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Knowledge Management in E-Business

   

Added on  2020-02-19

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Running head: MANAGEMENT AND BUSINESS CONTEXTManagement and Business ContextName of the StudentName of the UniversityAuthor Note
Knowledge Management in E-Business_1

MANAGEMENT AND BUSINESS CONTEXT1Table of ContentsIntroduction......................................................................................................................................2Background..................................................................................................................................2Aims and Objectives....................................................................................................................2Scope............................................................................................................................................2Discussion........................................................................................................................................2Contextual factors and their impact.............................................................................................2Conclusion.......................................................................................................................................7References........................................................................................................................................8
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MANAGEMENT AND BUSINESS CONTEXT2IntroductionBackground Every business operates within certain external and internal businessenvironment[ CITATION Har13 \l 1033 ]. Contextual factors are the characteristics of theseenvironmental factors [ CITATION Bro141 \l 1033 ]. Major contextual factors which affect abusiness are legislations, innovative practices, knowledge management and e-commerce etc.[ CITATION Har131 \l 1033 ]. These factors affect business efficiency[ CITATION Cra12 \l1033 ]. Therefore, it is important for organisations to understand the contextual factorsunderlying the business.Aims and ObjectivesThe aim of this essay is to understand the meaning and impact of contextual factors likeKnowledge management and e-commerce on Future Guide Consulting, a hypothetical start upbusiness.Scope The study defines the meaning of contextual factors. It discusses the impact of knowledgemanagement and e-commerce on the hypothetical business. This study emphasises on themanner in which, effectiveness, efficiency and outcome of a business can be improved throughknowledge management and e-commerce.DiscussionContextual factors and their impact
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MANAGEMENT AND BUSINESS CONTEXT3Contextual factors of a business are the factors which reflect a particular context for abusiness[ CITATION Rey11 \l 1033 ]. They define the characteristics of the internal and externalfactors of a business[ CITATION Wet141 \l 1033 ]. In the modern world, business methods arechanging at a rapid pace and the distance between customer and the business is reducing due tothe digital revolution[ CITATION Cru10 \l 1033 ]. Knowledge management and e-commerceare very important contextual factors of the changing face of modern business[ CITATIONYiL07 \l 1033 ]. Through knowledge management and e-commerce, businesses are able tomanage marketing and sales activities in a better way.Knowledge management is the process of creating, sharing and using the information pertainingto the organisation[ CITATION Dal13 \l 1033 ]. Knowledge management helps in achievingorganisational objectives by making the best use of knowledge[ CITATION Kan17 \l 1033 ].Future Guide Consulting is a consulting company and can benefit greatly from knowledgemanagement. There is a large amount of date which a company acquires in its daily functioning[ CITATIONHua09 \l 1033 ]. A company like Future Guide Consulting generates data pertaining to currentand past customers, supplier and data pertaining to logistics. Data is extremely relevant tobusiness organisations as it helps in collecting information [CITATION Mai07 \l 1033 ]. On thebasis of this data the company can make marketing, and production related decision[ CITATIONWuI14 \l 1033 ]. Future Guide Consulting can also get an idea of its customer base with the helpof this data[ CITATION Bla142 \l 1033 ]. However, extracting relevant information from thisdata is difficult[ CITATION Bro141 \l 1033 ]. Knowledge management assists in extracting therelevant information from this data so that management decisions can be made[ CITATION
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