Introduction

In this exciting episode of the Crazy Wisdom podcast, we are joined by Tim Wood Powell, an innovator, catalyst, author, and speaker whose motto is "Let's make our Knowledge work!" Tim is the founder of the Knowledge Agency and author of the book The Value of Knowledge. This episode is packed with insightful discussions around the realm of knowledge, its role and value in business, and the challenging aspects of measuring intangibles.

Notes

Understanding Knowledge

• The discussion kicks off by probing the question, 'What is knowledge?' An intangible asset with no weight, its definition and measure become particularly complex in a business setting. Tim explores his insights from his experience in the music business and recounts a copyright dispute over a song.

The Benefits and Challenges of Knowledge

• Tim shares his views on how knowledge benefits us by bringing in perspectives from psychology and philosophy. But in the business world, where there's a constant pursuit to measure the immeasurable, knowledge can be a conundrum. The current accounting systems are designed to measure tangible assets, but they fall short when it comes to intangibles. This poses challenges, especially in today's knowledge-driven work environment.

Tangible to Intangible: The Journey

• With real-world examples, Tim illustrates how we've moved from tangible to intangible assets and discusses their role in creating business value. From IP sales of bankrupt companies to branding strategies for products like tobacco, Tim provides insightful commentary on the value and paradox of intangibles.

Knowledge and Business Performance

• Tim delves into how companies must create their own metrics to assess intangibles despite existing accounting systems. He speaks about the role of knowledge in buffering business risks, managing uncertainty, and aiding decision-making processes. He discusses the importance of decision-making in a world that is increasingly algorithmic.

The Role and Value of Knowledge Management (KM)

• Tim narrates the ups and downs of knowledge management through various business cycles. He explains the concept of 'time value of knowledge' and how the value of an asset is always changing. The conversation then moves towards understanding the value dynamics in a business and the role of KM in managing these dynamics.

What do KM Workers do?

• The discussion then shifts towards understanding the role of KM workers and the challenges they face. He talks about the shift from information search to knowledge resources management and the difficulties faced due to lack of standardization and resources. He also gives insights into how KM can help organizations deal with uncertainty and manage complexity.

Technologies for Sharing Information

• Tim discusses the benefits and challenges of technologies used for sharing information. He talks about issues related to governance, the importance of standardization, and the role of network and relationships in implementing technologies.

Findability on Enterprise Search

• Towards the end, Tim shares his experiences as a client and how the needs of users have evolved due to Google. He stresses the importance of knowing what resources are available and what are needed, and how generative AI might help in the future.

Websites/Books Mentioned

• Tim Wood Powell's Website
• The Value of Knowledge
• High Tech Marketing Machine
• Knowledge Value Chain
• Team of Teams book

People Mentioned

• Fritz Maclow
• Professor Sid Winter

Don't forget to check out Tim's book and his work at the Knowledge Agency to delve deeper into the fascinating world of knowledge management and business strategy!