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This information is confidential and was prepared by Bain & Company, Inc. solely for the use of our client; it is not to be relied on by any 3rd party.

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Presentation on theme: "This information is confidential and was prepared by Bain & Company, Inc. solely for the use of our client; it is not to be relied on by any 3rd party."— Presentation transcript:

1 This information is confidential and was prepared by Bain & Company, Inc. solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent. Knowledge Management at Bain

2 2 NY Infotoday preez 1 Most executives are not happy with KM How Satisfied Are You with Each Management Tool? How Good is Each Management Tool at Getting Financial Results? Source: Bain Management Tools & Techniques Survey (2001)

3 3 NY Infotoday preez 1 Why KM Often Fails Not enough thought before technology Not properly defining KM for the organization Viewing KM as a separate function, versus just a part of business strategy Misguided focus on people and process

4 4 NY Infotoday preez 1 Bain has created a leading KM capability A good strategy for content creation and capture -Focused, high value investments in intellectual capital -Deep mining of ongoing learnings from projects The GXC - a great KM system -Classification/taxonomies -Integration of internal and external content -Integration of learning and knowledge -Powerful search A lean, value-added KM team that -makes the process work -fits into existing company structures A culture of sharing, not hoarding -Tacit -Codified

5 5 NY Infotoday preez 1 Why KM matters to consulting firms Two core assets: people and reputation Our product is intangible Global business, but with local differences Partnerships, not hierarchies Nature: Generic frameworks and data are commoditizing Industry life cycles shrinking More MBAs, low entry barriers competition! Global service is required Trends: Knowledge is a critical capability for consulting firms

6 6 NY Infotoday preez 1 Knowledge example in consulting Youre working in the PC Industry Data Knowledge Market size Market share Competitor prices A commodity The best way to segment the consumer market How to streamline the supply chain Impact of supplier consolidation on OEMs A differentiator World class KM programs manage & share both

7 7 NY Infotoday preez 1 Overview of Bain and Company San Francisco Mexico City Boston Toronto Chicago Moscow Rome Munich Milan Brussels London Tokyo Seoul Hong Kong Singapore Sydney Dallas Paris Zurich Beijing Atlanta Los Angeles Madrid Stockholm Johannesburg Sao Paulo New York 26 offices, working in 9 languages Over 2,500 consulting staff, generalist model Strict conflict and sharing standards

8 8 NY Infotoday preez 1 Many KM failures over our first 26 years ( ) Word of Mouth ( ) Experience Center ( ) BRAVA Many attempts at KM over our first 25 years But none worked. Examples of our everyday pain… -Proposals still kept by each partner – requiring and fax -Research tools werent sufficient to do the job -Our best work was still in file cabinets -We still depended on word of mouth to find experts -We redid the same work multiple times each year

9 9 NY Infotoday preez 1 Bains approach for getting it right Create Capture Organize Transfer Use Business strategy KM Objectives Define KM for the company Define your content strategy, and what needs to be created to support your strategy Determine how to capture (e.g., format, timing) Organize and classify knowledge based on the business view of the world Determine best modes for Transferring and sharing knowledge Ensure formats and access (e.g., IT) make use as easy as possible Key elements of KM:

10 10 NY Infotoday preez 1 The objectives of KM for Bain What Its Not Advance the science Become famous authors Fancy portals Document management What It Is Provide our staff with the tools and skills to develop Enable our consulting staff to work better and faster - selling to new clients - starting up work - cracking the case Apply Bains best global insights and approaches - No re-inventing the wheel Drive client results

11 11 NY Infotoday preez 1 Bains knowledge is centered around our case teams Knowledge Needs Bains point of view on the industry and case topic Great examples and approaches Access to internal experts External Research Knowledge Outputs New industry insights New approaches (and solutions) to problems Update to Bains point of view Insights on managing the case and client Client Development Case Start- up In-Depth Work & Recommendatio ns Implementati on (Partner) (Partner, Manager and team) (1-3 weeks) (1-2 weeks)(1-6 months)(6 months +)

12 12 NY Infotoday preez 1 Our content strategy Major research databases Top external data sources External content Bains case & people experience Sanitized summaries of every client project Staff profiles & expertise For tacit sharing Codified Bain insights Bains critical IP -Industry verticals -Capability areas Reusable formats Short shelf life Tools and skills Bains core global toolkit Embedded in our staff training programs Long shelf life

13 13 NY Infotoday preez 1 The BVU and GXC External content Bains case & people experience Codified Bain insights Tools and skills BVU 1.0 Launched 1999 GXC 1.0 launched 2000 GXC 2.0 BVU 2.0 Launched October 2002

