Institutional Memory – Knowledge Management Optimised
Many business processes are transactional in nature – individuals within the organisation draw on institutional knowledge to execute recurring tasks with defined outcomes however many organisations have lost institutional knowledge though the various pathways of staff loss.
In our own experience NJMC found in the area of project/programme management this loss can be felt particularly keenly, more so when one considers that permanent project/programme resources are increasingly rare, replaced by agency and contractor resources. This can have consequences that reach forward to impact future work, increasing risks, repeating avoidable errors and increasing costs. Managers have to constantly balance the potential cost impact of decisions where sometimes the immediate savings turn out to have longer terms costs because the loss of institutional memory.