Losing intellectual capital can be the set-back that eliminates competitive advantage for companies – which is why retaining that intellectual capital is more important now than in the past. As the market becomes worldwide and business moves to a 24 hour operational cycle, it becomes increasingly important to identify and contain corporate memory.
This article on Intelligent.co.za explains how corporate memory is expanding (and being lost) at a faster rate than ever before. Sharing the insights of Marc Scheepbouwer, former MD of Intelligent, the article gives a quick synopsis of the problem and the solution:
If corporate memory is lost or ignored, the effects can be costly and can hamper the future growth of the company. The management of this information therefore needs careful attention and a suitable platform is required to assist in the process.“To ensure this corporate memory is retained, enhanced and used by successive generations of employees, companies need to implement an effective software package to store, collate and distribute this information, as well as ensure employees make use of it to find existing – and add new – data,” Scheepbouwer adds. “And while the right platform to handle this information is important, ensuring people participate in the process is just as critical.”
Automatic retention of corporate knowledge is preferable – containing facts and figures as much as criticisms, comments, feedback and situational relevance for decisions made. Information must be easy to reach and relevant for those searching for it. This is where companies can make corporate memory an advantage rather than something that is only partially developed and mostly ignored.