Firms can initiate and build a KM (knowledge management) function as they grow and the need for knowledge sharing expands. To begin, all you need is one knowledge manager with the necessary IT support to launch and maintain the intranet software. Outsourcing this function as an expense, rather than adding resources to the firm’s payroll, is also a possibility. But even if outsourced there should be someone in a leadership role who understands and champions the importance of knowledge management as a critical driver of the firm’s success.
Naturally every firm rightly believes its most important assets are its people, and their industry leaders’ jobs are to focus on building and developing deep expertise and true industry experts for the greater good of the firm. However, industry thought leaders should spread their wisdom to others, making it readily available to their colleagues at the firm and to the firm’s clients and prospects.
Fostering a culture of knowledge sharing rather than knowledge hoarding is critically important. The old adage, “knowledge is power,” is certainly true in professional services firms. Industry expertise housed in the minds of your firm’s industry thought leaders needs to evolve to industry expertise shared across the firm. Not every professional will build their industry specialty and focus only on clients in one industry. Many will remain general practitioners who service clients across multiple industries. A firm is highly advised to ensure these general practitioners know when to include colleagues with the right industry expertise in their client interactions and client pursuits.
As the discipline and methodology that optimizes knowledge sharing across the firm, KM strategies benefit all aspects of the firm’s work. But KM is especially valuable when building a strong industry specialization strategy.
