In this ever increasing competitive world, better access to information can make a difference in the performance of businesses. Well, we better replace the term “information” with “knowledge”. There must be an important distinction between the two, as the former simply means the access to know something whereas knowledge can be viewed as a set of actionable information that can be utilized for business performance. Subsequently, while this is true that application of knowledge requires skills, the continuous improvement of skills also “generates” knowledge that can place the businesses on the next ladder of competitiveness. How should a brand management team learn this art of managing “knowledge”? Why this effort of knowledge management should be important in the first place for such teams?
Brand Management teams have tough jobs on their agenda. If it is not given the job of new product development (usually a separate team might work for that purpose), they still have a big share of tasks to perform for the organization. Regular brand management teams bear most of the part of tactical and strategic planning, implementation and control of brand performance outcomes. Starting from day one, a brand goes through ups and downs with its evolving strategies over time. Naturally, like brands, organizations also go through changes. CEOs change, HR managers quit, Brand Managers switch for better opportunities and so on. In the process, some brands might become orphan temporarily because of losing a key executive. Most brand management teams will survive the loss of one/two executives, but en masse switching of team members to a competitor’s cubicles could pose tough challenges for an organization. Knowledge management is important not only for handling such unforeseen circumstances, but also for continuous learning and skill enhancement of existing executives.
The next question is, what does knowledge management do for an organization or the brand management team per se? Knowledge management system ensures that the organizational learning is somewhere “stored” or recorded in a systematic way for access and utilization later at any time, so that the organization can avoid re-inventing wheels (learning the same thing hard way through current experience which should have been learnt from similar experience in the past). One way to do it is to make knowledge “nodes” where the planning, execution and result details are summarized based on past programs adopted by the brand. Contextual information must also be recorded because different context/environment might give different results of the same program. Later, even when a completely new brand management team takes over a brand, they have access to all the past “knowledge” gained by the brand and put their own insight to jump start the brand management process.
The last question– how does this system would help if the brand management team members stick to their organization for a sustainable period of time? Well, it can do great things for them. It will save time in future decisions and provide them more time to spend on new projects. Thus, it is high time that organizations thought about this knowledge management system to enhance the efficiency of their brand management teams.