Know‐How in the Bank: Instituting a Lessons Learned System to Capitalize on Intellectual Assets

Abstract

AbstractMistakes cost time, money, and, potentially, human life. Lessons Learned, a branch of knowledge management focused on learning from the experiences of others, not only serves to help workers at all levels avoid past mistakes, but also emphasizes replication of previous successes. To tap into underutilized intellectual capital with an effective Lessons Learned system, organizational leaders must overcome the barriers to knowledge sharing and invest time, effort, and resources in capturing, validating, storing, and disseminating the valuable lessons that employees are encouraged to document. Such an undertaking can save an enterprise millions of dollars while ensuring success in fast‐paced environments with little room for error. © 2013 Wiley Periodicals, Inc.