Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
The strategic importance of knowledge management within the organisation
The strategic importance of knowledge management within the organisation
The strategic importance of knowledge management within the organisation
Don’t take our word for it - see why 10 million students trust us with their essay needs.
From the years knowledge management (KM) has become a significance area which increases the concentration of most of the researchers. Previously literature had performed enormously with knowledge; the increasing split of the literary conducts on KM exists due to the importance it possesses for the organization. Knowledge Management is the practice of confining a company’s shared expertise where it resides: in databases, papers, in people’s minds and allocating it to where it can facilitate to create the major payoff (Hibbard, 1997). For the organization knowledge management assist to steer their strategies, resolve problems rapidly, diffuse superlative practices, progress knowledge set in goods and services, raises chances for innovation & improvements and facilitate organizations to live ahead of the competition & rivalry better. Organizations are often not aware of the great and potential values of business information & quantity of data available in their databases. It is stated that examination of such quantity of data & information can be transformed into knowledge which in return can be utilize to achieve organizational benefits like competitive improvement, minimization of expenses, enhanced eminence, receptiveness, and better facility to customers (Hlupic et al. 2002). In the present competitive global environment it is too much difficult for the organizations to maintain their position and go forward to achieve their strategic goals without any innovation in their operations and organizational activities. Without any innovation the performance of the organization can’t be improve. Different internal behaviours and practices contribute to the innovation which further contributes to the organization performance such as KM practices. The prologue of KM practices has produced a marvellous amount of concern in various areas of the Pakistani market like, construction, service, manufacturing, production and public organizations. Currently several organizations working in Pakistan is energetically following service advancement to enhance their quality and production performance allow them to contend extra efficiently in corporate world. Recently, in support of these organizations, innovation has inspired to the front line of corporate strategies in the illumination of growing global contest for earnings and revenues. Because of the globalization each progressive organization and company is motivated for enhanced future supported on modern active ideas. Service innovativeness is alien theory and is most excellent implicit as an unlimited progression of constant development and organization performance. It is the moment to understand that knowledge based practices & innovative activities enhance organization performance. In the developing countries in general and specifically in Pakistan, the understanding of this conception is relatively a feeble area.
Knowledge work according to Raman, (1999), contains activities, which are "information-based, knowledge intensive and knowledge generating" (p. 2). The paper's theme is, "organizations staying ahead of the competition have come to realize knowledge and knowledge workers are their key to success in today's environment where knowledge and information have become commodities" (Raman, 1999, p. 1). This paper's theme traces the historical development of knowledge management and knowledge workers; differentiates between knowledge workers and non-knowledge workers, and illustrate the knowledge workers experience in the author's organization. Knowledge systems contain the potential to increase business value (Bang, Cleemann, & Bramming, 2010).
T.D. Wilson (2002) makes a point of identifying several sources of articles, references and course syllabi with varying takes on knowledge management within organizations. Wilson is convinced that organizations misuse the terminology “knowledge management” and that their activities are more concerned with managing information than with the management of knowledge (Wilson, 2002). Wilson defines knowledge as involving “the mental processes of comprehension” or, as “what we know” and information as the expression of what we know and can convey through messages (Wilson, 2002). By researching the use of the “knowledge management” Wilson conveys that the terms knowledge and information are used interchangeably, which results in an inaccurate application
(106) 'Knowledge management means using the ideas and experience of employees, customers and suppliers to improve the organisation’s performance. ' (5) Knowledge management (KM) is best when 'it is in alignment with organizational culture, structure and strategy ' (5). For this reason, the aim of this briefing document is to advise Santander on solutions to potential KM barriers employees may face by discussing three key barriers- culture, technology and leadership.
Currently, businesses want to use the information effectively for competitive advantage to make better decisions that improve and optimize business processes, predict the market dynamics accurately, optimize forecasts to adequately maintain resources to name a few reasons.
...bjectives and realize growth. Knowledge Management Knowledge management plays a key role in ensuring that the different functions and activities of a company are synchronized. In Google’s case, the purchase of Motorola (which has turned out not to have been the best business decision) probably could have been avoided if the knowledge within the company was managed and used better. Knowledge enables a company to create, recognize and distribute opportunities. When every employee of a company contributes his or her part of knowledge into the knowledge pool, it is very beneficial as it contributes to the overall success of the company. Proper application of the available knowledge in a company can offer several competitive benefits to both the company and the employees. Application of accurate knowledge at the correct situation helps a company to make good decisions.
