While many think reducing risk begins and ends with internal strategies, knowledge-sharing has increasingly presented itself as a powerful tool in mitigating unfavourable circumstances. Moreover, sharing knowledge amongst industry peers helps to not only understand the depths of the business but also to develop important relationships.
What causes business risk?
Anything that threatens a company’s position is considered a business risk, whether it obstructs financial goals or lessens competitive advantage. For this reason, companies take various measures to avoid exposure, including quality assurance programs, employee training, and insurances.
What is knowledge-sharing?
Knowledge-sharing refers to intra-organisational conversations in the form of roundtables, panel discussions, and peer groups that tackle key industry issues. At The Ortus Club, we conduct pitch-free knowledge-sharing in-person and virtual events across different sectors such as technology, business, finance, and education.
In the past, knowledge-sharing was a less common practice. Sharing information with potential competitors was frowned upon for fear of spilling secrets. However, digitalisation has made information more readily accessible to everyone, and big companies’ ‘secrets to success’ are now just a few clicks away.
How does knowledge-sharing reduce business risk?
Knowledge-sharing refers to intra-organisational conversations in the form of roundtables, panel discussions, and peer groups that tackle key industry issues. At The Ortus Club, we conduct pitch-free knowledge-sharing in-person and virtual events across different sectors such as technology, business, finance, and education.
In the past, knowledge-sharing was a less common practice. Sharing information with potential competitors was frowned upon for fear of spilling secrets. However, digitalisation has made information more readily accessible to everyone, and big companies’ ‘secrets to success’ are now just a few clicks away.
Deeper industry challenge
As leaders embrace different perspectives, they develop a deeper understanding of their industries and businesses. The Ortus Club often collaborates with information technology companies, and during roundtable discussions, we invite CEOs, CMOs, CIOs, and CFOs to meet and discuss pressing issues concerning IT today. As a result, leaders from different organisations can broaden their horizons, staying in touch with the latest trends, changes, and measures.
Better internal solutions
Identifying an issue or opportunity is not always easy, but knowledge-sharing with different players on the same field can help. When leaders hear from each other’s experiences, they learn and discover more than they could have on their own. For instance, a strategy that may have been ineffective for one company may work for another with slight adjustments.
Audiences will gain essential and relevant information, and leaders can make more prudent and deliberate steps towards reducing business risk. In addition, by relying on the expertise of others, companies find better solutions for their own companies.
“Identifying an issue or opportunity is not always easy, but knowledge-sharing with different players on the same field can help. When leaders hear from each other’s experiences, they learn and discover more than they could have on their own.”
Expansive network
Knowledge-sharing is about building meaningful and relevant relationships. This solution-oriented networking activity creates an atmosphere for business leaders to meet and discuss with people facing similar challenges.
Many successful companies today actively seek collaborations with other brands. A competitor today could be a potential business partner tomorrow. This is why it is important to maintain an expansive network. The wider your reach, the more opportunities there will be to mitigate business risk in the face of stiff competition.
Competitive advantage
In our previous blog post, we spoke about knowledge-sharing as the 21st-century antithesis of withholding information. Although keeping industry
secrets was previously seen as key to gaining a competitive advantage, times have changed and collaborative practices are becoming the norm. The meaning of competitive advantage has metamorphosed.
What gives a competitive advantage?
Competition is still as tight as ever. Companies are taking more proactive measures, while consumers are placing greater emphasis on the brand and its ideals, not its products. As a result, marketing leaders are looking for new ways to stay relevant and mitigate business risk.
Competitive advantage is now living by the adage ‘keep your enemies closer’. Companies no longer practice isolationist strategies, and knowledge-sharing has created opportunities for different brands to be more open about their strengths and weaknesses. New perspectives and insights are a great way to bring actionable steps to drive growth for the company.
The Bottom Line
Risk management is imperative to sustainable success. Anything can threaten the good standing of a company, and knowledge is power. With increasingly complex competition, gaining an advantage means having better internal strategies in place, maintaining an expansive network, and keeping an open mind for any opportunities that lie ahead.
Are you interested in attending a knowledge-sharing event? You can find interesting discussions on The Ortus Club website. Taking part in an Ortus roundtable is completely free of charge and is by invitation only. If you have not been invited but are keen to attend, you can complete the registration form on the event page, and a representative will be in touch.
