Is your family business enterprise interested to achieve breakthrough performance? If the answer is Yes, then you must seriously consider to adopt a planned and systematic process to effectively manage critical knowledge assets to significantly improve your competitive advantage and achieve more sustainable family business performance. When operating in a highly challenging business landscape, a critical knowledge assets is your strategic secret weapon of choice.
Critical Knowledge is really about key operating knowledge or in-depth business knowledge and not general knowledge. In this context, critical knowledge assets in your family business enterprise,1| structured lessons learned, 2| latest best practices, 3| frequently occurring issues and best available responses, 4| proprietary business processes, 5| unique designs, 6| breakthrough ideas. 7| differentiated strategies, 8| outside the box solutions, all proven business formulas and others.
To derive maximum benefits from critical knowledge assets management, the family business enterprise must place key emphasis on systematically capturing and effectively transferring the valuable knowledge throughout the organization as fast as possible. This will provide real opportunity for everyone to capitalize on the proprietary knowledge assets to leapfrog and to drive breakthrough performance. Critical knowledge is undoubtedly the real assets, value and worth of your family business enterprise in this knowledge-based and innovation-driven digital economy. In addition, the ability to successfully manage critical knowledge assets plays a crucial role to drastically reduce valuable knowledge “walk-out” especially when key talents leave your business enterprise.
At this point, it is very important to highlight that there is a direct correlation between critical knowledge [input] and breakthrough performance [output]. To be very specific, the consistent usage or constant application of critical knowledge will contribute directly to securing breakthrough performance in your family business enterprise.
So, what is breakthrough performance? Breakthrough performance refers to highly significant performance that is achieved through focused and repeated application of critical tacit or non-documented and explicit or documented knowledge. This suggests that breakthrough performance is about going beyong the standard, normal or usual performance level. It is really about ensuring that the desired outcomes are more outstanding and more superior than past achievements. It is therefore very obvious that to consistently achieve breakthrough performance, the critical knowledge assets of the business enterprise must be constantly reviewed and upgraded. This is to ensure that we maintain a base of living knowledge capital.
The practice of critical knowledge assets management is a journey in pursuit of breakthrough and sustainable family business enterprise performance. There are three major value propositions or ultimate business impact for adopting a systematic approach to critical knowledge assets management.
Firstly, the effective management of critical knowledge assets increases operational excellence in the family business enterprise, for example – reduction in the number of repeated mistakes, decrease in consistency to achieve deadlines. Secondly, the practice of critical knowledge assets management enhances customer responsiveness, including – improved speed in response time, consistent service and the ability to offer more quality service to exceed customer expectation. Thirdly, it accelerates innovation intensity. The process of managing valuable knowledge assets can generate more breakthrough ideas, shorten time taken to innovate and potentially pioneer outside the box improvements.
In summary, critical knowledge assets management is not an option. It is a fundamental practice and culture that need to be embraced by your family business enterprise if you are seriously interested to achieve breakthrough performance and stay competitive
