational excellence• The COP may be called on to problem solve important business issues 53
  54. 54. Defining Success Projects Comments Leadership Someone is responsible for leadership Commitment Human and capital resources Objectives Availability Ease of access and transfer of knowledge Positive encouraging environment Managing Knowledge as an asset on the balance sheet Source: Successful Knowledge Management Projects: Thomas H. Davenport, et al Sloan Management Review, Vol. 39, no 2, 1998, p. 43-57 54
  55. 55. Eight Factors Contributing To Success1. Project involves money saved or earned2. Project uses a broad infrastructure of both technology and organization3. Project has a balanced structure that is flexible and evolutionary and maked knowledge easy to access4. Within the organization, people are positive about creating, using and sharing knowledge5. Purpose of the project is clear, and the language that knowledge managers use to describe it employ terms common to the corp. structure6. Project motivates people to create, share and use knowledge7. Project utilizes many ways to share knowledge (systems and in- person8. Project has senior managers‟ support and commitment. Source: Successful Knowledge Management Projects: Thomas H. Davenport, et al Sloan Management Review, Vol. 39, no 2, 1998, p. 43-57 55
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  57. 57. Additional Examples of Successful Programs• Hoffman La Roche - through its Right First Time programme has reduced the cost and time to achieve regulatory approvals for new drugs.• Dow Chemical - by focusing on the active management of its patent portfolio have generated over $125 million in revenues from licensing and other ways of exploiting their intangible assets.• Texas Instruments - by sharing best practice between its semiconductor fabrication plants saved the equivalent of investing in a new plant.• Skandia Assurance - by developing new measures of intellectual capital and “goaling” their managers on increasing its value have grown revenues much faster than their industry average.• Hewlett-Packard - by sharing expertise already in the company, but not known to their development teams, now bring new products to market much faster than before• Source: 57
  58. 58. KM and the Info Pro• Aligned with core competencies• Involves organizing a wide body of knowledge and people• Provides an additional service opportunity• Involves investment in various “tools”• Adds value to the library function• Adds value and opportunity to the role of the information professional 58
  59. 59. Knowledge Management and the Info and CIProfessional• Info pros have adjacent and direct experience in KM – Positioning to play a broader role across an enterprise could greatly increase individual and departmental value – Info Pros can contribute to the development of taxonomic structures vital to successful KM programs – CI professionals can develop specialized KM apps that help manage knowledge about market and competitive dynamics – Info Pro‟s and CI Practitioners can achieve meaningful roles in the governance, planning and development, quality assurance and applications development of KM systems. 59
  60. 60. Conclusion• Information Professionals and CI Practitioners should seek out ways to add value to their core competencies• Two promising adjacent areas of expertise include – Market Research – Knowledge Management• MR involves extending research services to a different set of techniques and deliverables• KM involves extending organizational and administrative capabilities into a broader area of information management that could have a positive impact on operational and financial performance 60
  61. 61. Where to Get more KM Facts and Training• Selected List – SLA KM Division – The KM Institute • “Provides KM Training and Solutions, staffed by full-time employees at KMI HQ (Washington DC), as well as part-time or on a volunteer basis by a global network of KM professionals, trainers, and content providers - all respected experts in their fields” – • “Since 1997, KMCI has been offering top-of-the-line knowledge management training courses taught by some of the best known thought leaders in the field” • Offers 5-day CKIM™/CKIM™ In-house; One-day workshops and distance learning – APQC • Benchmarking and best practice research • KM is a major area of interest 61