We know that we all have some kind of knowledge. Knowledge can be information or skills that we possess, and no one can take it away from us. Knowledge is an intangible asset, and it cannot be destroyed and it does not depreciate. However it can build back destroyed tangible assets. To a business, knowledge is a valuable asset, and while there may be many employees who possess the same knowledge, due to required education or shared knowledge within the company, every single employee will hold some knowledge that’s different from the others. There are many ways where one could give examples of how knowledge is being transferred and used within an organization. I could think of many, but the one who stood out the most was the electronic …show more content…
As well as the corporate level employees, the store employee hold valuable knowledge about the different products they carry as well as how to sell the products. One and a half decades ago Best Buy decided that they wanted to be a learning organization, and it was then the Knowledge Management (KM) program Management Office was developed and their mission was to rapidly develop and execute a knowledge management strategy. Thanks to the KM program management office, the KnowledgeZone application started. This is an application which captures tips and ideas and provides feedback, and it is also a product information tool for accessing product detail information. This application has and still is benefitting the storefront employees’ when it comes to information and knowledge. (APQC, 2002) When a person starts their employment at Best buy, they first go through a training period where they learn about the different products the store carries, as well as other information needed prior starting to work for the company. The employee are assigned to a specific area within the store and at that point they become a part of a community. As time goes by there will be more information and knowledge that they are going to …show more content…
These people come in from companies whose products are carried by Best Buy. These people are able to help customers, because they specialize in their own brand and products. Best Buy employees also learn from these people by observing them while they are in the store. They can also receive training from companies, whose brand they carry, and this can benefit both Best Buy and companies whose brand Best Buy carries. Communication and a good relationship is key for continues success for both parts. The more Best Buy employees are able to tell a customer about a specific product, the greater the chance for the product to be sold, which then can benefit both parties. Other than insurance on products, there is no product that belongs to Best Buy, that’s why it is important for them to have a good and strong partnership with those companies whose product they carry. One could say, in a partnership Best Buy is the one who knows how to sell the product, while their partners are the ones who know how to develop a product. Companies who produce their own product have started their own stores, we can take Apple for example who has their own store. However, they also have their products in Best Buy. By being able to have an Apple display in a Best Buy store, they are able to reach other customers who weren’t looking for an Apple product, but decided to go into a Best Buy
Their purchase habits can also help to give the company a better understanding of the
BestBuy really needs to know the expectations of consumers to be able to align on the same distribution line than its competitors that continue to cut its market shares by offering the same products at very competitive prices. There is no doubt about the threat that may represent specially Wal-Mart for BestBuy, its "Every day low price" slogan speaks for itself. Today, quality’s problem is used as a marketing argument, but it’s not over true even though Walmart some low quality products. We have to notice that most of the producers of nowadays ’technologies are Asian countries as proof, IPhone and well-known brands technologies have always been manufactured in China. So the quality problem is not really the problem BestBuy is facing because there is no doubt that Wal-Mart and BestBuy have the same suppliers since everyone claims to offer high quality electronics. The first thing to do is to figure out how Walmart makes the difference by lowing its fixed and variables costs to better maximize profit even though offering low cost product. I think BestBuy needs to review its employees ‘training budget since they already have a good knowledge about the product they offer. As cited on page 22-4, even though its revenue grow, at the same time its net income and operating
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).
The eighties prompted change as well as the opening of Best Buy’s first superstore. During 1983, a new corporate name was approved and the Sound of Music Company became known as Best Buy Co., Inc. With mounting consumer support Best Buy continued its road to expansion by opening an additional five stores. In 1985, the newly named company was being publicly traded under the symbol BBY. The late eighties brought forth additional change for the continuously growing company. Best Buy adopted a new concept in retail merchandising with the opening of massive superstores. The new concept shifted the placing of all inventory on the sales floor and hiring a specialized staff of non-commissioned service representatives (FAQ). Such adaptations have fueled the company into progression and continued to promote the company’s corporate vision of “Making life fun and easy”(Fact Sheet).
