Knowledge Management Solves 4 Key Challenges of Digital Transformations

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Your global company is in the midst of a very important project. It is either planning, undergoing, or considering how to undergo a digital transformation to become “Future Ready.”

Your firm’s goal is probably to secure two competitive advantages: improved operational performance and improved financial performance. The Covid-19 pandemic has shone a bright light on how productive digital work can be, and a growing number of firms are willing to take on the disruption that digital transformation requires, even at this ever-changing time. Only 22% of large firms are Future Ready, and report results that are double-digit improvements over their competitors.

Becoming “Future Ready” via digital transformation is a complex process, and goes far beyond tweaking management practices. It “requires changing the enterprise on two dimensions – customer experience and operational efficiency.” The ability to leverage collective intelligence is a key goal of digital transformations.

MIT’s Center for Information Systems Research (MITCISR) has identified the main four “Pathways” that most companies follow during this transition. What struck us about this process is that the role of knowledge sharing is a critical part of both the process and the future success of any workforce.

MITCISR has identified 4 key “explosions,” or challenges, that must be overcome when undergoing a digital transformation. We see knowledge sharing as a critical part of the solution to each challenge:

  1. Decision Rights: Getting the right people to lead key decisions
    • Requires leaders to have easy access to the same, most-up-to-date, and relevant information. This critical information might “live” in different formats and places. The leadership team derives confidence from knowing that they have what they need to make decisions and lead the transformation.
  1. New Ways of Working: Culture shift to new processes
    • Requires an easy-to-use knowledge sharing platform.
  1. Platform Mindset: Connect organizational silos
    • Requires leveraging a knowledge management solution that allows information to flow between departments, employees, and other stakeholders.
  1. Organizational Surgery: Remove organizational complexity
    • Requires building a common understanding of how to work in a transformed digital enterprise.

How your firm shares knowledge is critical to a successful digital transformation and the ability to improve collaboration efforts. The companies that deliver the ability to access, apply, and amplify knowledge across their organization will reap the greatest return on their transformation investment.

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