The one-size-fits-all mentality, coupled with the tendency to focus on technology rather than people and process, has obscured the real benefits that KM can bring, according to Nir. It doesn’t help that knowledge management means different things?and often involves different kinds of technologies?at different organizations.

In terms of technology, KM often covers some of the same territory as CRM and sales-force automation, each of which gather information in an effort to increase efficiency and quality of service. Because KM usually requires changes in work patterns, there is also some crossover with change management and HR. The sticking point for many KM initiatives: Knowledge deemed valuable to the organization is often tied to individual experiences, attitudes and behaviors. For example, what makes one salesman better than another may be his individual contact lists. But as most salespeople are loathe to share any of their inside customer information, an organization must provide motivation for them to do so, such as offering them compensation or encouraging them to close sales collaboratively rather than individually. That is why paying attention to people and process is so important.

Defined broadly, knowledge management is the process through which organizations extract value from their intellectual assets. To get KM initiatives off to a good start, executives must evaluate whether their organization has a strategic need for knowledge management in the first place. Then it’s necessary to decide whether the current process of dealing with corporate knowledge is effective and if the culture is ready for procedural changes. Once executives have resolved those issues, the CIO can evaluate the existing technology infrastructure to determine whether it’s adequate for KM or whether new systems are needed.

Ask Why

The first step toward a successful KM project is to look closely at your organization and define the strategic business need. If KM isn’t tied to a business goal, the organization could end up with an expensive system that takes up server space but has no real purpose or ROI. Unfortunately, this first step is one many organizations fail to take. In a recent study by The Conference Board, 82 percent of participating companies indicated they were involved in a KM project, but only 15 percent of them said they had specific, stated objectives for the project.

Often companies link a need for KM with an event. During mergers, for example, information about intellectual assets, processes and potential collaboration should be collected for use in the new organization. Some people also view layoffs as a good time to look at KM. But Gene Wright, director of the manufacturing practice at Born, a Minneapolis-based technology consultancy, says companies shouldn’t wait for a major shake-up. "When you look up and notice a redundant process or an example of repeated inefficiency where you realize you’re spending all your time searching for information online instead of communicating with your clients or customers, that’s a good time to think about KM," he says. "It’s when you reach the point of pain, when you realize you can do things better."