Knowledge Management: Sharing Best Practices Optimizes Limited Resources

CHAPEL HILL, N.C., Nov. 6, 2002 -- During periods of economic recovery, leading companies utilize knowledge management programs to control costs and encourage employee innovation, according to a study by research and consulting firm Best Practices, LLC. Recognizing and sharing internal best practices enables these organizations to gain market position and drive long- term growth while competitors are busy cutting budgets and jobs.

"Knowledge Management of Internal Best Practices," available at , reveals the importance of employing effective management of intellectual capital. Examples from the study includes:

* One company determined that an increasing percentage of companies' assets are intangible, approximately 62% for industrial organizations. Managing ideas, concepts, best practices and talents of employees is critical to both near-term competitive advantage and to the preparation for future success.

* A leading chemical company outlined a specific procedure to employ its knowledge management system. The system bolstered profits immediately: the company saved more than $1 million within the first 18 months after implementing its six-step system.

The leading practices and managerial insights in "Knowledge Management of Internal Best Practices" are drawn from interviews with more than 55 companies across more than 10 industries. Highlights include:

* How to support critical corporate strategies and initiatives by disseminating appropriately focused best practices.

* Communication tools and activities necessary to implement quantifiable performance improvements across all functional areas.

* Knowledge sharing systems that utilize superior operating practices and continuous innovation, enhancing growth potential and long-term profitability.

"When executives search for ways to cut costs, they often overlook what their employees already know," said Chris Bogan, president and CEO of Best Practices, LLC. "Best practice sharing keeps the company positioned to leap forward when the market turns."

"Knowledge Management of Internal Best Practices" is available for purchase at For more information about this report or other benchmarking reports, contact Steve Walters at (919) 767-9256 or at


Best Practices, LLC, a research and consulting firm, conducts work based on the 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 more information about Best Practices, LLC, call 919-403-0251 or visit