1. Knowledge Management Why | Who | What | Where | When
Did You Know?
The average knowledge worker*:
30%
spends 30% of their day searching for information
56%
finds what they're looking for 56% of the time
15%
spends 15% of their day recreating existing information
That equates to ~312 hours spent on duplicating existing work efforts per year per employee
*Knowledge workers: persons whose role involves handling and using information
WHY Does This Matter?
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These hours would result in significant savings if we improve our search efficiency and rework efforts. These savings increase substantially if we factor in the cost of mistakes, wasted effort and external spend.
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What we can't [measure is] the increase in creativity and original thinking that might be unleashed if knowledge workers had more time to think and were not frustrated with floundering around online." - International Data Corporation executive
WHO Will This Affect?
This will BENEFIT YOU! If we ensure the right knowledge is available to the right people at the right time, employees will benefit from:
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Less frustrations and irritants
Cost savings
Increased capacity
Innovative potential
WHAT Are We Doing About It?
We are CREATING A Knowledge Management program.
Knowledge Management is the discipline of connecting people to knowledge they need to do their jobs in pursuit of organizational objectives, whether that knowledge is tacit (shared through conversation) or explicit (documented). We'll be taking steps to:
Connect People so it's easy to locate and connect with lawyers (internally and externally) with specific legal expertise or subject matter experts
Store and Categorize Knowledge so it's easy to retrieve and share precedents and other high value knowledge assets as part of our regular processes
Make Technology Available that will help all of us operate globally – regardless of where we are located
WHERE Will This Make a Difference?
By focused on Knowledge Management though changed approach and processes, we'll:
Relieve employee irritants about the challenges of storing, finding and asking for tacit knowledge, shared through conversation, and codified knowledge
Develop and empower employees by more easily retaining institutional knowledge while embedding knowledge seeking and sharing into day-to-day business activities
WHEN Will We See More?
This is a long-term journey and the approach is focused on:
Figuring out where we are today,
Determining where we want to be in the future, and
Identifying how we are going to get there.
Stay tuned for more information.
Document created and prepared by TD Bank Group .