Blog Coveo Insights

Return on Knowledge: The Next Big Source of Wealth Creation in a Big Data World

Posted by Louis Têtu on March 20, 2013

ROK eBookYou’ve seen us write many times in this blog about the knowledge-access challenges posed by Big Data and for two good reasons:

  1. Big, unstructured data, fragmented across an ever growing number of sources, is overwhelming organizations, requiring them to find new ways to access information in order to stay competitive, better serve their customers and bring more innovative products to market, faster.
  2. At the other end of the spectrum are customers who are increasingly knowledgeable and demanding a greater degree of immediacy and relevance towards their needs.

Hidden inside streams of structured and unstructured data are information relationships that answer questions employees haven’t even thought to ask, but which may hold the key to your company’s differentiation and its ability to serve customers with higher value.   This is the challenge of knowledge management today: putting knowledge to constant reuse by each and every employee and each and every customer.

In fact, Gartner has predicted that enterprise data will grow by 800 percent in five years, with 80 percent of it unstructured. As this data grows, so does the problem of knowledge access.

In business, knowledge is what keeps organizations competitive and innovative. It is a true asset and hence  should be treated as such. It is imperative for it to be accessed and shared across teams and geographies. Knowledge is useless sitting in repositories where no one even knows it exists; it is only valuable when it is accessible and reused as often as possible. But making it accessible is much easier said than done and employees waste precious time trying to find and correlate it.

Take for example the results from an IDC report, which found that knowledge workers spend anywhere from 15 to 35 percent of their time searching for, assembling, and unfortunately, recreating information that already exists. Just think of the time and money lost when employees at your organization don’t know where to look, or how to ask for what they are seeking – or better yet, don’t even know it exists. The explosion of Big Data only exacerbates this challenge.

To overcome this challenge, companies must look to harness their data, garner better insights and increase return on what is arguably the greatest asset they possess: Knowledge. Return on Knowledge (ROK) may be the next big differentiator and source of wealth creation for companies in today’s Big Data world. Helping your employees – and your customers – find answers to the questions they haven’t thought to ask can move your business forward by leaps and bounds.

Check out our latest eBook to learn how you can gain greater Return on Knowledge – and let us know how you’re judging the success of your knowledge management initiatives.


Comments

  • Beena Subbanna
    Posted on March 22, 2013

    I was looking forward to down loading your ebook on returns for KM, however after I filled in all my details the ‘country’ tab does not work in that I cannot type in the country and the drop down arrow is not activated!

  • Katie Buckwald
    Posted on March 25, 2013

    Our apologies for the form issue, we are sending the eBook directly to the email address you provided. We hope you enjoy it!


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