Owning and operating your own business involves so much more than simply selling your products or services. In addition to working on your company in a certain way, you need to constantly work on developments. This exists almost in every stage of business cycle and is a fundamental process during the growth phase.
- Designs and processes for your goods and
services
- Your files or documents
- Your plans of future activities
All businesses have access to a pool of knowledge, whether its understanding the work environment or customers’ needs, skills and experience of staff etc. The way organizations gather, share and exploits this knowledge can be vital to its ability and development.
Basic sources of knowledge
Sources of business knowledge could include
l Customer knowledge- By understanding your customer needs you might be able to develop products or services that would meet their needs.
l Employee and Supplier Relationship- You can seek the opinion of employees and suppliers as they have their own impression of company’s performance. You can use formal surveys to get opinions on informational basis.
l Market Knowledge- Watch development in your sector. Have a check on new entrants in the market, your competitors’ performance and learn about new product launches if any.
l Knowledge of the Business Environment- Keep yourself informed about various outside factors that could impact your business like developments in politics, the economy, technology, society and the environment. You can set up a team of employees to monitor the changes in the business world.
l Professional Associations and Trade bodies- Academic publications, government publications, reports from research bodies, trade and technical magazines keep a track of them.
l Trade exhibitions and Conferences- They can provide an easy way to find out what your competitors are doing and find latest innovations in your sector.
l Product Research and Development- Scientific and technical research and development can be vital a source of knowledge which helps you in creating new products or services retaining your competitive edge.
l Organizational Money- Find formal ways of sharing your employees’ knowledge about best ways of doing things. You can create procedural guidance for the same.
l Non-Executive Directors- They can be a good way to bring on board specialized industry benefit and experience from ready-made contracts.
Improve your Business Knowledge with ONPASSIVE
In order to manage the collection and
exploitation of knowledge in your business you need to build a culture in which
knowledge is valued across the business. ONPASSIVE does the same. One of the
ways ONPASSIVE does this is by providing incentives to staff that provides
useful market news or suggest ways customers can be better served.
As a part of knowledge management ONPASSIVE makes sure that any intellectual property owned by the business is protected so that the competitors cannot copy it and it also allows you to profit by licensing your business knowledge. ONPASSIVE makes sure to keep the business knowledge confidential by creating proper employment policies. It gets all the staff members sign the non-disclosure agreement or confidentiality agreement when they join the company. This ensures that they understand the importance of confidentiality from day one.
Use of IT to gain and manage knowledge at ONPASSIVE
Information Technology offers powerful tools that help you gain and make best use of business knowledge. It helps you choose systems that fit best for your business and helps in improvement of your growth.
Types of informational technology
Databases- They organize information so that it can be easily
accessed, updated or managed. For instance, you can have a database on
customers consisting of their contact information, their orders and
preferences.
A Data Warehouse- It is a central storage area used to store
wide range of information in different digital formats. Many companies
including ONPASSIVE use them to store, manage and retrieve the information. It
is technically a complex area and sometimes you may need to consult IT technician for task management.
Data Mining- It is a process which determines the patterns of
data collected. For example it can tell which products are most popular based
on the customer needs.
Reporting and Querying Tools- They let you create reports interpreting
data in a particular way. Business intelligence portals are websites that bring all sorts of potential information such as
legal issues for a research.
The Internet and Search engines- These are powerful sources of knowledge
to check the credibility of your information source.
Customer-Relationship Management Software- CRM They help you build a profile of your
customer database and enable you to target them through email or telephone.
Website log-file Analysis- This helps you analyze customers usage of your website so you can improve effectiveness of your website.
ONPASSIVE identifies value of knowledge for business and uses it for financial gain by getting a larger market share, developing new products, coming up with innovative ideas, selling or licensing protected intellectual property to others by ensuring it fits to the overall business plan.
Concluding words
ONPASSIVE uses business knowledge in a
right way that helps you run your business more effectively, decrease risks
involved and exploit opportunities to the full. Depending on your knowledge
base they help you get the knowledge advantage to the fullest in order to
improve your business. They make sure that knowledge management, acquisition
and distribution is a continuing process so that it becomes central to your business
strategy. ONPASSIVE also makes sure you have systems to analyze and file
customer letters, suggestions, emails and call responses. This enables you to
spot trends, improve customer service and develop new products, services and
systems.
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