Best Buy’s History & Main Characters: Best Buy is Minneapolis-based and is North America's leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances. Throughout Best Buy's 37-year history, the company has maintained the tradition of making life fun and easy for customers and employees, while providing a significant return to partners and investors. It has 80,000 employees and over 550 stores in the U.S., in addition to the brands Best Buy Canada, Future Shop and Magnolia Hi-Fi. Their leadership is led by Dick Schulze, Founder and Chairman, Brad Anderson, Vice Chairman and CEO, Al Lenzmeier, President and COO, and Darren Jackson, Executive Vice President of Finance and CFO. Chairman Dick Schulze founded Best Buy in 1966 with the Sound of Music, an audio component systems store in St. Paul, Minn. In 1973, Vice Chairman and CEO Brad Anderson joined Sound of Music as a salesperson. The company quickly expanded into video products and computers, was renamed Best Buy in 1983, and became a public company in 1985. Best Buy’s revenues for fiscal year 2003 were $20.9 billion and net earnings of $622 million. It was ranked number 91 on the Fortune 500 in 2003 (Bestbuy.com). Best Buy stores are redefining the way customers shop by offering an unparalleled assortment of affordable, easy-to-use entertainment and technology products and services available through its network of more than 550 retail stores in 48 states and online at BestBuy.com. Best Buy is scheduled to open 60 new stores in fiscal 2003 and is on track to have 650 stores by fiscal 2005. Magnolia Hi-Fi is a high-end electronics retailer specializing in audio and video solutions for homes, ...
The management of knowledge within the context of organizational processes is a determining factor of its effectiveness and level of performance. Hislop (2013) stated, "One of the key distinctions in the knowledge management literature relates to epistemology" (p. 8). In an attempt to acquire an in-depth understanding of key aspects of knowledge management I will analyze a key organizational job position that possesses valuable experience and traits of fulfilling responsibilities. My analysis will include a description of the organization and position, a review of the perspectives and types of knowledge, as described by Hislop (2013), as they relate to the job position, and the challenges encountered in transferring
Best Buy has grown steadily and improved its business and customer’s experience in many ways throughout its journey from 1966 until 2011. The company’s main objective is to focus on making the customers visit to the store as pleasant and as informative as possible. The company is on its steady path of revolution and innovation by implementing customer driven and technology powered strategies. When any new business is setup, it faces its preliminary phase challenges and so has Best Buy but now the business is booming in the world of technology. It’s well known to be a one stop shop for all technological needs.
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
Technology allows and provides the tools and framework to build and support knowledge management within a company. While cultural and organizational changes are vital to achieving knowledge system, a lack in ...
(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.
Introduction With today’s rate of development in technology, there has also been an immense increase in global information sharing. Innovations in technology and design seem to be emerging in the market almost every month. One of the key aspects of any business is to gather, organize and efficiently apply this information. According to Antonic (2005), economic assets are fast becoming of secondary importance in the market as companies ascribe more importance to intellectual capital. With the right application of knowledge management methods, companies can achieve a competitive advantage by managing the immense amount of information available (Balanced Scorecard Institute, 2002).
Best Buy, one of the biggest consumer electronics retailers in the world, provides products from smartphone, computers to large electronic appliances. It aims at offering a large variety of products with outstanding customer service at a comparably economical price. Yet, it has been facing internal and external challenges in the recent years. Bottom line and the share price are slightly catching up after a fall in 2013 but still barely satisfying the shareholders and customers are changing their purchasing habits which may threaten its future.
Hansen M., Nohria N., and Tierney T. (1999), “What’s your Strategy for Managing Knowledge?,” Harvard Business Review (March 1999), 106–16.
Success of Knowledge Transfer in an organization is dependent on the efficient transfer and use of knowledge. Employees need specific skills and knowledge to effectively perform their functions.
The institution's success is largely influenced by its ability to benefit from the knowledge (Fullan, 2011) which is growing amongst individuals within the organization through verbal or non-verbal communication. Examples of non-verbal communication are monitoring, modeling, imitation and protecting jobs. (Edge,