Fostering Ideas and Innovation: Take a process-based approach to knowledge management

Writing on the fostering of ideas in Quality Digest, Arun Hariharan, author of Continuous Permanent Improvement and The Strategic Knowledge Management Handbook, advises that:

The ideas developed by your employees, partners, and distributors can be an important source of knowledge that, in many cases, proves quite relevant to your business.

Hariharan discusses what he calls a five-year “experiment” with a large group of companies, in which nearly 25,000 ideas were generated. Around 15% of the ideas were implemented, and about 30% of the implemented ideas brought direct financial benefits, contributing $550 million in revenue and another $120 million in cost savings across the group of companies. He shares insights into how these companies generated so many ideas, and how the inflow of ideas was sustained.

Also published on Medium.