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Benbya - Exploring the Design and Effects of Internal Knowledge Markets

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Book:
Exploring the Design and Effects of Internal Knowledge Markets
Author:
Benbya / Hind
Publisher:
Springer International Publishing
Genre:
Books / Business
Year:
2015
City:
Cham
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This book investigates the design and implementation of market mechanisms to explore how they can support knowledge- and innovation management within firms. The book uses a multi-method design, combining qualitative and quantitative cases with experimentation. First the book reviews traditional approaches to solving the problem as well as markets as a key mechanism for problem solving. After a short discourse on the applied methodology the book discusses internal- market types and examples of internal markets. It goes on to describe design guidelines including incentives design, governance mechanisms and lessons learned. It then analyzes the effects of internal knowledge markets. The book concludes with implications for theory and practice as well as the short-term perspectives.;Research objectives -- Review of the literature.- Research methodology -- Results -- Implications for theory and practice -- Contributions to the 2020 perspective -- Conclusion.

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The Author(s) 2015

Hind Benbya Exploring the Design and Effects of Internal Knowledge Markets SpringerBriefs in Digital Spaces 10.1007/978-3-319-14517-4_1

1. Research Objectives

Hind Benbya 1

(1)

Montpellier Business School, Montpellier, France

Hind Benbya

Email:

The Wisdom of Crowds holds that companies cant plan everything from the top. It assumes that firms should use external as well as internal ideas as they look to advance their technology, products and practices. But planning from the bottom requires knowing when crowds are actually wise. Managers inside firms have to both select high value problems to be solved, and, depending on their decomposability, choose to have them solved internally or externally.

Leveraging external sources of innovation whether from individuals, customers, suppliers or universities has attracted extensive research and has been found to influence firm performance in creating products and services. Firms can rely on a variety of modes to profit from external knowledge and ideas. Lead user workshops (Herstatt and von Hippel ) are common and popular in a wide range of industrial sectors. More recently, firms started to explore the potential of knowledge markets for accessing distributed knowledge and solving a variety of organizational challenges.

A knowledge Market is an IT platform for matching information seekers and sources, together with the material and social incentives to encourage effective trading. The advantage of markets over other alternatives is that many contributors with a diverse pool of skills can enhance the chances of finding solutions to different sometimes unconventional and perhaps even breakthrough problems (Joshi and Sharma ) examine their potential in eliciting a variety of innovation outcomes. These preliminary studies, however, based on various experiments and historical data projects from external Innovation Markets such as InnoCentive and TopCoder, missed the opportunity to bring these benefits within firms. They are all geared to unsticking external knowledge but leave these principles outside the company walls.

The objective of this research is to explore how we can move markets inside firms. Specifically, we strive to understand the design guidelines and effects associated with internal knowledge markets. To understand how to move markets inside firms, we studied the benefits and costs of traditional versus market based approaches. We investigated firms that adopted internal markets, and we designed a working prototype to test its various effects. As a result we should get insights about how to design an efficient internal market and understand its various effects.

References

Herstatt, C., & von Hippel, E. (1992). From experience: Developing new product concepts via the lead user method: a case study in a low-tech field. The Journal of Product Innovation Management, (3), 213221. CrossRef

Jeppesen, L. B., & Frederiksen, L. (2006). Why do users contribute to firm-hosted user communities? The case of computer-controlled music instruments. Organization Science, (1), 4564. CrossRef

Jeppesen, L. B., & Lakhani, K. R. (2010). Marginality and problem-solving effectiveness in broadcast search. Organization Science , (5), 10161033.

Joshi, A. W., & Sharma, S. (2004). Customer knowledge development: Antecedents and impact on new product performance. Journal of Marketing, (4), 4759. CrossRef

Terwiesch, C., & Xu, Y. (2006). Innovation contests, open innovation, and multi-agent problem solving. Management Science, (9), 15291543. CrossRef

Urban, G. I., & von Hippel, E. (1988). Lead user analyses for the development of new industrial products. Management Science, (5), 569582. CrossRef

The Author(s) 2015

Hind Benbya Exploring the Design and Effects of Internal Knowledge Markets SpringerBriefs in Digital Spaces 10.1007/978-3-319-14517-4_2

2. Review of the Literature

Hind Benbya 1

(1)

Montpellier Business School, Montpellier, France

Hind Benbya

Email:

2.1 Traditional Approaches to Problem-Solving

2.1.1 External Sources

Drawing on external sources (i.e., individuals, firms, suppliers or universities) to innovate has been the subject of a rich body of early research. Researchers considered the role of innovation created outside the firm by individuals. Empirical studies show that many users (up to 40 %) engage in developing or modifying products for many reasons. Sometimes, users may innovate if they want something that is not available on the market or they may value the process of innovating because of the enjoyment or learning that it brings them. Recent studies find evidence that some users, entrepreneurial users have also commercialized their own innovations in a wide range of industries (i.e., medical devices, sporting equipment, stereo-components, new media) (Shah and Tripsas ).

Still another approach to sense innovation opportunities and solve a variety of organizational challenges can be found in external markets .

2.1.2 Internal Sources

It seems obvious that companies should use the knowledge possessed by their employees for solving organizational challenges, but few organizations actually do so (van Dijk and van den Ende ). The proliferation of internet-based technologies suggests new methods for accessing distributed knowledge as they enable the connection of a vast number of participants. One of these emerging methods is to rely on market-mechanisms. Markets provide a platform for aggregating dispersed information as they leverage the collective wisdom of the organization.

2.2 Markets as a Key Mechanism for Problem-Solving

The market system has proved throughout history as a remarkably effective means for promoting efficient, cooperative interactions among entities with diverse knowledge, skills, and goals. Despite the long history of markets as an effective means of exchange, bringing market-based mechanisms inside a particular firm has not gained momentum until recently. Fueled by the promise of improving forecasting, decision-making, risk management, innovation and knowledge management, knowledge markets have been adopted recently in a wide range of firms.

Large organizations that have a wealth of information and talent often have difficulty accessing it. The larger and more segmented the company, the harder it gets to match people to problems. Managing information flows laterally and vertically, across specialties, locations and countries, has proven particularly challenging. Managing the growing demands for expertise in diverse contexts requires decentralizing information exchange by providing access to diverse sources, not just the central repository. Meeting unanticipated needs also implies providing access to untapped knowledge. Markets provide the most common form of such decentralization.

Consider the following Market benefits:

Enabling buyers and sellers to find each other
Allowing individuals to make the kind of consumption choices they prefer
Establishing accurate prices based on supply and demand
Validating (or rejecting) product and service offerings

A knowledge Market is an IT platform for matching information seekers and sources, together with the material and social incentives to encourage effective trading. Now that the Internet has linked us all so closely, we need better mechanisms to help us find who knows what and to reward people who provide valuable information. The size of the problemthat of creating and moving information to the people who need itis so large that applying market principles is one of the best ways to find solutions.

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