Communicating Best Practices: How to Facilitate Knowledge Sharing in all Levels of Your Organization.

Business Editors

CHAPEL HILL, N.C.--(BUSINESS WIRE)--March 13, 2000

The business trend for the new millennium might well be summed up as, "Tradition is out, innovation is in."

World-class companies now realize that the best ideas do not necessarily come from the executive boardroom but from all levels of the company; from line workers all the way through top management. Companies that have cultures that encourage best practice sharing can unlock the rich stores of knowledge within each employee: sharing promotes overall knowledge, and facilitates further creativity.

World-class companies are innovatively implementing best practice sharing to shake them of out of the rut of "the way it's always been done." Programs such as General Electric's Work-Out sessions or Wal-Mart's Saturday meetings help employees challenge conventions and suggest creative new ideas that drive process improvement, increased efficiency, and overall, a stronger bottom line.

Best Practices LLC's recently updated report, "Knowledge Management of Internal Best Practices," profiles innovative methods used by world-class companies to communicate best practices internally. The study provides recommendations for how to create a best practice-sharing culture through all levels of the organization, how to use both external and internal sources to find best practices, and how to capture that knowledge and communicate it to all employees.

Best Practices, LLC contacted over fifty leading companies at the vanguard of knowledge management to compile its report. Some of the vital issues these thought leaders addressed include measurement and management of intellectual assets, best practice identification and recognition systems, best practice prioritization systems, communication of best practices, and knowledge sharing through technology. For example, in the area of best practices communications, the report examines how General Electric spreads best practices through its organization with regular job rotations. Through this program, a manager might study the Quick Response Plan at a GE Appliances plant, a plan that enabled that business unit to reduce inventory by $200 million and increase return on investment by 8.5 percent. Visiting managers can take those best practices back to their own divisions and achieve similar improvements.

Knowledge Management of Internal Best Practices is available at a price of $500. To purchase the report or to view the full executive summary, please visit http://www.benchmarkingreports.com/knowledgemanagement/. For more information about the report, or if you are interested in other best practice research in Knowledge Management, contact Adam Bianchi at [e-mail] or 919-403-0251 ext. 230.

The insights showcased in this report were collected to support members of Best Practices, LLC's Knowledge Management Excellence (KME) Forum. The forum is a group of executives at leading companies who are dedicated to implementing innovative and effective knowledge management systems. These companies on the cutting edge of knowledge management have chosen Best Practices, LLC as the experts who can help them achieve their business goals.

The fundamental goal of knowledge management is to capture and disseminate knowledge across an increasingly global enterprise, enabling individuals to avoid repeating mistakes and to operate more intelligently - striving to create an entire learning organization that work as efficiently as its most seasoned experts. Today's elite companies are utilizing knowledge management to dramatically improve their corporate performance. "Shared learning" initiatives are estimated to have saved capital-intensive companies as much as $500 million a year. With best practice sharing as its foundation, the Knowledge Management Excellence Forum provides ongoing information from industry leaders regarding:

-- System Design

-- System Implementation

-- Information Technology

-- Managerial Skills

-- Learning and Sharing

Membership in the Knowledge Management Excellence Forum is open to executives in all industries. For more information, please visit the KME website at http://www.kmexcellence.com/, a resource for knowledge executives that provides them access to year-round, customized research on a variety of knowledge management topics, access to our best practices database, information on industry trends, and opportunities to participate in knowledge management studies. For more information, please contact Adam Bianchi, the KME Forum manager, at [e-mail] or by phone at 919-403-0251 ext. 230.

ABOUT BEST PRACTICES, LLC

Located in Chapel Hill, NC, Best Practices provides clients with access and intelligence for achieving world-class excellence. The firm's work is based on the simple yet profound principle that organizations can attain superior economic performance by studying and implementing the best business practices, operating tactics, and winning strategies of excellent companies. Serving diverse sectors worldwide, Best Practices' industry specializations include pharmaceuticals, financial services, telecommunications, media, and utilities. For more information about Best Practices LLC, call 919-403-0251 or visit the corporate website at http://www.best-in-class.com/.