7 Benefits of an effective Knowledge Transfer Plan
What is knowledge transfer?
“Knowledge transfer is the practical problem of transferring knowledge from one part of the organization to another. It seeks to organize, create, capture, or distribute the “know-how” of the most expert in a field and ensure its availability for future stakeholders."[1]
Knowledge transfer and learning is a key step in the 7 steps to knowledge management success.
Why is knowledge transfer important in project delivery?
- Increases the probability of delivering on time and on budget by 50%
- Reduces delivery cycles and re-work
- Standardises quality
- Drives adoption of best practices
- Increases profit margins
- Optimises resources with the right person for the right job
- Enables continuous learning from past projects
Knowledge transfer is also essential if your organisation is wanting to take advantage of AI but according to PMI Pulse of the Profession 2015 90% of organisations knowledge is in people’s heads. Getting the knowledge out of peoples heads and creating an effective knowledge transfer plan is one of the steps on an organisations AI roadmap.
“Organisations that are most effective at knowledge transfer improve project outcomes by nearly 35%" [2]
Are you 'Knowledge Ready'?
Knowledge management is a difficult challenge that every organisation is faced with. Being able to retain and transfer valuable knowledge in your Business can be the difference between success and failure. That's why, in collaboration with our Knowledge Management Thought-Leader, Paul Whiffen, Hydra has produced a free downloadable ebook. Managing the Right Knowledge & Managing the Knowledge Right shares the key questions and solutions for improving your knowledge management capabilities to help you become 'Knowledge Ready'.
In this eBook
- Understand the most difficult barriers to successful knowledge management
- The tools and strategies to improve your organisations knowledge management capabilities
- Learn how to make knowledge management real
Sources:
[1] Howlett, Robert James. Innovation Through Knowledge Transfer.
[2] Pulse of the Profession®: Capturing the Value of Project Management Through Knowledge Transfer.