14 14 NY Infotoday preez 1 GXC 2.0 home page

15 15 NY Infotoday preez 1 Additional screen shots removed due to sensitivity

16 16 NY Infotoday preez 1 10 industry pages on the GXC

17 17 NY Infotoday preez 1 Presentations are in an easy-to-use, web- based format

18 18 NY Infotoday preez 1 Bain Virtual University

19 19 NY Infotoday preez 1 BVU video modules

20 20 NY Infotoday preez 1 New External Sources Page speeds up your research

21 21 NY Infotoday preez 1 The GXC has changed the way Bain works Thanks to the GXC, I was able to pull together a preez on the impact of a proposed merger in the internet space here in Australia in just 24 hours. The deadline would normally have been impossible to meet with any quality, but we got it done. I love this tool! Manager, Sydney We pulled a case example on Asset Management in the Financial Services Page to create a presentation for the client in only 1 day. It was fantastic! VP, Munich GXC is fantastic, I am saving hours already! AC, Dallas Your KM system is one of the most intuitive and sophisticated that I have ever seen. You could do alot to help us out in this area. Bain Client

22 22 NY Infotoday preez 1 Bain knowledge creation and capture ProposalsCase summaries In-depth codified modules Top external sources Selling process Case Start-up Case-end Minimum Goal: Capture on 50% of cases 100% compliance Accurate case tagging One good module on 50% of cases New data sources from every case Output: Focused investments Create new Bain points of view IP Development Driven by Industry & Capability Practices

23 23 NY Infotoday preez 1 Many roles make this process work Dedicated facilitators for knowledge capture and sharing Office-based GXC evangelist Runs office incentive programs Best external data sources Research databases Partners who oversee Bains global Capability and Industry practices Contribute best work to share across Bain Case Team Practice Areas Knowledge Officer Info Services Knowledge Broker

24 24 Knowledge Brokers at Bain Knowledge Specialist Regional Knowledge Broker Assigned by Industry or Capability Practice Area Manages the GXC content and web site in their areas Coordinates IP development and capture with Practice Area VPs Supports Practice Area on communications, projects and incentives Assigned by office Generalist KM support to teams in their offices -Assist finding content/people -Ensures accurate case tagging -Helps write case summaries Probes case teams to find potential team insights to codify -Case end manager interview -Interfaces with relevant Knowledge Specialists Runs office incentive programs with Knowledge Officer Office generalists Global topic specialists

25 25 NY Infotoday preez 1 Metrics and incentives Office Practice Area Individual Office KM Scorecard -Measures all office KM contributions -Normalizes for size -Sent quarterly to office heads and MD KM factored in Office Head performance Annual Office Knowledge Award -1 large, 1 small office -For all KM efforts Practice Scorecard -Measures KM progress in PA -Sent quarterly to PA heads and MD KM is a core factor of performance and comp for PA heads Annual VP ratings -Assess KM contributions by each VP -Factored into annual comp Office-based sticks and carrots

26 26 NY Infotoday preez 1 So whats the impact? We cant and wont measure ROI -Most of the costs are soft and cant be measured -Our product is intangible -KM is only one of many inputs Today we capture many key success indicators -Usage -Satisfaction (annual surveys) -Online quality ratings -Informal feel But, this is not sufficient

27 27 NY Infotoday preez 1 Our framework for KM impact Improve Staff Productivity Build Relationships/ Increase revenues Decrease costs Drive client results

28 28 NY Infotoday preez 1 What we know so far Improve Staff Productivity Build Relationships/ Increase revenues Decrease costs Drive client results Teams deliver better quality and results, in less time -More time to crack the case -Access to the best insights -Better client collaboration Our client work is globally consistent Partners build proposals in 30% less time The case team process runs 30%+ faster Contact within the Bain network has increased Client leads have increased Win rates at bakeoffs have grown Classroom training costs cut by $1M -Shorter programs -No paper Caseteam expenses have decreased -Research -Telecom costs

29 29 NY Infotoday preez 1 Our next steps Improve Staff Productivity Build Relationships/ Increase revenues Decrease costs Drive client results Institutionalize regular customer research on the impact of KM on our jobs -Partners -Other consulting staff levels Structured interviews and surveys, built around this impact framework Use results to direct -Changes to content strategy and priorities -Addition investments in the GXC -Further process improvements

30 30 NY Infotoday preez 1 Our key learnings Internal and external knowledge together Content and thought first, before the technology Massive focus on people and process -Knowledge Brokers -Practice Area VPs Commitment from top management Quality over quantity Build around how people really work and what they need

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