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Transcript of This information is confidential and was prepared by Bain & Company, Inc. solely for the use of our...
This information is confidential and was prepared by Bain & Company, Inc. solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Knowledge Management at Bain
2NY Infotoday
preez 1
Most executives are not happy with KM
Average of31 Tools
KnowledgeManagement
3.76
3.22
0.0
1.0
2.0
3.0
4.0
Satisfaction (1 to 5)
Average of31 Tools
KnowledgeManagement
3.55
2.96
0.0
1.0
2.0
3.0
4.0
Rating (1 to 5)
“How Satisfied Are You with Each Management Tool?”
“How Good is Each Management Tool at Getting Financial Results?
Source: Bain Management Tools & Techniques Survey (2001)
3NY Infotoday
preez 1
Why KM Often Fails
Not enough thought before technology
Not properly defining KM for the organization
Viewing KM as a separate function, versus just a part of business strategy
Misguided focus on people and process
4NY Infotoday
preez 1
Bain has created a leading KM capability
A good strategy for content creation and capture- Focused, high value investments in intellectual capital- Deep mining of ongoing learnings from projects
The GXC - a great KM system- Classification/taxonomies- Integration of internal and external content- Integration of learning and knowledge- Powerful search
A lean, value-added KM team that - makes the process work- fits into existing company structures
A culture of sharing, not hoarding- Tacit- Codified
5NY Infotoday
preez 1
Why KM matters to consulting firms
Two core assets: people and reputation Our “product” is intangible Global business, but with local differences Partnerships, not hierarchies
Nature:
Generic frameworks and data are commoditizing Industry life cycles shrinking More MBAs, low entry barriers competition! Global service is required
Trends:
“Knowledge” is a critical capability for consulting firms
6NY Infotoday
preez 1
Knowledge example in consulting
You’re working in the PC Industry
Data Knowledge
Market size Market share Competitor prices
A commodity
The best way to segment the consumer market
How to streamline the supply chain
Impact of supplier consolidation on OEMs
A differentiator
World class KM programs manage & share both
7NY Infotoday
preez 1
Overview of Bain and Company
San Francisco
Mexico City
BostonToronto
Chicago
Moscow
RomeMunichMilan
BrusselsLondon
Tokyo
Seoul
Hong Kong
Singapore
Sydney
Dallas
Paris Zurich
Beijing
AtlantaLos AngelesMadrid
Stockholm
Johannesburg
Sao Paulo
New York
26 offices, working in 9 languages Over 2,500 consulting staff, “generalist” model Strict conflict and sharing standards
8NY Infotoday
preez 1
Many KM failures over our first 26 years
(1973-83)“Word of Mouth”
(1983-93)“Experience Center”
(1993-99) “BRAVA”
Many attempts at KM over our first 25 years
But none worked. Examples of our everyday pain…-Proposals still kept by each partner – requiring email and fax-Research tools weren’t sufficient to do the job-Our “best” work was still in file cabinets-We still depended on word of mouth to find experts -We redid the same work multiple times each year
9NY Infotoday
preez 1
Bain’s approach for getting it right
Create
Capture
Organize
Transfer
Use
Businessstrategy
KM Objectives
Define KM for the company
Define your content strategy, and what needs to be created to support your strategy
Determine how to capture (e.g., format, timing)
Organize and classify knowledge based on the business’ “view of the world”
Determine best modes for Transferring and sharing knowledge
Ensure formats and access (e.g., IT) make use as easy as possible
Key elements of KM:
10NY Infotoday
preez 1
The objectives of KM for Bain
What It’s Not
Advance the science
Become famous authors
Fancy portals
Document management
What It Is
Provide our staff with the tools and skills to develop
Enable our consulting staff to work better and faster - selling to new clients - starting up work - “cracking the case”
Apply Bain’s best global insights and approaches - No “re-inventing the wheel”
Drive client results
11NY Infotoday
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Bain’s knowledge is centered around our case teams
Knowledge “Needs” Bain’s point of view on the industry and case topic
Great examples and approaches Access to internal experts External Research
Knowledge “Outputs” New industry insights
New approaches (and solutions) to problems
Update to Bain’s point of view
Insights on managing the case and client
Client Development
Case Start-upIn-Depth Work &
RecommendationsImplementation
(Partner) (Partner, Manager and team)(1-3 weeks) (1-2 weeks) (1-6 months) (6 months +)
12NY Infotoday
preez 1
Our content strategy
Major research databases Top external data sourcesExternal content
Bain’s case & people experience
Sanitized summaries of every client project
Staff profiles & expertise For “tacit” sharing
Codified Baininsights
Bain’s critical IP- Industry verticals- Capability areas
“Reusable” formats Short shelf life
Tools and skills
Bain’s core global toolkit Embedded in our staff
training programs Long shelf life
13NY Infotoday
preez 1
The BVU and GXC
External content
Bain’s case & people experience
Codified Baininsights
Tools and skills
BVU 1.0Launched 1999
GXC 1.0launched 2000
GXC 2.0BVU 2.0
Launched October 2002
14NY Infotoday
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GXC 2.0 home page
15NY Infotoday
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Additional screen shots removed due to sensitivity
16NY Infotoday
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10 industry pages on the GXC
17NY Infotoday
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Presentations are in an easy-to-use, web-based format
18NY Infotoday
preez 1
Bain Virtual University
19NY Infotoday
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BVU video modules
20NY Infotoday
preez 1
New External Sources Page speeds upyour research
21NY Infotoday
preez 1
The GXC has changed the way Bain works
“Thanks to the GXC, I was able to pull together a preez on the impact of a proposed merger in the internet space here in Australia in just 24 hours. The deadline would normally have been impossible to meet with any quality, but we got it done. I love this tool!”
