If your firms suffers from the âit's always been done that wayâ syndrome. Listen up. Companies that are making their mark and pushing the industry envelope are finding that encouraging innovation at all levels of the organization can really affect the 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 consulting group interviewed over 50 leading companies to find out what âbest practicesâ are really making a difference. One program case study that made a big difference was at a GE Appliances plant. The plan enabled that business unit to reduce inventory by $200 million and increase return on investment by 8.5 percent.
World class companies are certainly making the most of its knowledge capital at every level within the organization. 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.