While organisations have always had some form of 'knowledge management' system, usually under another name, it is now apparent that the ability to systematically identify, generate, acquire, diffuse and capture the benefits of knowledge can provide a substantial strategic advantage. The extent of intangible assets in major firms, often exceeding their tangible assets many-fold, is one illustration.
Based on an analysis of the new rules of competition under the global knowledge economy, and extensive experience in a range of firms, a diagnostic has been developed to allow organisations to determine the effectiveness of their knowledge management, and thereby to benchmark their activities. New approaches are being developed to provide a sounder basis for the strategic management of knowledge through managing organisational information, organisational knowledge, and individual knowledge, and the transfer and translation processes between each of them.
We have identified the Knowledge Management Journey as a 'fivefold way', involving: