Written anything good about your business lately, and what have you done with it?
Knowledge matters, to change your situation change your knowledge
Everyone thinks about putting their products in a warehouse, but few thing of putting their information and knowledge in a warehouse.
When creating your knowledge database it is important to recognise:
- Raw Data. Is raw information, statistical data and generally unusable for the average business.
- Is data that has been sorted and put into understandable chunks. It is specific about situations or products and has been gathered or received by communication, news and market intelligence.
- Is information, facts and skills acquired through experience or education and is being utilised in a practical and useful way. The special information you and your business has wants and needs, in order to prosper. It represents a practical understanding of a subject.
- Wisdom. Is a retained automatic understanding of what to do. You just know what is right and common sense. It is the ability to know what to do in any given situation, where experience, intuition, knowledge and good judgment guide your thoughts, ideas and actions.
The data can originate inside the organisation or be acquired from external sources. Creating a useful knowledge database can a simple process where data and information are transformed into information which is then filtered, further transformed put into common knowledge, reused, stored, and leading to greater wisdom. The process occurs in every organisation, albeit slowly in some.
How will you move raw data to useful knowledge and to wisdom?
While the new and changing technology tells part of the story, the real transformation only comes when the technology is secondary to knowledge management strategies, process, talent and digitally enabled business models.
“A good decision is based on knowledge and not on numbers”. Plato
What use have great data standards that only apply to new, incoming data? That’s only half the equation. It’s best practice to also enforce standards on data already collected, so all the data is in the same format and active, ready to be transformed into reliable, practical and useful and helpful knowledge.
This requires an investment of your time and skill, but the payoff can be huge. It can be an important part of your competitive advantage and make you the go-to person.
By reorganising your data, information, knowledge and wisdom, you can ensure that your stakeholders will interpret it and utilise it in the best possible way for the good of customers and the business.
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When I first started in business my knowledge base was zero apart from the practical experience I had. It wasn’t long before I started to accumulate new knowledge and ideas on how to manage the business better. I had to do this because the amount of knowledge you need to run a business is extensive and well beyond a person’s capacity to absorb it all.
I have come across many tradespeople who have the belief that all you have to be is a good tradesman. Well, I know that is critically important, but managing the business is often the half that is missing. The half that helps to overcome struggles and achieve visions.