Mckinsey's Knowledge Management Practices
| Case Code: ITSY058 Case Length: 19 Pages Period: 1980-2007 Pub Date: 2007 Teaching Note: Not Available |
Price: Rs.400 Organization: McKinsey & Company Industry: Consulting Countries: US Themes: Knowledge Management |
Abstract Case Intro 1 Case Intro 2 Excerpts
Excerpts
Evolution of KM
Since its inception, McKinsey's management had focused on capturing, managing, and disseminating knowledge across the company. In the year 1920, James published a book Principles of Accounting. In 1922, he published a textbook on budgetary control.
In the book, he expressed his view that accounting should essentially emphasize the understanding of the entire organization, and should serve as an integrating device to understand the problems...
KM in Action
McKinsey's 'one-firm' culture helped in creating informal networks that facilitated knowledge sharing within the organization.
The company's values also helped in the problem solving approach.
However, knowledge sharing was limited to the methodology, like solving problems and framing issues.
There was no specific attempt to use the learning from one assignment in the other.....
Employee Training and Knowledge Sharing
Recruitment was given high importance in McKinsey. The company recruited graduates from top-tier business schools. Before a candidate was selected, he/she was interviewed six to eight times by the partners and principals.
The company recruited talented individuals capable of receiving and spreading knowledge through person-to-person knowledge sharing mechanisms that were present in the organization. At McKinsey, fresh management graduates joined as associates.
After two to three years, associates who performed well were promoted to the position of engagement manager...
Capturing Knowledge
In McKinsey, the KM system evolved from the need to connect people effectively. The company generally dealt with high level management problems that were difficult to put across in standardized formats. Initially, most of the consultants in the company were not in favor of documenting the concepts, as many consultants were suspicious about reusing ideas....
Conclusion
At McKinsey, all employees had an important role to play and the major roles were serving their clients, developing knowledge, and building the practice. Knowledge management helped McKinsey in solving the clients' problems effectively through every step.
In 1995, McKinsey had undertaken a project on the impact of the digital economy on services. In the report, it was said that reducing telecom costs would result in remote services, by which countries like China and India would provide assistance to customers in the US...
Exhibits
Exhibit I: Ninth Annual Global Make Study - Winners
Exhibit II: Core Principles of Mckinsey
Exhibit III: Mckinsey - Values and Mission
Exhibit IV: Training at Mckinsey
Exhibit V: Mckinsey Global Institute - Research
Exhibit VI: Industry and Functional Practices
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