2. Knowledge Management and Business Intelligence:
Knowledge management refers to organising and sharing the various forms of business information created within an organization (Marakas and O’Brien 2013). Knowledge management is important as it increases the capability of a firm to learn from its environment and to integrate knowledge into its business processes (Laudon & Laudon 2012).
Proper knowledge management is essential for City View as Bob is going to be retiring soon. The vast amount of knowledge his has gained over his career may not be able to be used by the business once he leaves. Thus there is a need to develop ways of retaining his insights. This can be done by shadowing my father to gain his tacit knowledge as well as creating standard operating procedures and supplier list for gaining explicit knowledge (Baltzen, Lynch & Blackey 2013).
Business intelligence (BI) is the applications used by the organization that gather and analysis information for strategic decision making. The primary purpose of BI is to support decision making (Baltzan, Lynch & Balkey 2013). Business intelligence would allow City View to track data that would support decision making, including;
• Cost difference in foods during difference times of year
• The popularity of different days of the week and different months for weddings
• The popularity of different months for viewing and making bookings
City View would then be able to use that data to adjust their menu, prices and advertising accordingly. For example if the data returned show that January is the most popular month for viewings and making bookings City View could advertise more and maybe have an open day.
3. Porter’s Five Forces Model:
Porter’s Five Forces model definit...
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However, I do not dismiss that actual knowledge management truly exists or is being utilized due to the differing understandings of the terminology. In fact, I have seen knowledge management at its best in a first-hand experience. My organization has a strict rule that certain positions must take a mandatory consecutive 5-days off of work each calendar year. While an employee is out of the office for 5 days, work must continue. Processes, procedures and training have been implemented to assist in passing on information relevant to taking over another position during this time. Cross-training helps in this endeavor, but actually performing the duties of another job for 5 days requires knowledge management implementation to achieve success. Due to this, the organization must “impart knowledge and skills that enable employees to be more effective in their positions” (Avtgis, Rancer, & Liberman, 2012, p.
(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.
Using this option, users have an access to organized data (number of visits from each country) for the past 30 days. Small businesses mostly do not operate internationally, however, it can help mangers of small businesses as it can be considered an opportunity for future activities in potential location where they get a large number of visitors. For instance, if a small business provides services or products mainly in Korea and less Japan but they see high traffic of their page is coming from japan, they can conclude that their advertising method or product they are selling is working well in japan. As a result, they can start or improvise their business through higher investment and target based advertisements regarding needs of customers in that location. Going deeper in geographical based report, managers can get detailed data of which area (cities) they are getting higher number of visitors. This information allows managers of small businesses to increase their understanding of potential areas so that they can manage their investments
...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.
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In most organizations, effective utilization of knowledge increases productivity, creates competitive advantage and, ultimately, improves profits.
Business intelligence, or BI, is an umbrella term that refers to a variety of software applications used to analyze an organization’s raw data. BI as a discipline is made up of several related activities, including data mining, online analytical processing, querying and reporting. Data mining is the process of sorting through large amounts of data and picking out relevant information. It is usually used by business intelligence organizations, and financial analysts, but is increasingly being used in the sciences to extract information from the enormous data sets generated by modern experimental and observational methods.
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E- Commerce is a phenomena that is emerging rapidly between businesses all over the world, and it has affected the businesses at all sizes in many aspects.
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