Knowledge is an asset which is fundamental to the efficient and effective delivery of public services. This Principle emphasises the importance of an organisation recognising that the seeking and sharing of knowledge leads to better outcomes, including:
- Increased collaboration
- Improved quality of evidence-based decisions and continuous improvement
- Enhanced speed of decision making and provision of advice
- Reduced duplication of effort
- Increased business resilience
Organisations need to understand their need for knowledge and value that knowledge in business terms. They should appreciate that it is through knowledge that they deliver value and impact. In parallel with other assets (e.g. buildings, machinery, people, money), knowledge needs to be fully and appropriately exploited for maximum business benefit.
Valuing knowledge as an asset is the basis on which all other knowledge principles depend. It is essential to establish a culture where knowledge is valued if people are to share and capture knowledge freely and if the leadership of organisations are to promote knowledge management and support staff in such activity.
Implications for Knowledge Management Strategy
- There is a declaration from the organisation clearly acknowledging and establishing the importance of knowledge to the business
- The importance of knowledge is reflected in organisational policies and practices
- Tacit and explicit knowledge assets need to be considered, and given equal weight