How can knowledge management enable innovation?

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Из курса от партнера University of Maryland, College Park

Crafting Strategies for Innovation Initiatives for Corporate Entrepreneurs

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University of Maryland, College Park

Crafting Strategies for Innovation Initiatives for Corporate Entrepreneurs

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Курс 3 из 5 — Specialization Corporate Entrepreneurship: Innovating within Corporations

This course focuses on enhancing your understanding of (1) how an internal venture is organized and (2) how to overcome resistance to your new venture ideas within the company. The course is specifically valuable for: • Employees who have creative ideas important to their company; • Managers seeking to assemble creative people and resources; • Technical specialists desiring to become part of an internal venture; and • Consultants who advise companies on ways to launch and grow internal ventures. You will learn strategies to help you launch a corporate venture with coursework focused on four key areas: • Examining how to audit a company's internal environment to establish a framework for its innovation capabilities; • Creating a plan for an organizational structure and operational format that incorporates key roles and players for internal ventures within the company; • Analyzing corporate culture to identify creative capabilities that leverage the company's best practices for innovation; • Evaluating innovation portfolios and compose innovation strategies that are best aligned with the implementation potential within the company. Try this course for FREE at https://www.coursera.org/learn/corporate-entrepreneurs-innovation-strategy

Из урока

Corporate Culture

In this module, we will analyze corporate culture to identify creative capabilities that leverage the company's best practices for innovation.

Welcome to week three1:34

How does corporate culture influence innovation and creativity?12:23

How can knowledge management enable innovation?6:25

What factors influence the feasibility of an innovation?8:48

How is innovation value classified within a firm?8:27

How can benchmarking become an innovation practice?9:51

How do innovation tournaments serve as a best practice?7:31

Познакомьтесь с преподавателями

Dr. Thomas J. Mierzwa
Lecturer of Technology Entrepreneurship
Maryland Technology Enterprise Institute (Mtech)

Every firm has knowledge, and

managing that knowledge is very important to enable innovation.

So we want to ask,

the question is, how can knowledge management enable innovation?

How does it work to help innovation?

And why should we care about this?

Innovators should care about knowledge management, because innovation is

the combination and synthesis of knowledge into new and unique patterns.

And so knowledge is the basis for which a good innovation will emerge.

And innovation firms really use knowledge management approaches to become

more efficient at managing that information.

And it's particularly important in scientific and technical domains where

the knowledge is very vast and new and changing and so it needs to be managed.

And the ability to build lessons learned, and re-learn concepts is very important

with knowledge management, because concepts are always changing, and

new concepts are emerging, and so that needs to be managed as well.

And so here are five ways that knowledge management can support innovation.

Leveraging access to expert knowledge, facilitating collaboration across

boundaries, supporting an innovative culture and augmenting

innovation team efficiency, and finally reducing time to market for an innovation.

We'll look at each one of these things individually.

First, let's look at how leveraging access to expert knowledge is important.

Firms with complex products or services have a diverse base of expertise.

Lots of different people with lots of different expertise and

professional domains.

And so, when you have that diversity,

you need to really bring it together in some way.

And so, social networking tools serve as a way to enable knowledge exchange and

knowledge interaction within the firm itself.

How people can be talking to one another from their diverse professional expertise.

And it also enables experts to become more visible and accessible.

With the knowledge management system you can identify who the expert is for

any given topic.

Another aspect of knowledge management is facilitating

collaboration across boundaries.

When you facilitate collaboration that's essential for innovation.

And teams ultimately work together and they leverage each other's knowledge and

leverage each other's expertise.

So when expertise is shared, both within and

across boundaries, that is the way innovation can happen.

And new ideas ultimately emerge from people like partners,

business partners, business suppliers, and even customers.

And so, if you have a knowledge management system that captures those ideas that

come in from alliance partners, then you have a way to build collaboration.

And communities of practice are actually formed

around different bodies of knowledge.

And those communities of practice are the ways in which expertise and

knowledge resides within the organization itself.

And so here's another aspect, supporting an innovative culture.

How does a knowledge management system support an innovative culture

where senior leadership communicates some kind of a vision

about the necessity to support a knowledge management system?

What you do is you enable and reinforce collaboration,

you clarify recruitment for talent that you're going to hire, and

if you have an knowledge management system, you'll know what the holes are,

where your talent is missing, what talent you need for certain kinds of innovations.

And you can identify and link related expertise and

talent with a knowledge management system.

So, you can also augment innovation teams' efficiency.

And when you have innovation teams that need knowledge that

is located in the firm, sometimes it takes a lot of time to find that information.

And studies have actually indicated that knowledge of employees in particularly

innovative firms spend almost 30% of their general workday searching for information.

And so just think of how you can augment innovation team efficiency by

a good knowledge management system that captures innovative ideas,

innovation opportunities, lessons learned, all of those

factors that make hunting for information much more efficient.

And so knowledge management systems, in that way, they reduce the time

spent looking for expert knowledge, expertise, and lost information.

And you can also manage knowledge so the duplication of expertise is avoided.

You ultimately can reduce the time to market with a knowledge management system.

And because the time to market actually often determines the market share for

an innovation, a knowledge management system helps avoid what we call

the organization's amnesia or selective memory.

Sometimes without a system, people think about and

forget about mistakes that have been made, and after action reports are never done,

and so that knowledge is never really captured.

But with a knowledge management system you can do that.

And you can enable, for instance, new product teams to come up to speed quickly.

And avoid repeating past failures.

This is very important especially for

new product development teams where without a knowledge management system,

they essentially start from a blank slate, and so that takes a lot longer.

So, the takeaways about knowledge management system for innovation and

why it's important, is that knowledge management systems, they create a platform

for sharing expertise and creating an opportunities for collaboration.

And they build a knowledge base that the firm can work with.

And it also helps firms avoid repeating mistakes.

And you chronicle lessons learned, and you build the expertise and

the knowledge that you've experienced in your firm.

And then finally, it enables firms to make smarter and faster decisions and

get their innovation to the market place sooner.

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