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The Value of Knowledge

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The Value of Knowledge

  1. 1. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. The Value of Knowledge A quick flyover, and introducing Knowledge Resources Management (KRM) Tim Wood Powell President, The Knowledge Agency® (TKA) Author, The Value of Knowledge M a k e k n o w l e d g e w o r k . 211018
  2. 2. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Today’s Roadmap What is… …“the economics of knowledge”? …the purpose of knowledge? …the value and ROI of knowledge? …Knowledge Resources Management (KRM)? 2
  3. 3. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. If it is so valuable, why is knowledge often… Under-appreciated Under-utilized Under-resourced “Under the radar” § not on organization charts § not in financial statements § not top-of-executive-mind 3
  4. 4. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Because… KNOWLEDGE SUPPLY Producers KNOWLEDGE DEMAND Users + Sponsors Senior Enterprise Leaders do not “get” the value of knowledge ➊ Knowledge Professionals do not “get” the value of knowledge ➋ Knowledge Professionals do not effectively “sell” the value of knowledge ➌ 4 EXCHANGE
  5. 5. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. The Knowledge Value Chain SUPPLY SIDE Producers SOURCE: Powell, The Knowledge Value Chain® Handbook DEMAND SIDE Users + Sponsors COMMUNICATE WHAT? Knowledge Mission, Projects, Tasks WHY? SO WHAT? Knowledge Purpose EXAMPLE: “Grow the hourly revenue of our professionals” Knowledge-Value Gap 5
  6. 6. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. The power of purpose NASA’s Apollo program 6 September 12, 1962 “We choose to go to the moon in this decade…not because [it is] easy, but because [it is] hard.” JFK, Rice University July 20, 1969 Commander Neil Armstrong and pilot Buzz Aldrin land on the moon – and return safely to earth. Vision infused with a strong sense of purpose Risk-taking and innovation Organizational dynamism Collaborations and spillovers across multiple sectors Long-term horizons and budgeting that focused on outcomes A dynamic partnership between the public and private sectors A P O L L O K E Y AT T R I B U T E S
  7. 7. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Value of knowledge (VoK) principles scale across: § Enterprise § Team § Individual § Product 7 CO M PLEXITY
  8. 8. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. What is value? Value (V) of Knowledge = ROI of Knowledge (ROIK) ROI = Return on Investment ROI = V = B/C Return = Benefit (B) “What you get” Investment = Cost (C) “What you give” 8 Return Investment
  9. 9. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. ROIK illustration “Knowledge for knowledge’s sake is a noble pursuit, but not if it cripples you financially.” WJ Journal Opinion, August 10, 2021 Post-Program Salary Net Debt Get Give V = B/C 9
  10. 10. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Knowledge benefits and costs TANGIBLE BENEFITS § Problems solved § Resources saved § Products enabled INTANGIBLE BENEFITS § Better decisions § Insights and awareness § Collaboration § Culture development TANGIBLE = direct and more readily measureable INTANGIBLE = indirect and difficult to measure B EN EFI TS ( B ) CO STS ( C) T A N G I B L E (“HARD”) I N T A N G I B L E (“SOFT”) TANGIBLE COSTS § Hardware § Software § Licenses § Personnel INTANGIBLE COSTS § Time § Effort § Attention § Opportunity costs SOURCE: Powell, The Value of Knowledge 10 § Increase Benefits § Decrease Costs V = B/C
  11. 11. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. The value of knowledge – a flash intellectual history CLASSICAL ERA 4th Century BCE Socrates, Plato, Aristotle “Knowledge for its own sake” ACADEMIA INSTRUMENTAL ERA 16th Century Bacon, Newton “What can knowledge do for us?” SCIENCE HYPER- INSTRUMENTAL ERA 21st Century Machlup, Winter ENTERPRISE “What is the return on our knowledge investments (ROIK)?” 11
  12. 12. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Major prevailing attitudes toward ROIK § Where are you? § Where is your management? § Where is your senior leadership and culture? 12 “Knowledge is not real” Accountants GAAP, IFRS 0.0 “ROIK is real and can/must be measured” ROIK Empiricists Hyper-Instrumental Mindset 3.0 “ROIK is real, but cannot be measured” ROIK Believers Instrumental Mindset 2.0 “ROIK is not relevant” ROIK Agnostics Classical Mindset 1.0
  13. 13. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Lessons Learned 2020 You don’t have to “believe in” a virus to have it weaken, or even kill, your body 2000, 2008 You don’t have to “believe in” ROIK to have it weaken, or even kill, your career 13
