Ten steps to get more business value from knowledge management

Purpose – As firms once again come to see knowledge management as central to having an effective, efficient organization, executives should address the problem of how the firm can capture the promise of knowledge management while sidestepping the pitfalls. This article aims to offer steps to overcome this problem. Design/methodology/approach – Based on his experience and that of other experts, the author offers ten practical steps for an executive to take to exploit the true potential of knowledge management. Findings – The article suggests that if these ten basic principles are followed, managers should be able to capture much of knowledge management's potential while avoiding its most serious pitfalls. Practical implications – The article explains how to use metrics, narratives, incentives, goals, and cultural change to support knowledge management. Originality/value – The article provides an overview of the actions–technological, cultural and procedural–that leaders can take to get greater value out of knowledge. These include finding better ways to identify, gather, share and exploit the knowledge that the firm may possess or can create, access, or develop.