Creating Wealth from Knowledge in Credit Unions

1
Creating Wealth from Knowledge in Credit Unions

• Dr Kate Andrews
• BDO Kendalls, Brisbane Australia
• kandrews_at_bdokendalls.com.au

2
Presentation Overview

• What is Knowledge Management?
• Credit Unions as Knowledge-Focussed Organisations
• High-Impact Strategies for Credit Unions

3
What is Knowledge Management?

• KM is the process by which your Credit Union
  generates wealth (and achieves public good
  objectives) from your intellectual or
  knowledge-based assets
• knowledge
• expertise
• capability
• innovation
• skills

4
Why...

• Do we focus
• so much on returns from our financial capital,
  and
• so little on returns from our knowledge capital?

5
Benefits of KM

• IF YOU
• Learn from failure costly mistakes are not
  repeated
• Learn from success performance, customer
  satisfaction and results are continually
  improving
• Learn from your customers you will
• rapidly identify and offer successful new
  services and products
• use every interaction with a client to build
  their loyalty to you

6
KM Areas of Focus

• Improving the way we
• discover, create and commercialise knowledge
• organise and manage knowledge
• learn and share knowledge

• By paying attention to
• processes
• people
• technology

7
The Knowledge Hierarchy
High Value Meaning Low
Knowledge
Information
Data
8
Two Types of Knowledge

• Easy to communicate
• (Explicit Knowledge)
• facts and figures
• models and theories
• protocols, procedures, formula

• Difficult to communicate
• (Tacit Knowledge)
• intuition
• judgement
• getting things to work in practice

9
The Challenges

• Create Knowledge
• Capture Knowledge
• Use Knowledge
• Share Knowledge

TO CREATE VALUE FOR THE CREDIT UNION
10
When do we Create Knowledge?

• We create knowledge when we
• learn something potentially useful about a
  customer
• solve a complex problem for a customer
• find a useful way to package services to meet
  customer needs
• find a better way to do something

11
HOWEVER...

• knowledge that is created but not captured must
  be recreated the next time we need it
• We forego accuracy, consistency and timeliness
• The best of what we know is not available to all
  our staff
• We use the most expensive channel
• We lose opportunities to better understand our
  customers

12
How do we Capture Knowledge?

• Take the test
• Our time-to-proficiency for new staff is the
  quickest in the business
• All staff can easily find the most relevant,
  up-to-date information about our products and
  services
• Our procedures are living documents - reflecting
  the better ways we find to meet customer needs

13
How do we Use Knowledge?

• Take the test
• Every time that we deal with a customer it is
  obvious to them that we understand their history
  with us and their special needs
• Our product and service information is so easy to
  use that our staff can give their full attention
  to the customer relationship

14
How do we Share Knowledge?

• Take the test
• Excellent performance in any one of our outlets /
  areas can be easily identified and transferred to
  improve performance in other outlets / areas
• Our customer service staff identify gaps in our
  product and service range and quickly feed this
  back to management

15
Discussion
Identify one or two blindingly obvious
opportunities to improve results from knowledge
in your organisation

16
Closing Comments

• Develop your understanding of the knowledge that
  is most critical to your organisations strategy
• Give management attention to knowledge as a
  strategic resource
• its creation
• capture
• use
• sharing

17
Dr Kate AndrewsKnowledge Management BDO
Kendalls

• kandrews_at_bdokendalls.com.au
• 07 3237 5839