Manager, Sydney
“We pulled a case example on Asset Management in the Financial Services Page to create a presentation for the client in only 1 day. It was fantastic!”
VP, Munich
“GXC is fantastic, I am saving hours already!”AC, Dallas
“Your KM system is one of the most intuitive and sophisticated that I have ever seen. You could do alot to help us out in this area.”
Bain Client
22NY Infotoday
preez 1
Bain knowledge creation and capture
• Proposals • Case summaries
• In-depth codified modules
• Top external sources
Sellingprocess
CaseStart-up
Case-end
Minimum Goal: • Capture on
50% of cases
• 100% compliance
• Accurate case tagging
• One good module on 50% of cases
• New data sources from every case
Output: • Focused investments
• Create new Bain points of view
IP Development
• Driven by Industry & Capability Practices
23NY Infotoday
preez 1
Many roles make this process work
Dedicated facilitators for knowledge capture and sharing
Office-based GXC evangelist
Runs office incentive programs
Best external data sources
Research databases
Partners who oversee Bain’s global Capability and Industry practices
Contribute best work to share across Bain
Case TeamPractice
AreasKnowledge Officer
Info Services
Knowledge Broker
24
Knowledge Brokers at Bain
Knowledge Specialist
Regional Knowledge Broker
Assigned by Industry or Capability Practice Area
Manages the GXC content and web site in their areas
Coordinates IP development and capture with Practice Area VPs
Supports Practice Area on communications, projects and incentives
Assigned by office
Generalist KM support to teams in their offices
- Assist finding content/people- Ensures accurate case tagging- Helps write case summaries
Probes case teams to find potential team insights to codify
- Case end manager interview- Interfaces with relevant
Knowledge Specialists Runs office incentive programs
with Knowledge Officer
“Office generalists”
“Global topic specialists”
25NY Infotoday
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Metrics and incentives
Office Practice Area Individual
Office KM Scorecard- Measures all office
KM contributions- Normalizes for size- Sent quarterly to
office heads and MD
KM factored in Office Head performance
Annual Office Knowledge Award
- 1 large, 1 small office
- For all KM efforts
Practice Scorecard- Measures KM
progress in PA- Sent quarterly to PA
heads and MD
KM is a core factor of performance and comp for PA heads
Annual VP ratings- Assess KM
contributions by each VP
- Factored into annual comp
Office-based “sticks and carrots”
26NY Infotoday
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So what’s the impact?
We can’t and won’t measure ROI- Most of the costs are “soft” and can’t be measured- Our product is intangible- KM is only one of many inputs
Today we capture many key success indicators- Usage- Satisfaction (annual surveys)- Online quality ratings- Informal “feel”
But, this is not sufficient
27NY Infotoday
preez 1
Our framework for KM impact
ImproveStaff
Productivity
Build Relationships/
Increaserevenues
Decreasecosts
Drive client results
28NY Infotoday
preez 1
What we know so far
ImproveStaff
Productivity
Build Relationships/
Increaserevenues
Decreasecosts
Drive client results
Teams deliver better quality and results, in less time
- More time to “crack the case”
- Access to the “best” insights
- Better client collaboration
Our client work is globally consistent
Partners build proposals in 30% less time
The case team process runs 30%+ faster
Contact within the Bain network has increased
Client leads have increased
Win rates at “bakeoffs” have grown
Classroom training costs cut by $1M
- Shorter programs
- No paper
Caseteam expenses have decreased
- Research- Telecom costs
29NY Infotoday
preez 1
Our next steps
ImproveStaff
Productivity
Build Relationships/
Increaserevenues
Decreasecosts
Drive client results
Institutionalize regular customer research on the impact of KM on our jobs
- Partners - Other consulting staff levels
Structured interviews and surveys, built around this impact framework
Use results to direct- Changes to content strategy and priorities- Addition investments in the GXC- Further process improvements
30NY Infotoday
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Our key learnings
Internal and external knowledge together
Content and thought first, before the technology
Massive focus on people and process- Knowledge Brokers- Practice Area VPs
Commitment from top management
Quality over quantity
Build around how people really work and what they need