I see that managing knowledge is the single biggest challenge that executives are facing in this Information age. The rapid growth and expansion of Information age has demanded for strong measures to manage data. One of the big responsibilities for executives is to be able to manage piles of data and technical documents that different departments generate and convert into useful information. There are appropriate tools out there. But Good luck finding them! Often, the complexities of finding and implementing the right tools keep companies from pursuing them.

If you are an executive, here are some tips that will help you in your decision making process:

1. Do not micro-manage: Executives especially in the IT Industry need to avoid micro-managing smaller projects and direct their focus towards coming up with vision to run respective departments/companies efficiently. I constantly come across executives who spend majority of their time managing minute projects and less time delegating their reports.

2. Be vigilant, Look out for changes: You can not manage change, stay ahead of it. Executives need to be vigilant, and be aware of changing technology, competition and the market. With the advent of new e-marketing tools, competitors can emerge from the least expected places. One of our Garden Grove based partners started as a very small company six months ago. Two of the founding principals came up with this unique mass marketing software that they outsourced entirely to an off-shore firm. As a result, they were able to deliver their product five times cheaper than their leading competitor. They were also able to introduce the product faster and made tons of money along the way. The top performers in their industry never saw this small company emerging.

3. Go open-source: There are great open-source management tools out there for any vertical. Open source technology has come a long way. It takes time to find the right application – but its free. Because of its open source nature, it is also highly scalable if you ever choose to customize it in the future. The best part is that it is not just for technical people anymore.

4. Create strong alliances: Executives need to create strong alliances to launch products efficiently. This enables the companies to maintain sustainable competitive advantage. Executives especially in smaller firms have opportunities to leverage on these alliances who also act as referrals.

5. Make e-Commerce a part of the sales strategy: I remember early in 2000 dot com economy was a big hype. e-Comemrce has come a long way since then that executives must consider online sales strategy as a part of their overall strategy. With the rise of google, Youtube and blogs, the Internet is becoming a legitimate platform for sales, marketing and sharp growth.

6. Align the vision of your company with the mindset of your employees: Informed employees are productive employees. A technical person working at the bottom of the ladder should have the same level of understanding of the mission, vision and objective statement of the company as the CEO of the company. Executives who micromanage fail to bridge the gap between the top and the rest of the company.

7. Understand knowledge workers and manage appropriately: Knowledge workers are the foundation of Information economy. Knowledge workers are motivated differently and their productivity can be directly affected by the way they are managed.

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Tags: Chief Information Officer, Chief Knowledge Officer, Information age, Information economy, Knowledge Economy, managing in Information age, tips for executives