One of Lucidea’s goals is to ensure a high return on investment for our clients. Per Wikipedia, “A high ROI means the investment’s gains compare favorably to its cost.” Please read on for an example of how to think about and measure gains after implementing a Lucidea ILS or KM solution.
One of our clients, a life sciences company with $600 million in revenue, successfully captured content in a records management system, but ultimately realized it was not designed for information retrieval. Their library implemented Inmagic Presto to dramatically expand access and searchability, taking enterprise content from a “vault” and making it discoverable, while integrating with other organizational information sources and assets.
After implementing Presto, the client conducted a survey of research scientists. What were the results? Research scientists reported:
- 10% less time spent on searching
- $200,000 savings a year
- 10% less time spent looking in email for content that is now easily accessible via Presto
Our products have many options for conducting analysis on collections, resources and workflow, and making it easily available through management reports—but sometimes it isn’t the Lucidea product that generates the numbers, although that’s always useful. Often, it is the use of our product that delivers visible, tangible results, measurable through observation, surveys, interviews, etc.
If you couple analytics captured via your Director’s Dashboard, or your Request Management Dashboard (both easily built in SydneyEnterprise, for example) with data derived from your end user population, it’s easy to convince your leadership of the high return on your investment in our ILS or KM solution. And perhaps when you develop a reputation as a great steward of your company’s money, you’ll even get a bigger budget!
Creating new knowledge is not simple or intuitive, but for knowledge managers it is worth perfecting because the potential benefits are significant.
KM Methodologies are policies, rules, techniques, procedures that prescribe how knowledge work is to be performed and offer ways to do it successfully.
KM incentive and reward programs encourage compliance with goals, improve performance against metrics, and increase participation in KM initiatives.
KM goals and measurements include targets included in employee performance plans and metrics to track performance against those goals and other operational indicators.