KPIs in Scorecard to Optimize Knowledge Management
Creating value from intellectual and knowledge based assets form the foundation of knowledge management in the companies. It is all about identifying, creating, representing, and distributing knowledge by using a variety of practices.
Proper monitoring of each and every aspect is the main requirement of knowledge management. In this respect, key performance indicators (KPIs) can be used as an accommodating tool.
For knowledge management, KPIs can be divided into four major perspectives-Financial perspective, knowledge preservation perspective, knowledge creation perspective and knowledge distribution perspective.
Financial perspective includes such indicators as % savings in cost, percentage increase cost of training in KM activities, percentage change in document storage cost per repository and percentage change in administrative and operational cost.
Durable memorization of the relevant information is the basic concept of knowledge preservation perspective. Steps to modify a document, paper to electronic document ratio, frequency of updates and percentage compliances are the KPIs included in this perspective.
Knowledge creation perspective deals with the expansion of organization-s knowledge through its acquisition and development. KPIs such as number of knowledge sharing sessions, % of staff trained in KM activities, percentage increase in searches per repository and number of collaborative contributions come under this perspective.
Number of bulletin distributed to the employees, % use of intranet, number of mentoring & coaching relationships and KM briefings and communication sessions facilitated are the KPIs included in the knowledge distribution perspective.
Why do business professionals choose ready-to-use KPIs?
Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
- Can a business professional research KPIs on his own?
- How do I avoid typical problems with KPIs?
- Is ready-to-use KPI applicable in my niche?
- Is KPIs' price affordable?
- Can KPIs can be easily integrated in any business environment?
- How can KPIs make the difference to the business?
What are the benefits of Knowledge management metric:
- Evaluation of knowledge management initiatives is about ripping benefits of intellectual assets. So, managers will assess costs savings for information storage and administrative control.
- Evaluation of paper vs electronic documents ratio will give a precise insights on adoption of the latest technologies.
- Education and growth perspective will focus on personnel trainings in KM and employee satisfaction with such trainings.
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More ideas on using Knowledge management KPI
Knowledge management covers every aspect related to identification, creation, representation and distribution of knowledge in an organization.
There are basically two kinds of knowledge- explicit (that fraction of knowledge, which can be stored or documented) and tacit (that chunk of knowledge base, which cannot be collected as documents). Depending on the kind of knowledge being talked about, the sources which house it are decided. Moving on, some of the strategies used for managing knowledge are- rewards, storytelling, knowledge reservoirs, transfer of best practices, knowledge mapping etc.
Out of these, 'providing incentives' have been found to work best to promote the act of capturing knowledge. However, the potency of this thought remains questionable as several 'school of thoughts' have come up so far, each tagging the utility differently.
One can evaluate the process of knowledge management by constructing a balanced scorecard for this purpose. This will have metrics or the 'measurable pieces' to which values for the upper and lower extremes can be assigned. Further, one can keep checking these for their contribution to the act of acquiring knowledge.
Adopting such or similar strategy has become the need-of-the-hour as each problem demands a tailored solution due to its unique nature.
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Knowledge management Evaluation Balanced Scorecard Screenshots
Metrics for Management Estimation
This is the actual scorecard with Knowledge management Performance Indicators and performance indicators.
The performance indicators include: knowledge management, financial perspective, % savings in costs, % increase in cost of training on km initiatives, % change in document storage cost per repository, % change in administrative and operational cost, knowledge preservation perspective, steps to modify a document, paper to electronic document ratio, frequency of updates, % compliance, knowledge creation perspective, knowledge sharing sessions, % of staff trained in km activities, % increase in searches per repository, number of contributions, knowledge distribution perspective, number of bulletin distributed to employees, km briefings and communication sessions facilitated, mentoring and coaching relationships, % use of intranet and/or group ware
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