We’re in the age of the idea. The organizations that can develop a culture of creativity and idea generation will be the winners.
Kevin Roberts, CEO, Saatchi & Saatchi
I think that knowledge management is the key to career survivability and success over the next ten years because of the half-life of knowledge. Half-life is the length of time knowledge, information, or data doubles in a profession. The half-life of knowledge in electrical engineering or computer science may be 3 or 4 years. In specialties such as medicine, it may even be shorter. For example, professionals who don’t update their knowledge, skills, and abilities are prone to professional obsolescence.
We are all knowledge workers. “Knowledge workers have high degrees of expertise, education, or experience, and the primary purpose of their jobs involves the creation, distribution, or application of knowledge,” according to Thomas Davenport, author of Thinking for a Living.
How many of us are knowledge workers? It is estimated that a quarter to half of all workers in North America are knowledge workers, who develop and manipulate information. These workers provide the economic value and are the most critical workers to a company. Also, companies with the most knowledge workers usually have the highest market capitalization.
Applied knowledge becomes the great business differentiator and value adder inside companies. Knowledge management may mean identifying and internalizing best practices; correcting and preventing discrepancies; fault proofing the organization; and commercializing new ideas. This asset while not on the financial books is critical to profitability especially as companies want to accelerate product development and profits from new products.
Life Lesson Earned: If you’re a professional who does not keep current with your professional or specialty, then you’re going to be functionally illiterate and maybe unemployable. Think ‘Moore’s Law’ for professionals.