Knowledge management

In today's highly competitive business landscape, companies must constantly strive to stay ahead of the curve. One of the critical ways to do so is by leveraging the knowledge and expertise of their employees, especially in areas where the company has a competitive advantage. This type of knowledge is often referred to as tacit knowledge, which is defined as the knowledge that is difficult to codify, articulate, and transfer to others. We at Picomto Life Science can help you to capture, collate, codify and communicate your company's valuable tacit knowledge.

Losing tacit knowledge can have a significant impact on a business, both in terms of cost and competitive advantage.

The cost of losing tacit knowledge is significant, and there are several reasons why. Firstly, tacit knowledge is often the result of years of experience, trial and error, and practical application. Losing this knowledge means that the company must start from scratch, which can be time-consuming and expensive. Additionally, the loss of tacit knowledge can result in a decline in productivity, as employees must spend time relearning what they once knew.

Secondly, losing tacit knowledge can have a negative impact on employee morale and engagement. Employees who have invested time and effort in developing their skills and knowledge may feel undervalued and unappreciated when their expertise is no longer valued. This can lead to a decline in employee engagement, which can further impact productivity and retention. Our bespoke Task Analysis process puts your Subject Matter Experts at the core of Knowledge Management, ensuring that their valuable knowledge and expertise is available to others.

To mitigate the cost of losing tacit knowledge, businesses must take proactive measures to preserve and transfer this knowledge. Some of the strategies that businesses can employ include:

1. Task Analysis that is effective in capturing SME knowledge and expertise
2. Using Picomto Digital Work Instructions to collate and manage SME knowledge
3. Using sound instructional design in Digital Work Instructions to make previously tacit knowledge readily available to less experiences staff and new personnel

In conclusion, losing tacit knowledge can be costly for businesses, both in terms of financial impact and competitive advantage. However, solid Knowledge Management through Task Analysis and Picomto Digital Work Instructions can deliver much greater risk management in the area of tacit knowledge and result in much reduced times between employee onboarding and independent proficiency.

If you would like to know more about our Knowledge Management solution, please contact us.