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Habit 2 actively manage knowledge; from the 7 habits of effective decision makers

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Habit 2 actively manage knowledge; from the 7 habits of effective decision makers

  1. 1. The 7 Habits of Highly Effective Decision Makers Habit 2: actively manage knowledge Genesis Management Consulting Limited “Improving lives through better decisions”
  2. 2. The underlying purpose of the series is … … about helping you to improve people’s lives by helping you to make better decisions!
  3. 3. The introductory slide show gave us an overview… found at The 7 habits Overview
  4. 4. reminding us that strategic decisions have a far-reaching impact The decision ring of influence
  5. 5. and summarized the 7 habits of highly effective decision makers 1. get the basics right 2. actively manage knowledge 3. communicate visually and verbally 4. prioritize ethical implications 5. embrace complexity 6. “think like a shrink” 7. use tools and technologies
  6. 6. in the first habit we looked at: Where organizations can - and do - get the basics wrong How getting the basics right involves answering six key questions What actions can be taken to get it right
  7. 7. in the second habit we look at: the common knowledge management traps how to improve decisions through effective knowledge management. some of the behavioral challenges and some of the tools available
  8. 8. common knowledge-related traps more than 60%* of respondents categorized knowledge management as either “very poor” or “could do better” (* 2010 Genesis global survey)
  9. 9. what are the common errors? failure to deal with complexity unfocused data collection insufficient time too much reliance on financial data
  10. 10. common knowledge-related traps Untested assumptions No insights Knowledge not captured Bias and misperceptions
  11. 11. even our in-house IT systems can be frustrating decision information cuts across processes and functions unavailable data unusable data
  12. 12. so how can we be more effective? effective decision makers see knowledge management as a process to be dealt with proactively information capture insights
  13. 13. with two objectives: to support the decision to capture the decision making process making process • learn and improve • sense the future • re-play decision • support intuition • test assumptions • generate insights • explore options • establish the facts
  14. 14. knowledge management process Knowledge drivers Knowledge management Data is processed define system captures the data, to yield requirements knowledge and process insights but also …
  15. 15. can be facilitated by the right tools but also hindered by behavioral problems information capture insights behavioral the right problems tools
  16. 16. actively managing knowledge information capture insights this slide show will consider each of the elements of behavioral active knowledge the right management problems tools
  17. 17. knowledge has to be improved, challenged, and increased constantly, or it vanishes
  18. 18. the knowledge management process the inputs: information capture insights knowledge drivers define behavioral the information the right problems requirements tools
  19. 19. knowledge drivers: the elements of the decision process drive the information requirements information requirements
  20. 20. example decision: should we acquire company x? Driver Example Knowledge sought Objective Double market share By how much will our market share increase after the acquisition? Situation How will it change Who are all the market players and appraisal the competitive what will be their possible reactions dynamics of the to our takeover? market? Option What are the What are the potential combinations generation potential terms of of share swaps, cash, guarantees and the deal? debt that could be offered?
  21. 21. 3 important questions “There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we now know we don’t know. But there are also unknown unknowns. These are things we do not know we don’t know.” United States Secretary of Defence Donald Rumsfeld what knowledge do we already track down the source, have in the organization? verify and capture it. what knowledge do we know focused search: use we don’t know? hypotheses what knowledge do we not broad search: use external know we don’t know? inputs and creativity
  22. 22. remember from Habit 1… effective decision makers plan their information gathering ... unreliable not enough too much … and get the balance right
  23. 23. effective decision makers measure the cost of obtaining information against the value of that information impact on credibility of outcome? uncertainty reduction? source?
  24. 24. "There's no such thing as knowledge management; there are only knowledgeable people.” “Information only becomes knowledge in the hands of someone who knows what to do with it.” Drucker
  25. 25. the knowledge management process the system: information capture insights the knowledge management system captures the behavioral data, knowledge the right and process problems tools
  26. 26. the knowledge management system captures the data, information and knowledge all information & knowledge housed in one place:  accessible  relational  scalable  secure  integrate-able
  27. 27. the knowledge management system must capture the process  to learn and improve  to re-play the decision  to test assumptions  to explore options
