Knowledge is at the core of a company’s assets, and capitalizing on it is a logical extension of process reengineering. Organizations that take full advantage of their accumulated knowledge can gain a competitive advantage.

In all its forms, knowledge must be collected, shared and -- most importantly -- used. This includes identifying the expertise and experience of individual workers that rarely make the radar screen.

Managing broad areas of information and uncovering well-hidden nuggets of insight requires a systematic approach. Even when this is successful, the next challenge -- making this integrated knowledge readily available to as many employees as possible -- is just as difficult, if not more so.

Here are five essential truths that can help any company, regardless of size, better utilize its knowledge assets. 

1. Sometimes you just need to make room for knowledge. Something as simple as creating an open physical environment can dynamically support the transfer of knowledge between employees. Knock down cubicle walls and integrate front-line teams to facilitate sharing and learning. Then put a mix of individuals in that space with varied experiences, diverse backgrounds, and different tenures. Take interaction further by implementing multiple location training and sharing sessions.
2. Finding internal experts is well within your reach. Companies have vast amounts of information about their employees locked away in file cabinets and stored in computers. To determine what they know, collect what’s readily available. Start by reviewing applications, résumés, evaluations, and other HR documents. Then branch out to include memos, reports, and project files. Strive to capture an employee-by-employee snapshot of both knowledge (what they know) and skills (what they can do). 
3. The last thing you need is another unwieldy library. The ultimate goal isn’t to develop a repository for documents or a “phone book” of internal contacts. It’s to create a dynamic source of information that employees will actually use as they make decisions, solve problems, and improve performance. Therefore, collect and deliver information that’s truly relevant to better operations.
4. It won’t happen if the culture isn’t in place to support it. The goals of knowledge management are to share practices, and increase collaboration, productivity, and the use of knowledge. That can’t happen in a company that doesn’t already promote a learning culture. Make it safe for employees to submit their ideas and create rewards for collaborative efforts. 
5. It might require software, but it’s really about people. Technology can’t replace face-to-face contact and the understanding it creates. Getting people to share information and encouraging them apply their newfound knowledge is the ultimate goal. A successful program is built to support people and nurtures human interaction.