
In this article, I’m going to give you a glimpse of five companies that excel at using a knowledge management system.
Ford
Ford particularly applied knowledge management principles to product development processes. Early in the history of the Internet, Ford used web-based knowledge base software to maintain quality standards across its product line. This early adoption allowed Ford to raise its initial quality by 18% and reduce its warranty cost by $1 billion.
The auto major is great at knowledge management because the company has been doing it for a long time and has gathered enough experience to refine its approach to knowledge management meaningfully.
GE [General Electric]
Amazon
One such principle is that of housing a single interface to meet the needs of all its users. This keeps all items easy to index and find, and has allowed Amazon to skyrocket and diversify its business from selling books and all kinds of equipment to even having its own product lines that are competing with pretty much any item imaginable, from Bluetooth speakers to foam rollers.
Each of these businesses has a different approach to knowledge management. What they all share in common is a commitment to knowledge management practices and seeing how they apply to their business. The result from this commitment is - tremendous success - yet another thing in common in all these companies.
Amazon is one of the best examples of knowledge management in business. Take a cue from it and revamp your knowledge management strategies.
Pratt & Whitney
Some years ago, Pratt & Whitney realized that half of their engineers would soon be eligible for retirement, and they were scrambling to find ways to preserve the knowledge held by its critical staff. Pratt & Whitney looked at how knowledge could be systematized and centralized in the firm—in effect, treating the problem effectively. This practice allowed the company to save over $25 million. Pratt & Whitney is another great example of a company that uses a knowledge management system effectively.
World Bank
Now, the World Bank is delving deep into the intricacies of knowledge management. At a recent conference for international development, a representative from the Bank noted that it was not solely working on capturing explicit knowledge, but also on the more qualitative aspects of knowledge such as discussions and opinions. She also shared that the World Bank is trying to formulate a robust action plan to boost knowledge management.
The firms mentioned above provide excellent examples of knowledge management.
Read more about "The 20 Best Knowledge Management Software of 2020"
Hopefully, the knowledge management practices of these businesses can serve as solid blueprints that you can learn from. Through these profiles, I hope you can hone your knowledge management skills and bring your business to the point where it can gather real momentum based on a bedrock of shared knowledge.
Reads
Do you want a free Knowledge Base Software?
We have the #1 Knowledge Base Software for delightful self-service help center starting at $0
Comment