  28. 28. checking the results of a decision against its expectations shows executives what their strengths are, where they need to improve, and where they lack knowledge or information
  29. 29. the knowledge management process the insights: information capture insights data is behavioral processed to the right problems produce tools insights
  30. 30. insight is the ability to grasp the key elements of a complex subject, person or situation Insight and wisdom Context why? independent Knowledge how? Information what? who? where? when? Data Understanding
  31. 31. true insight reveals the system … its is more than just an aggregation of the underlying knowledge and information only with true insight can we find the creative, disruptive solution that changes the game!
  32. 32. one method alone will not create insights crowdsourcing data analytics systems thinking creativity simulation & games exercises visualization
  33. 33. to obtain insights, engage the right brain insights come from the computers can simulate right-brain much of the left-brain activity holistic context logical simultaneous sequential synthesis… calculating … intuition intuition VERSUS AND rationality rationality
  34. 34. “A moment’s insight is sometimes worth a life’s experience”
  35. 35. the knowledge management process behavioral problems behavioral problems
  36. 36. the best knowledge in the world is still subject to interpretation-bias and misperceptions (behavioral economics) recognition of your bias is not enough in itself to prevent you being influenced by them see habit 6: “think like a shrink” for more on this topic
  37. 37. and misperceptions appear in many forms …. overconfidence seeking confirmatory evidence champion bias anchoring ease of recall loss aversion sunk cost fallacy misaligned objectives group-think
  38. 38. “A point of view can be a dangerous luxury when substituted for insight and understanding.”
  39. 39. the knowledge management process the right tools: the right tools
  40. 40. there are a multitude of tools that can improve the capturing and conversion of knowledge capture generate insights manage systems think analyze visualize simplify share model simulate see habit 7: “using tools and technologies” for more on this topic
  41. 41. find the right tool for the task for instance … The Parmenides’ EIDOS one tool cover almost the full software suite is spectrum of requirements comprehensive. Consideo covers a wide-range of others help in a broad area areas and is excellent in systems modeling and insight generation THOUGHTstream facilitates others are more specific crowdsourcing and long- distance facilitation Laminin Solutions coordinated or broad-based KM support with Genesis in this “Lean Information” presentation however, tools are just tools and need to be applied with experience and intelligence Links to these tools available on the Genesis website on “The 7 Habits” page
  42. 42. even if the right tools are just paper, pencils and dialogue!
  43. 43. a simple tool the Genesis decision room: tapping into the power of the brain a single room … …data, charts, research, presentations, web-sites, flip- charts, etc are on display… …to absorb, discuss, debate, draw, challenge in free-flow with the intention of developing insights… why? rational, conscious minds have limited capacity letting knowledge sink into the unconscious and allowing it to develop its own links and patterns taps into our full mental powers further stimulation through dialogue with others will further enhance the process
  44. 44. the subconscious needs time and space to roam
  45. 45. habit 2: actively manage knowledge summary information capture insights behavioral the right problems tools
  46. 46. using this slide show … a check-list … Check 1: Do you develop a knowledge management plan based on the key steps of the decision process? Check 2: Do you keep all your “knowledge” – data, your question: information, analysis, insights, conclusions and process - in one central repository? can our organization Check 3: Do you look for “unknown unknowns” as well improve the as the obvious “known unknowns” effectiveness of Check 4: Are you capitalizing on the tools, techniques our decision and methods that could optimize your decision process? making by Check 5: Are you really focused on reaching creative improving our insights that can identify innovative solutions? knowledge management? Check 6: Are you working at keeping the behavioral biases from corrupting the decision?
  47. 47. through helping your organisation to take better decisions … … you will make a positive impact on peoples lives!
  48. 48. for more information about the 7 habits series and other decision making support….. The 7 habits of highly effective decision makers - the overview Habit 1: get the basics right Genesis web-site download all the slideshows at our web-site
  49. 49. Genesis Management Consulting Limited Genesis is a strategy consulting firm with a mission of “improving lives through better decisions” We do this by building individual and organizational competency through: • Decision coaching • Decision training • Decision support This presentation is one of a series of articles that discusses decision making in more detail. For queries on in-house presentations or further information, please contact Simon Gifford at sgifford@genesis-esp.com or visit our blog at www.genesismc.co.uk/blog Editing & graphics: M. Conidaris

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