P2P

70 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 2 1 Without knowledge sharing, a knowledge repository is not sustainable. New insights, ideas and perspectives are needed to keep a firm's knowledge store alive – without it, it knowledge libraries quickly become out-of-date and unused. There are a range of metrics on offer for reviewing social knowledge activity, including comments on digital documents and emails about knowledge, yet often key tacit knowledge is only drawn out through conversation. A tip shared via Teams or a nudge in the right direction offered during a phone call can't be easily reported upon or tracked by technology. With this, many firms have taken to giving lawyers a KM-related time code in order to track time spent on knowledge actions, categorising these by practice area or department and reporting on them monthly or quarterly. However, it is important not to forget the 'softer' measurements of KM, such as attitudes, thoughts and feelings. Sometimes all it takes to understand how well you're doing is to ask the right question to the right person. Feedback from business leaders or particular groups can provide valuable qualitative evidence of KM's impact throughout the business. Are staff talking openly about knowledge? Are new ambassadors of the KM cause emerging? Whether noting down comments from conversations, or formally collecting data via surveys, interviews and focus groups, real-world insights from your staff can help you to comprehend how your knowledge communications are changing outlooks, increasing awareness and supporting a positive knowledge sharing culture. What we measure, we improve Implementing something like Knowledge Management can be seen as a risk. However, the risks of operating without effective KM are perhaps easier to grasp. Whether risking knowledge loss when experts leave the firm, or risking lower client satisfaction because of inconsistent outcomes, the cost of knowledge loss can be detrimental. It is a risk to be a knowledge business without managing this core resource. However, law firms must not just adopt KM strategies, but continuously review and improve upon them to support the ever-evolving nature of knowledge itself. To improve the Knowledge Management initiative is to improve the firm. When knowledge sourcing is measured, we can improve it with better workflows and search improvement. When KM technology usage is measured, we can build on it with training, awareness and system refinement. When knowledge social activity is measured, we can support it by supporting flourishing communities of practice and hosting ad-hoc social events to encourage collaboration. Whether monitoring improvements to efficiency, productivity, innovation, cost savings, output regulation, workflows, staff morale or customer experience, the benefits of KM are clear – you just need to know what it is that you're looking for. Away from the nitty gritty of detail, progress towards business goals are high-level KM outputs that firms can grasp and that leaders can confidently invest in. F R O M T H E K M C C T "Without knowledge sharing, a knowledge repository is not sustainable."

• Cover