|
KNOWLEDGE MANAGEMENT
AND MARKET RESEARCH
Knowledge Management covers both
traditional data and information but also extends into the application of
information in the business environment.
Most organisations are now becoming “knowledge-based” whereby knowledge
forms the most important asset, as opposed to the traditional view of the
physical asset.
As a result, the way in which the organisation collects, shares and applies
its knowledge is becoming more important. Indeed, it is becoming vital in
terms of providing competitive advantage in the long-term.
If we think in terms of the corporate brain, and look upon the organisation
as a collection of people working in close collaboration, the knowledge of
the organisation becomes increasingly important. In order for that corporate
brain to function properly an organisation needs to have a really good sense
and understanding of the business environment in which it is operating. In
particular, it needs an understanding of its market and competitors. One of
the ways in which this market intelligence is built up is through new
research.
By applying knowledge management principles an organisation can make the
market research it is commissioning much more effective – mainly by building
synergies between intelligence and the vast store of corporate knowledge.
What can market research managers do?
Research managers can bring these two things together by applying a
systematic approach to the research project. At a starting point it can
develop a deep understanding of how the new knowledge is going to be used
and by whom.
Research agencies really need to spend more time understanding the specific
business issues that the market research going to address. Then by mapping
the company’s existing knowledge they can identify the relevant knowledge
gaps. Through careful design of the research project, and ensuring that the
research resources are tightly focused on gathering new knowledge only this
will bring more value to the business.
By finding out at the beginning what the client already knows, agencies can
avoid reinventing the wheel, and by understanding how that research is going
to be applied, not avoid wasting resources on non-essential research
findings.
This can directly impact the value of the research on the business, in areas
such as measuring the effects and benefit, improving market share for
profitability, developing new products and services or extending reach into
new markets.
What is the state of the industry?
Many of the traditional market research methods could be considered to be
the wrong way round. Many clients and research organisations often launch
immediately into the questionnaire without asking how is that research going
to be used. The knowledge management approach would turn this around.
Best practice in knowledge management has been developed over many years
through different knowledge-intensive organisations such as management
consultancies and large organisations such as the World Bank.
Much of the market research community is only just waking up to this area,
where market research is a knowledge building activity as part of the
overall corporate knowledge asset. Some very poignant lessons can be drawn
from the best in class knowledge management practitioners, such as the
dissemination of market research versus masses of research reports that
rarely see the light of day.
|
|
How are things changing?
Some of the knowledge innovators in the market research community, such as
B&Q, are beginning to realise that their role has a major knowledge
management component.
This is dramatically changing the way that they approach research and
collaborate with their market research agencies. For example, by moving
towards a more collaborative partnership where both the agency and the
client develop a better understanding of each other's businesses.
This also means that effective market research agency needs to have a
management consultancy skill as part of their portfolio of confidences.
MR-2
Benchmark
KnowledgePartners’ ongoing research
on market research (MR2)
aims to address the issues of MR effectiveness, usability and ROI. This
comprehensive benchmarking tool provides the opportunity for businesses to
learn from best practice across sectors, identify potential pitfalls and
ultimately get more value from Market Research.
participate or learn more
|
|
Knowledge partners has been working with the Henley Management College
Knowledge Management Forum for over five years, and we can work with our
client to transfer some of this knowledge to their research projects. In
addition, we can provide some consultancy to support a market research
project to enable our client's to develop their KM practices will. This will
ensure that the outputs from the research they have commissioned are better
disseminated and fully applied, to accelerate the delivery of value and
return on investment.
For more details contact Nick Truch on +44 (0) 7771 866618
|
|
KnowledgePartners
uses Knowledge Management processes and principles throughout its projects.
Expertise from the Knowledge Management Research Institute, jointly run with
Henley Management College, has enabled the development of established
research related practices.
learn more
|
