Many entrepreneurs, business owners, executives, and CEOs think that their business’ best asset is what’s in the bank account. They think value comes from a warehouse full of products or an office full of expensive equipment. But the truth is, a business’ best asset is something much more powerful: its institutional knowledge. When the staff fails to capture that knowledge and make it shareable, that business bleeds value left, right, and centre. It’s up to the leadership team to ensure that institutional expert knowledge isn’t sidelined or going to waste, causing untold inefficiencies and missed opportunities.
What Happens When Knowledge Stays In The Brain?
When an organisation’s collective knowledge is trapped in the brains of its best personnel, countless opportunities to support employees and clients are missed. Just look at the problems a business faces when its collective knowledge isn’t tangible and accessible and is only transferred verbally: