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67 I L T A N E T . O R G Introduction Knowledge differentiates leading law firms from the rest. Currently, when competitive rivalry is rife, it has never been more critical for firms to take stock, analyse and review what they already have to maintain resilience, compete and innovate. As the often-quoted management saying goes: "what gets measured gets improved". However, knowledge itself is often intangible. Unlike other organisational assets, we can't see it and we can't feel it. We can't count it like money, and it won't appear on the balance sheet. So how then do we measure knowledge, and our ability to manage such a business-critical resource? When faced with the idea of measuring the abstract, I have seen a number of firms begin to view KM as more of a risk than a necessity. To some, proving its value seems out of reach. In this pandemic period, we are all more alert to risk and caution is sky-high. As budgets are tightened, firms are understandably wary of investing in a practice that has mystified many. In this article, I hope to demystify the process of measuring Knowledge Management, offering some practical tips and tried-and-tested approaches for monitoring knowledge sharing and the overall effectiveness of Knowledge Management strategies. Back to Basics As author Simon Sinek famously said, 'start with the why'. Before analysing KM, it's crucial to first understand what it is that you're trying to achieve in managing knowledge. At this stage, try to go back to basics and identify what it is that matters most to the firm. After all, you have to know what your objectives are, before you can know if you're on the right track towards them. In doing this, firms can design impactful Knowledge Management strategies that are linked to business goals, ensuring that the right processes and technologies are implemented to support the mission. The legal sector is information heavy, and law firms manage vast stores of information, with constant pressure on lawyers to keep up to date. Clients want lawyers who truly understand them, anticipating the effects of key market changes for their unique position. The modern law firm relies upon internal data, client data, market research, subscription services and government websites to satisfy clientele, with several enterprise critical systems often at play, including DMS, CRM and PMS systems – all with their own respective data repositories. However, without a search system in place, every data source in a firm's information architecture presents itself as another silo for knowledge workers to search through for information and knowledge. Every silo increases the risk of knowledge loss, with know- how potentially falling between the cracks. This issue is worsened in the 'hybrid' working environment with new silos added, including videoconferencing software, chat solutions, file sharing tools and more. Without efficient storage and search, staff may never find what it is they're looking for, bringing unapproved data, inconsistencies "Every silo increases the risk of knowledge loss, with know- how potentially falling between the cracks."

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