Implementing KM – a balanced score card approach

In today’s fast changing and non‐linear business environment the only way to gain competitive advantage is by managing intellectual capital, which is more commonly known as knowledge management (KM). There are basically three broad objectives of KM: leveraging the organisation’s knowledge; creating new knowledge or promoting innovation; and increasing collaboration and hence enhancing the skill level of employees. The most common KM programme involves development of a knowledge repository, and forming and nurturing of the communities of practice. These two, jointly, address all the three objectives of KM. Many organisations are embracing KM but few of them are able to implement it successfully to see the benefits. Implementation of KM is a strategic process and needs careful target setting and review. Organisations, which use balanced scorecard for strategy deployment, can effectively implement KM in their organisation by developing and deploying a KM index.