How to find answers within your company - Case Study Example

Running Head: Market Knowledge Frameworks Market Knowledge Frameworks: Question Answers goes here Professional Specialization of your professorDateDeveloping Internal Market Knowledge FrameworksFostering following techniques can help companies in the development of internal knowledge markets. First being the pricing policy for knowledge contribution. The reward of a knowledge contribution might be composed of money, recognition and opportunity. Different companies may try a variable mix of these rewards elements.

However, the amount of the rewards should be floating because fix price may discourage a good knowledge contribution being insufficient pricing or the company may end up in paying a little higher than the required reward. Secondly, companies can implement the concept of “long tail” to develop internal knowledge market platforms. The beauty of the concept is that it enhances the knowledgebase of the market from both side of the knowledge tail. The higher end of this tail is composed of the expert contents and lower end of the tail is composed of peer-assisted contents.

The company is required to subsidize content writers through an absolute or relative reward system. The segregation of contents based on their quality is essential for improving the quality of information provided by an internal knowledge market. The quality of content improves gradually when peer comments, criticize and reorganize contents on a question. Most of the companies award points on a specific scale for the improving the quality of contents.Respect of individual’s privacy plays a significant role in the success of an internal knowledge market.

The platform should allow the knowledge seeker and provide to remain anonymous. This anonymity will protect the ego of knowledge seeker and will increase the freedom of providing answers to controversial contents. There internal knowledge market can cause accumulation of knowledge for personal gains if relative performances are use to decide about the awardees. Relative incentives are given to best performers only, this can discourages knowledge sharing because peers can save best trick for competitive advantage.

This can be avoided by absolute rewards where there is no loser but peers can support each other to improve personal shortcomings. Three Phases of Market Development The concept of internal knowledge markets is quite new and the designs of internal markets are still evolving. Different companies are migrating from traditional hierarchical knowledge market to internal knowledge markets. In the first phase of market development various implementation of the market can be studied to develop a prototype of internal knowledge market.

In the second phase companies needs to design policies that can encourage knowledge sharing. It must not only be vertical or a top down knowledge flow but horizontal knowledge sharing at peers level can help to develop knowledge markets. It is also necessary for the companies to discourage inflation of artificial point scoring and encourage true cooperation among seekers and providers. Lastly, companies need to curb the practice of maneuvering knowledge market for personal gains and advantages.

In the third phase, companies are required to set markets free for growth and evolution. They only need to ensure a competition and collaboration among employees and rest of the evolution will work its way by design. In this phase, companies can evaluate knowledge based on market prices and the effect created by the knowledge. How Knowledge Frameworks Evolves?Internal knowledge market frameworks evolve from within a company. These frameworks target the knowledge resources within company to resolves issues and enhance productivity.

Unlike prediction markets, idea markets and innovation markets Internal knowledge markets provide peer-to-peer assistance framework for R&D problems and researchers. However, the framework finds knowledge solutions inside the organizational setup. Describing the function and significance of internal knowledge markets the former CEO of Hewlett Packard Lewis Platt (cited in Benbya & Marshall, 2011) states, “If only HP knew what HP knows, we would be three times more productive.” Companies evolve an internal knowledge market by providing an IT-supported platform to its employees who are dispersed over the distributed network of the company.

This helps to find a link between a knowledge seeker and knowledge provider. ReferencesBenbya, H & Marshall, V. A. (2011). How to find answers within your company [PDF document]. Retrieved from MIT Sloan, Management Reviews online, https://www.pubservice.com/MSStore.