A business is a wealth generating organization where people, process and product are constantly evolved to improve the value proposition with time. But what if there is a leakage in people, processes and products. Preserving the knowledge and value in people, processes and partnerships of a company is making it a timeless enterprise.
A business is an entity that has the objective of generating wealth for its stakeholders, while providing value to its customers through continuous evolution of its people, processes, and partners. These three aspects of a business are highly interdependent and must work in tandem to ensure that the organization can reach its desired outcomes. However, if there are any issues or “leakages” in them, it can harm the overall well-being of the organization. A leakage in the people aspect could mean insufficient skills, poor teamwork, or ineffective leadership. A process leakage could mean a failure in the system that results in low efficiency or customer dissatisfaction. Lastly, a product leakage could mean a deficient offering in the market or a decline in the quality of the product. Therefore, a comprehensive approach is vital in addressing any leakages in these areas to ensure a successful business and a timeless enterprise.
The various ways of knowledge leakages
Similar to life, businesses also face loss and gain of connections everyday. This Forbes article talks about the impact of loss due to employee churn. As we go through our lives, we experience many things that eventually come to an end. This is the natural flow of things, and it applies not only to living beings but also to processes and products. However, while these entities may have a limited lifespan, the knowledge and experiences gained from them can endure beyond their time. In the context of business, it’s essential to recognize the value of this knowledge and to find ways to preserve it. Doing so can help us avoid the mistakes of the past, gain insights into what works and what doesn’t, and better prepare for the future. So, let us cherish the knowledge we accumulate as we navigate the business world, for it is a precious resource that can help us achieve success and leave a lasting legacy.
How to fix the leak?
We propose a simple and effective way to document your 3Ps of People, Process and Products; Product and process stories. And you may already have it in various files spread across shared drives and team folders.
Collect the files and create text stories. You can use FastBuilder.AI to leverage artificial intelligence of large language models to fill any gaps in story with general internet knowledge.
The stories are automatically converted to flow diagrams and designed by AI for easy referencing.
"Imagine a mess free organized knowledge storage that lives with every new tick of the organiation"
Transitioning the culture of storage and documentation
Start at the day one – Organizations can start working with new entrants who are starting their journey with them. You can work through them to start building their product and process knowledge by a documentation process in FastBuilder. This will create an engaging environment with leaders and workforce for enabling the new culture.
Innovation driver – Often times the innovation groups or focused groups depend on some form of whiteboard or process chart. This is a great opportunity to introduce an easy and effective way
Digitization – This is an easy to implement initiative. Here we mean converting product and process documents in various formats like paper, or digital files into organized FastBuilder product stories.
The journey of eternity
Once your organization starts the product story culture, you would notice five major shifts in the organization for making the value and knowledge eternal, i.e. a timeless enterprise. These are as below:
- Common knowledge reference – Everyone in your organization would find it easy to refer the product and process stories for their decisions and beliefs.
- Single source of truth – The references would not vary from people to people due to absolute trust on the source, as a peer reviewed time save document.
- End to end visibility – Not only the most vintage staff but also the junior people of the organization will have clear visibility on how products and processes function.
- Openness – The inhibitions and doubts about complex operating principles will reduce. And the work culture will become more transparent. This shall automatically break silos.
- People initiatives – More and more people will be adding their knowledge to keep the documents updated and also get an AI suggestion on impact on business lines. This is highly crucial as complex business functions are hard to be predicted for change impact.
How do you foresee your business for eternity? Answer this short survey.
