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Success of business lies in flow of information and knowledge through learning
The world is changing around us. Faster than ever before. On one side, Internet and mobile communications are connecting the world as a whole. As a result, most people can easily get knowledge for 0,00 Dkk, where it used to take a lot of efforts to get this. On the other side, businesses are encountering the effects of our current demographic situation. China and India both have many people who will soon retire, but they also have many young people who can take over vacant jobs. Europe and North America also have many people who will soon retire, but they do not have a new workforce to fill in the empty spaces.
This means that businesses should focus on the thing that cannot be captured through algorithm as the transaction costs on knowledge are nearly anything. It also means that businesses should find ways to work with a limited workforce; a workforce that is no longer constrained to the location of the business. The workforce is now spread all over the world.
As a result, businesses as well as professionals are increasingly dealing with more and more complex situations rather than simple situations. To make sense of and decide over these new situations, it is no longer a case of ‘business-as-usual’. In these complex situations, predictability is absent and only a limited recollection of cause and effect is clear. Through human interaction, culture, innovation and trust, businesses can make sense of and decide over these messy situations.
Organisations can become more innovative – and thus more competitive – when staff members can make sense and decide over new problems or opportunities in a fast and creative way. In this respect, staff members should have the newest information and knowledge to adapt to changes and move forward in fast-changing and highly competitive environments. That’s why the future growth and success of businesses lie in processes and initiatives that improve the flow of information and knowledge through learning.
Social media as an organisational learning tool
One way to establish this organisational learning is through social media. Social media stands for the tools and techniques designed to disseminate information and knowledge through social interaction. Businesses should embrace the opportunities of social media, because through these tools and techniques businesses can form or join online communities of interest around issues of relevance. As a result, the business and its staff members become more informed, responsive, innovative and client-focused.
However, to seize the opportunities of social media, the existing business culture of hierarchical control and direction must change sufficiently to encourage and reward engagement; engagement that should be impartial, proper and professional. As a result, I believe that we should aim at rolling out internal and external initiatives. Internal initiatives are – for example – required to teach staff members how to use social media as a tool and technique to share information and collaborate, but also required to assist top management in change management practices. External initiatives could aim on engaging and collaborating with stakeholders surrounding the brand by co-creating given tasks with the ambition of creating a desirable and valuable output. To realize this, businesses should become open and transparent – and thus trustworthy – to encourage external stakeholders sharing their knowledge
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