The Promise and Challenge of Knowledge MarketsConnecting the Dots Between Strategy, Technology, and...

The Promise and Challenge of Knowledge Markets

Connecting the Dots BetweenStrategy, Technology, and Implementation

Organizational Knowledge Markets

• How knowledge moves through organizations?• Exchanged, Bought, Bartered, Found, Generated,

and Applied• Forces that Drive Organizational Knowledge• Markets of K in Organizations• Why K market transactions occur?• What is the market prices system used for K?• “Exchange of a scarce unit for present or future

value.”

Organizational Knowledge Markets

• Collaborative technologies depend upon human bases for exchange

• Recognizing the K markets and their inefficiencies helps tackle ‘diseconomies’

• K markets are embedded in social, economic, and political contexts– Mobil – “bragging” disapproved– HP – contrast USA and Australia

• K Market players – buyers, sellers, brokers

K-Players:Sellers and Buyers – in quest for K

• Buyers– Looking for insights, judgments, understanding– How about data?– 15% of 20% managerial time spent in search and

response for K• Sellers

– Have internal market reputation– Sell by piece, in “bundle”, or rent– Constraints to the “sale”?– How K-sharing can be encouraged???

K-Players:Brokers, Gatekeepers, Boundary Spanners

• Match-makers – between buyers and sellers• 10% of managers are boundary spanners• Librarians - human yellow pages - NYNEX

– P2P and P2T => M2M• Informal, undocumented

– Often underrated, unrecognized– Facilitators’ of others’ success– Invisible contributors to performance

• Informal K Brokers and K-entrepreneurs

Pricing of Knowledge – Intellectual Capital

• Price system for efficient value exchange• Tangible ‘Cash’ or Intangible (reputation,

goodwill, peer-recognition, etc.)• K-Transactions– what is exchanged?

– Reciprocity [Expectation of ‘quid pro quo’]• Pros - Partnerships, Relationships; Con - Escalation

– Reputation, Peer-Recognition [Star Ratings]• ‘Company guru’, E&Y and AA Performance

– Altruism [Doing good for the sake of it]• Mentoring, Apprenticeship [Tacit-K Sharing], Chrysler

Role of Trust in K-Markets

• Trust - linchpin around which K-Markets evolve– Most complex challenge for KM, SCM, CRM, ERP, EAI

implementations

• Making trust visible – e-pinions and Amazon• Managing ubiquitous trust in K-markets – Amazon, e-Bay• Trust begins at the top – norms and values.• Face-to-face contact and trust• Trust vs. Contracts – Can contracts enforce trust?• Trust-e, IP Addresses, Profiles, Cookies• E-Business: Some Players in the Trust Market

Role of Trust in K-Markets

“As trade becomes increasingly global, enterprises must develop more effective processes for rapidly establishing trust at all stages of relationship building. Many business relationships can no longer be sealed with a handshake. Potential business partners need to augment experience-based trust mechanisms with new, faster methods enabled by IT. Enterprises must understand the elements of business trust and follow the recommended guidelines to ensure their trust-building processes are robust enough to allow them to succeed in an increasingly boundarylessenvironment.” A matter of trust

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Knowledge Market Signals – What? How?

• Credentials, Expertise, Position, Education• Informal Networks

– Networks of Practice – 6-Degrees of Separation– Water Cooler Gossip, Grape Vine

• Communities of Practice – BP, Citibank– Technologies to Enable COPs – [To be Covered Later]– Communication, Coordination, Collaboration

“SIX DEGREES OF SEPARATION”

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Knowledge Market Inefficiencies

• Valuation of K – Before consumption and use?• Valuation of K – intellectual and intangible assets?• Firms Do not Know what they Know

– Corporate Yellow Pages, Skill Profiles, K-Maps• Disconnect between Silos of K

– CRM – Marketing, Sales, Service• Localness of K

– High search cost for ‘right information at right time’– Why would the players care to use, share, transfer,

renew, create knowledge?

K-Market Pathologies

• Monopolies– Need for “internal markets” of innovation,

creative conflict of CVPs, creative abrasion of ideas

• Artificial Scarcity– Hoarding, Downsizing, Retirement – Solution?– Video-tapes, Case-Based-Reasoning, Expert

Systems– Trade Barriers – NIH, Opposite Extremes

FROM A THESIS PROPOSAL ON K-MARKETS

The Promise and Challenge of Knowledge MarketsConnecting the Dots Between Strategy, Technology, and...

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