Managing Knowledge

important knowledge that can give a competitive advantage exists within all organizations

The implementation of a new strategy is an uncertain time -- you have made changes and your team are having to deal with new challenges. Some people may decide to leave, and if they do, any knowledge they have -- knowledge that could give you a competitive advantage -- will leave with them and be lost to your organization.

In some types of business, it is easy to see where knowledge is a source of competitive advantage. An accountant who has superior knowledge of taxation, for example, is best placed to save their clients money. However, important knowledge that can give a competitive advantage exists within all organizations. You may have someone who recognizes the best-quality fish on the market and buys it at the best price, or someone who has superior knowledge of donors and can attract income to a charity. As a strategic manager, it is important to look at your team and others in your organization and identify who has important knowledge, so that you can make sure that you keep it during strategic change.

ACTION POINT: Build a team that has specialists with specific important knowledge for your business.