CRET focuses on best practice Knowledge Management (KM) processes that produce efficiencies. KM is the process through which organizations generate value from their intellectual and knowledge-based assets. Most often, generating value from such assets involves sharing them among employees, departments, and even with other companies in an effort to devise best practices. To this end, CRET uses a Knowledge Management methodology to make relevant information readily available in a timely manner to support users making timely valid decisions that ultimately increase the productivity of an application (where an application is a process or a set of business processes). CRET believes Knowledge Management is about systematically making use of the knowledge in an organization, and applying it to your specific business problem; tapping into what your company knows to help you deliver your business results. It consists of never making the same mistake twice, and making every decision in the light of the full knowledge base (Corporate/ Business Repository) of your company, business unit and/or group.

Knowledge is the reasoned conclusion of a business. Normally "knowledge" is embedded in typical organizational routines and processes, as well as documents, information repositories, and unstructured databases that can result in inefficient processes and ultimately ineffective results. Imbalances in personnel experience and knowledge necessitate implementation of KM. CRET KM processes take an integrated approach to knowledge identification, capture, retrieval, and sharing.

Some benefits of KM correlate directly to bottom-line savings, while others are more difficult to quantify. In today's information-driven economy, companies uncover the most opportunities — and ultimately derive the most value — from intellectual rather than physical assets. To get the most value from a company's intellectual assets, KM practitioners maintain that knowledge must be shared and serve as the foundation for collaboration. Yet better collaboration is not an end in itself; without an overarching business context, KM is meaningless at best and harmful at worst. Consequently, an effective KM program should help a company do one or more of the following:

• Foster innovation by encouraging the free flow of ideas
• Improve customer service by streamlining response time
• Boost revenues by getting products and services to market faster
• Enhance employee retention rates by recognizing the value of employees’ knowledge and rewarding them for it
• Streamline operations and reduce costs by eliminating redundant or unnecessary processes
• Improved efficiency, higher productivity and increased revenues in practically any business function with a creative KM approach

CRET KM is evolving. Implementation will ensure that day-to-day knowledge stored in the human mind is captured and managed, so that decision-makers have access to the precise information they need, when they need it, and in the form they require. To this end, CRET has compiled the following list of lessons learned to ensure a successful implementation:

The major problems that occur in KM usually result because companies ignore the people and cultural issues. In an environment where an individual's knowledge is valued and rewarded, establishing a culture that recognizes tacit knowledge and encourages employees to share it is critical. The need to sell the KM concept to employees shouldn't be underestimated; after all, in many cases employees are being asked to surrender their knowledge and experience — the very traits that make them valuable as individuals.

One way companies motivate employees to participate in KM is by creating an incentive program. However, then there's the danger that employees will participate solely to earn incentives, without regard to the quality or relevance of the information they contribute. The best KM efforts are as transparent to employees' workflow as possible. Ideally, participation in KM should be its own reward. If KM doesn't make life easier for employees, it will fail.

KM is not a technology-based concept. Don't be misled by software vendors touting their all-inclusive KM solutions. Companies that implement a centralized database system, electronic message board, Web portal or any other collaborative tool in the hope that they've established a KM program are wasting both their time and money.

While technology can support KM, it's not the starting point of a KM program. Make KM decisions based on who (people), what (knowledge) and why (business objectives). Save the how (technology) for last. Only use or employ technology to support your KM Program.

A KM program should not be divorced from a business goal. While sharing best practices is a commendable idea, there must be an underlying business reason to do so. Without a solid business case, KM is a futile exercise.

As with many physical assets, the value of knowledge can erode over time. Since knowledge can get stale fast, the content in a KM program should be constantly updated, amended and deleted. What's more, the relevance of knowledge at any given time changes, as do the skills of employees. Therefore, there is no endpoint to a KM program. Like product development, marketing and R&D, KM is a constantly evolving business practice.

Companies diligently need to be on the lookout for information overload. Quantity rarely equals quality, and KM is no exception. Indeed, the point of a KM program is to identify and disseminate knowledge gems from a sea of information.