The ‘Thrifty’ Nature of Company Knowledge.

The ‘Thrifty’ Nature of Company Knowledge.
January 6, 2017 Katrina Waldron

Who doesn’t love paying $10 for a beautiful leather jacket that’s hardly been worn? Isn’t it exciting when you find a pre-loved table that fits perfectly in your living room?

Thrift stores go beyond the enjoyment of buying. You can donate to the needy, reduce the effect on the environment and develop a unique, creative style. Studies have shown thrift shopping can lead to greater connectedness and happiness levels, than buying new goods.

Like the benefits of thrift shopping, being ‘thrifty’ with company information can result in similar positive effects.

So, let’s apply the same ‘thrifty’ approach to business, as we kick off the new 2017 year!

Reusing knowledge in a company is simple. Instead of creating documents and having them serve one purpose, you share the information and insights to inform others.

Knowledge comes in many shapes and sizes. There are two forms of knowledge, ‘explicit’ – which is the codified information found in documents, and ‘tacit’ – experience based, intuitive information. Similar to the treasure trove you find in a Salvation Army, Red Cross, or St Vincent de Paul shop knowledge can be strategy documents, training courses, case studies, insights, research and spreadsheets.

You may have come to the end of the road with a document, but it might be just what someone else is looking for.

Let’s deep dive into some of the profound benefits of being ‘thrifty’ with company knowledge.


You can donate to the needy

Let’s face it, we have all been up to our eyeballs in work and need a helping hand. By reusing the knowledge you have, storing it in a central place i.e. the company drive or intranet and letting people browse, you can really help those poor, needy coworkers. This sort of kindness is free too!


Reduce the effect on the environment

When you recycle knowledge, you reduce the stress on your work environment immensely. You save time for your colleagues, reduce the costs associated with ‘reinventing the wheel’ and you foster a sense of connectedness in the company.


Develop a unique, creative style.

Without a doubt, sharing knowledge stimulates innovation and growth. By sharing what you know with others, space is created for further ideas and creativity.  You can bounce ideas off other employees and develop unique approaches to problem solving. By gathering all of the past knowledge a company has, it forms a foundation for new knowledge and creativity.


So when you’re thinking about throwing out that old sweater or archiving that 50-page report, maybe take a moment to pop some tags and get thrifty with your knowledge.