Five Elements for Successful Knowledge Management
Authors: Behounek M. 
Published: March 2010

Abstract
"Knowledge Management." The term is heard in many contexts and has various implications. Its implementation has been deemed necessary and its many benefits have been touted. But does it really work? And how can it be effectively applied?
There are many definitions of Knowledge Management (KM). For the purposes of this article, it can be defined as a systematic approach to getting the right information to the right people at the right time. It means capitalizing on the immense storehouse of knowledge that constitutes a company's intellectual assets.
Knowledge Management is most often used to increase product- to-market excellence, operational excellence, customer intimacy, or employee development. Drivers include globalization and the shift to matrix organizations. With increasingly competitive markets, companies need to compete more effectively on a global scale, while matrix organizations present the need to eliminate the resulting silos of functional experts. In exploration and production, knowledge management is also used to battle the demographics crisis facing the industry.
Further complicating the diverse meanings and applications of knowledge management are a multitude of implementation paradigms. There are various schools of thought with an assortment of approaches and focus areas. From enterprise-wide initiatives to grass-roots efforts, the end results often differ widely from one another.
Amidst all this complexity is one strategy that has proven to be successful. It has resulted in countless instances of time-savings, sharing of lessons learned, and just-in-time training, to name only a few benefits. From a three-fold boost in collaboration activity to a 35% reduction in lost time failure hours-all within six months of initial deployment-this strategy has increased operational efficiency and improved service quality.
At the core of the strategy are five basic elements that form the cornerstone of this flourishing KM program. While the individual elements are all equally important, their potent combination provides a practical means of reaping the benefits of knowledge management.

Element 1: Do It For a Reason
Whether it is an enterprise-wide initiative or a grass-roots effort, ensure that the KM solution is developed to address an urgent business need. Having a business case drives the scope and measures for the solution.
With a specific objective in mind, the target users, processes, tools, and required content become clearly identifiable. The focus of the solution and the drivers are clear and unambiguous. This enables the solution to be developed rapidly, avoiding long, drawn-out development times that run the risk of missing the mark by the time the solution is deployed and ensuring that the target needs are met.
An explicit scope also lends itself to straightforward measures. A distinct business case makes it easier to identify the metrics for gauging the success of the KM solution. Clearly defined measures also provide a clear picture to management, whose support is necessary for the sustenance and propagation of knowledge management.

Element 2: Let the Owners Own It
For a KM solution to work, the business unit to which it belongs and the community in which it operates should own it.