The book has used peer-reviewed resources to enhance the use of professional approaches to innovation and management strategies by the readers who uses the book. The authors have given different management strategies and their practical application in business fields. As the title states, a strategy in business require innovative strategies for efficient development of the firm. More importantly, the book offers modern innovative ideas that need to be integrated with management strategies to develop modern businesses. The innovative approach provides a practical guide to the management strategies easing the execution of the strategies in the respectful environment. The book has given the strong relationships between innovation and strategies. These relationships are known to increase profitability in business organizations that use them efficiently. It offers how business managers can create successful value through innovation. Value creation in companies is done through examining untapped markets, clients ' needs and investing in new businesses. Therefore, this remarkable book helps readers in innovating and managing business
"All media are extensions of some human faculty -- psychic or physical. The wheel is an extension of the foot; the book is an extension of the eye; clothing, an extension of the skin; electric circuitry, an extension of the central nervous system. Media, by altering the environment, evoke in us unique ratios of sense perceptions. The extension of any one sense alters the way we think and act -- the way we perceive the world."
Hansen M., Nohria N., and Tierney T. (1999), “What’s your Strategy for Managing Knowledge?,” Harvard Business Review (March 1999), 106–16.
For the past couple of decades the majority of businesses have wanted to construct a data-driven organization or company. Furthermore, companies around the world are considering harnessing data as a basis of competitive advantage over other companies. As a result, business intelligence and data science use are popular in many organizations today. The increase in adoption of these data systems is in response to the heavy rise in communications abilities the world over. Which, in turn ,has increased the need for data products. Indeed, the Data Scientist profession is emerging to be one of the better-paying professions due to the urgent need of their labor. This paper is going to discuss what business intelligence is all about and explain data science that is usually confused to be similar to business intelligence. I will tackle a brief overview of data scientists and their role in organizations.
In most organizations, effective utilization of knowledge increases productivity, creates competitive advantage and, ultimately, improves profits.
Individuals’ knowledge and effective management of their knowledge should lead to performance outcomes for organizations to realize value from these activities (Hult 2003). Along with how effectively and efficiently people perform their tasks, organizations are increasingly valuing innovativeness and creativity in their employees (Hult 2003). Their innovativeness and creativity are aspects that allow them to solve new problems and generate value and in turn help their team and organization to become innovative and effective in generating value for customers (Hult 2003; Janz & Prasarnphanich 2003; Sabherwal & Becerra-Fernandez 2003).
Prior to the start of the Information Age in the late 20th century, businesses had to collect data from non-automated sources. Businesses then lacked the computing resources necessary to properly analyze the data, and as a result, companies often made business d...
What is Knowledge Retention? It is a specific unique sub-discipline of knowledge management. The general definition is the capture of knowledge or expertise from employees before they leave an organization. Organizations that are embracing knowledge retention activities are gaining a competitive advantage (Liebowitz, 2011). Knowledge retention and transfer is an area that holds great potential for companies in terms of reducing the costs associated with turnover, and perhaps more important, in sustaining business performance (Manpower Inc., 2010).
The last decade can be marked as a period of significant changes in the business world. Being accustomed to utilize computers as a powerful tool with its office applications such as Microsoft Word and Excel. In the 1990s office workers first faced the opportunity to share information using the Internet (McNurlin, 2009). However, the situation became even more different with the transition to the third millennium. With a further development of information technologies, the majority of big enterprises had to reconstitute their business processes and to make the transition to the Internet economy. Enterprise resource planning (ERP), supply-chain management (SCM), customer relationship management (CRM) software and the variety of other information systems became essential components of the new economy. It can be expected, that all these complex solutions were designed to bring great benefits for different sides of the corporate activity, in particular, decisions made by top-managers are expected to become nearer to the ideal, customer service is to be improved and collaboration more prolific. Nevertheless, to ensure the desired results it should be taken into account that the key concept of these reorganizations is an information or a data, dealing with which can be a serious issue, and wide utilizing of the data warehouses in contemporary organizations confirms this fact.
Curtis G. & D. Cobham (2002: 4th edition) Business Information Systems: Analysis, Design and Practice. Essex: Pearson Education Limited