UK Faces “Knowledge Gap” Time-Bomb
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The UK faces the risk of a yawning knowledge gap: the amount of new infrastructure required in the UK outstrips the knowledge available to build it. According to a new research paper issued by LogicaCMG, if effective knowledge management practices are not implemented, UK industry could see ??2.6 (US$5.1) billion of projects under threat due to a lack of expert knowledge amongst staff.
Over the next few years the UK will invest billions of pounds on large-scale energy and utility projects. The knowledge-intensive nature of the work required to make such projects a reality means their success could be directly impacted by the knowledge gap, putting them at risk of delays or even failure.
Judith Halkerston, managing director of LogicaCMG’s UK energy & utilities business said: “Knowledge is crucial in ensuring that vital infrastructure projects are completed on time and within budget. The research has shown that on average, a quarter of business costs could be saved by more effective knowledge management, which could save the utilities sector alone ??3 billion annually.”
LogicaCMG research conducted with large firms in the UK energy, utilities and allied industries market, found that 70% of UK companies anticipate the emergence of a knowledge gap within just five years. The critical importance of effective knowledge management was fully appreciated by most companies, with 92% of respondents reporting that technical expertise is a key intellectual property required for sustained growth.
However, 69% of companies have little or no knowledge management processes and provisions in place.
Ms Halkerston added: “The scale and scope of the UK’s emerging knowledge gap and its potential impact on business and the economy should not be underestimated. Our research found that 90 per cent of companies are aware of the issue, but very few have a solution in place. Without immediate action the UK’s knowledge gap could become too large to bridge.”
“Promoting good knowledge management and sharing is key to maintaining the profitability of a business and must lie at the heart of a company’s culture. Simple Knowledge Management practices deliver results, increase competitive advantage and are the secret weapon in the fight against the knowledge gap.”