Information Sharing: Optimizing Resources Through Effective Knowledge Management

CHAPEL HILL, N.C., Feb. 11, 2005 -- As corporate budgets continue to tighten, an increasing number of companies are recognizing the value of knowledge-sharing. In fact, effective information management helped a division of British Petroleum that experienced a 63% budget cut and 90% personnel reduction to deliver $460 million in savings without any visible loss of value, as found by research and consulting firm Best Practices, LLC.

Best Practices LLC's research includes performance metrics, as well as strategies and tactics of Fortune 500 companies. Sample best practices are available at: http://www3.best-in-class.com/dr128.htm . This document details the top 10 practices for internal knowledge management and communication.

Implementing a few simple steps can result in significant cost and time savings, while driving employee involvement. For example:

   * Create a best practice library to guide personal development plans. At
     one company, distributors are able to self-evaluate their business'
     strengths and areas for improvement by comparing current practices to
     those best practices outlined in the library.
   * Store knowledge in databases and intranets to provide greater company
     access to information. A global management consulting firm maintains a
     Knowledge On-Line (KOL) system (an intranet accessible by the browser).
     KOL makes it easy to tap into experts and ideas regardless of geography
     or specialty. For example, a consultant in Indonesia helping an oil
     company improve customer service might want to access previous
     knowledge developed by colleagues in Caracas, Houston, or New York.
   * Recognize internal experts to encourage sharing of best practices at
     all levels. One benchmarking company appoints individuals as "certified
     practice experts" in various knowledge areas. An important aspect of
     this system is giving workers recognition for their efforts. Public
     recognition of contributions increases the incentive to participate in
     knowledge and practice exchange.

These are only three of the top 10 tactics in effective knowledge management and communication. You can download the remaining practices at no cost, by visiting: http://www3.best-in-class.com/dr128.htm

From facilitating peer-to-peer networking and conducting customized benchmarking research to providing on-demand ready-to-implement tactics, Best Practices, LLC offers solutions for all your benchmarking needs. Best Practices, LLC clients include industry leaders such as: AT&T, Bank of America, Bayer, Capital One, Cisco Systems, DuPont, IBM, Intel, Johnson & Johnson, MetLife, Microsoft, NCR, Pfizer, Verizon, Wachovia and Xerox.

For more information, please contact James Toomer with any questions, comments or research requests at jtoomer@best-in-class.com or (919) 403-0251.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. For over 10 years, our highly credentialed research staff has conducted primary research exclusively for our Fortune 500 client base. For more information, call 919-403-0251 or visit http://www.best-in-class.com/ .