Knowledge transfer as a success factor
The most successful companies have immense know-how. In times of rapid technological progress, changing industry dynamics and increasing demands on employees, the relevance of knowledge as a resource continues to grow and knowledge transfer is becoming a key competitive factor. Those who are unable to retain and expand their own company knowledge will sooner or later be overtaken by those who are able to do so.
Only if existing knowledge can be passed on can it multiply. Digitalization and new AI processes offer completely new opportunities for this. The timing could hardly be better, as the creation and transfer of new knowledge and the preservation of existing knowledge pose major challenges for companies. The following reasons should be alarming enough to start establishing knowledge transfer processes in the company as soon as possible.
Technological complexity
Progress is generating more complex and knowledge-intensive products and services. Digitalization is even transforming physical products into so-called product-service systems and knowledge about their correct use is becoming adifferentiating factor. At the same time, the product portfolios of individual companies are growing rapidly and are characterized by an increasing number of variants against the backdrop of globalization. More and more knowledge is being created that cannot be captured and mastered by individual experts.
Domain knowledge
Companies themselves are also becoming increasingly specific and are often embedded in highly complex ecosystems. As a result, general employee skills, such as those taught at universities, are becoming increasingly less important. It is becoming much more relevant for employees to quickly familiarize themselves with these ecosystems and acquire company-specific knowledge in the shortest possible time.
acquire company-specific knowledge in the shortest possible time.
Demographic change and a shortage of skilled workers
This is exacerbated by a gap in the workforce, particularly in Germany, which, according to the Federal Statistical Office, will grow from 1.4 million to over 5 million people in the next six years. In addition, staff turnover causes immense costs of90 to 200 percent of the annual salary of the position concerned, with a large proportionbeing accounted for by projects falling through, theoutflow of knowledge and the loss of knowledge networks.
Guide: Knowledge transfer in the industry
Modern technologies provide you with simple options for facilitating knowledge transfer and retaining expert knowledge within the company in the long term. Modern cloud solutions are accessible at all times and on all end devices and enable knowledge to be captured and made available quickly whenever it arises.
We explain how you can establish a successful knowledge transfer cycle with the help of the right knowledge management solution and artificial intelligence in the guide "Knowledge transfer in industry: the key to higher productivity."