  14. 14. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Why am I a 2.7? (situational empiricist) 14 of ROIK measurement § AXIOMATIC: What you would manage, first you must measure o What is countable, is accountable § DEFENSIVE: Inoculates you against the “ROI virus” o Prepare for those conversations that you do not control § POSITIVE: Enables you to optimize your knowledge portfolio of ROIK measurement § Can be substantial o In Time, Effort, Attention, Money § Unintended consequences o Gaming the metric CAN ≠ SHOULD ≠ MUST
  15. 15. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Measurement § Our goal is not measurement per se, but management § Does not have to be numerical o Can be relative – HI-MED-LO o Or comparative – Improved-Same-Worse (than previous) § Can include non-economic benefits (e.g., societal) – double materiality § Should always be demand-side driven o Users o Sponsors 15 MEASURE MANAGE Allocate resources efficiently and effectively (“Do the right things”)
  16. 16. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Strength of ROIK case STRONGER FORM WEAKER FORM FINANCIAL ROIK linked to ROIE TRUST-BASED Classical View TANGIBLE ROIK linked to KPIs Measurable 16 R O I K c a s e C r e d i b i l i t y ROIE = enterprise ROI Knowledge contributes directly to the value stream KPI = Key Performance Indicator
  17. 17. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Physical Resources Management § Plant § Equipment § Inventory Human Resources Management Financial Resources Management Do we give knowledge its “due diligence”? LAND LABOR CAPITAL KNOW- LEDGE 44% Knowledge Resources Management (KRM) § Data § Information § Knowledge § Intelligence Fundamental Enterprise Resources 17
  18. 18. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Knowledge Resources Management (KRM) Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. 18 Benefits Mapping V = B/C KR Triage KR Mapping TO O L See also Milton and Lambe, Knowledge Manager’s Handbook See Powell, VoK Knowledge Balance Sheet MAP Inventory knowledge resources (KR) § Activities § Assets § Products ➊ LINK Align knowledge resources (KR) § with enterprise products and strategies § with KPIs § with user needs ➋ MEASURE Assess ROIK § User benefits § Costs ➌ MANAGE Optimize knowledge resources (KR) portfolio § Add to winners § Prune “stagnants” § Weed out losers ➍
  19. 19. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Knowledge Resources (KR) Mapping PRODUCE MANAGE USE COMMUN- ICATE ACTIVITY CLASSES PCUM We conduct these four kinds of activity 19 CONTENT* CHARTER USERS CHANNELS PRODUCERS ASSET CLASSES UP-C3 …using these five kinds of asset PEOPLE
  20. 20. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Knowledge Resources (KR) Portfolio – products* KP.1 KP.3 KP.8 KP.6 KP.5 KP.4 KP.2 KP.7 Hi ROI Med ROI Lo/Neg ROI M E A S U R E BUY (Invest) HOLD (Adjust) SELL (Divest) M A N A G E Size = resource budget 20 Time value of knowledge investments *Products are the means of exchange for our knowledge. Drucker
  21. 21. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Optimize your Knowledge Resources (KR) portfolio CONTENT ASSETS TRIAGE MATRIX 1. Have, need, but require further development OPPORTUNITY: Value Enhancement 2. Have, but don’t need OPPORTUNITY: Cost Reduction and/or Reallocation 3. Need, but don’t have OPPORTUNITY: Resource Acquisition 4. Have, need, development OK SOURCE: The Knowledge Agency, client case file DEVELOP INVEST DIVEST STAY THE COURSE 21
  22. 22. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Describes 28 strategies for building knowledge value Includes dozens of tools and templates for addressing ROIK and all four key KRM elements – plus much more Contains less than 1% math Hard Soft A lessons-learned compendium and advocacy manifesto… 22
  23. 23. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. What to do? DO DO NOT Lean into ROIK conversations Be an ROIK denier Check in regularly with your demand side (users and sponsors) Ignore users’ changing needs Focus on tangible, sustainable user benefits Rely on abstractions, hopes, and promises Manage your knowledge resources as a business Be an artisanal, overhead cost center 23
  24. 24. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Our problem is not that we lack knowledge. Our problem is that we use the knowledge(s) available to us so ineffectively. 24
  25. 25. Copyright © 2021 TW Powell Co. The Knowledge Agency®. All rights reserved. E scientia copia. Want to dive deeper? book The Value of Knowledge (2020)1 vok blog TimWoodPowell.com2 tka KnowledgeAgency.com youtube Tim Wood Powell3 contact tim.powell@KnowledgeAgency.com Catch me virtually at KM World – November 18th, 2:00pm ET 1 Especially Chapter 5 “Increasing Knowledge ROI” 2 Topics “Knowledge Strategy,” “Metrics and Measurement” 3 Video “The Purpose of Knowledge” 25 M a k e k n o w l e d g e w o r k .

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