Evolution of the Knowledge Bank

This study focuses on the evolution of the knowledge bank in World Bank, discussing the challenges faced and the importance of knowledge management in organizations. It explores the steps involved in knowledge management and the role of technology in addressing the challenges. The study also highlights the relevance and significance of knowledge management theory in organizations.

Running head: EVOLUTION OF THE KNOWLEDGE BANK
EVOLUTION OF THE KNOWLEDGE BANK
Name of the Student
Name of the University
Author Note

1EVOLUTION OF THE KNOWLEDGE BANK
Introduction
The aim of the study is to focus on the mini research paper, which is concerned on the
topic of Evolution of Knowledge Bank in World Bank. Despite the relatively quick wins that
many knowledge management initiatives has brought, becoming a truly knowledge based
organization is a difficult and long process.
The fundamental challenges, which are faced by the bank in the present scenario, is with
the relation to the social and cultural clients. The bank is determining to build trust and mutual
understanding.
Knowledge management is important in an organization as because it is the key
ingredient in building an organization’s ability to innovate and operate with factual and reliable
information. The goal of knowledge management in World Bank is to effectively manage the
knowledge, which is generated through the projects of World Bank. It will be helping the bank in
providing a faster and effective access to the relevant internal and external knowledge I order to
maximize its impacts for the clients of the bank.
Literature Review
Knowledge management is a series of steps, which includes identifying, collecting,
storing and sharing tactics information to the individuals throughout an organization. A
corporation’s intranet website is an example of a tool used in knowledge management.
Knowledge Management is referred to as a multidisciplinary approach in achieving the
objectives of the organization by making the best use of the knowledge. The fields which
contributes to the knowledge management researches are information on media, computer

2EVOLUTION OF THE KNOWLEDGE BANK
science, public health and public policy. Multi – national companies, public institutions and non
– profit organizations have their own resources which are dedicated in helping the internal
knowledge management efforts of the organization (Flor 2018). The part of the business
strategies, information technology and human resource management department are involved in
providing advice and consult the knowledge management in various organizations.
The organizational knowledge management theory primarily focuses on the
organizational structures and how the organization is designed hierarchically in order to manage
the knowledge process. The organizational theorists in World Bank have long acknowledged the
importance of the formal and informal incentives, which are faced by the employees of the firm.
However the political economy of Word Bank plays a major role in shaping the organizational
behavior and life.
Through the implementation of Organizational Knowledge Management Action plan which has
been developed by World Bank, which is dedicated in focusing on creating knowledge sharing
eco system which is used applied in creating the connectivity of internal stakeholders, partners
and clients of the firm. The key inputs from the external partners of the bank as well as the
shareholders of the bank are both tactical as well as strategic. The focus of tactical track is on
the immediate opportunity in using the Knowledge Management tools and methods in order to
facilitate the knowledge flow of the organization (Hislop, Bosua and Helms 2018). The strategic
track whereas is dedicated in helping the longer term issues which requires a deeper knowledge
and work in resolving it. Overall the aim of the Knowledge Management Action Plan in a
multinational company such as World Bank to achieve and support the ultimate goal in giving
the development practitioners a very useful knowledge. This helps the managerial department in

3EVOLUTION OF THE KNOWLEDGE BANK
supporting their work in tackling the most difficult development challenges and enabling them in
determining the impact and minimizing them.
Importance of Knowledge Management theories in an organization
 Spending less time in recreating the existing knowledge – In an organization when the
information is accurate and easily accessible, it reduces the need of other members and
management department of the company in order to interrupt other with chats, supports
and tickets. Managerial employees and support teams of the organization usually spends
less time in answering the repetitive questions which are queried. This makes them free
in focusing on the aim and goals of the organization (Santoro, Thrassou and Dezi 2018).
 Getting the information, which are required soon, and making fewer mistakes –
Employees in an organization is obvious to repeat the mistakes, which they have already
done before if they are not sharing information with others. Knowledge Management
helps the managerial department in avoiding these mistakes and failures.
 Making informed decisions – With the help of knowledge management the employees of
an organization are free to share their experiences, lessons which are learned fro the
mistakes and proposes research on a searchable knowledge based system. However this
be helping the members of the organization in reviewing the information shared. This
will also likely help the managerial department in assessing multiple pieces of data and
constructing a common view point in making valuable decision. With a documented and
shared process it becomes very easy for the members of the organization in following the
approved procedures set by the knowledge management action plan.
Evaluation of findings and research

4EVOLUTION OF THE KNOWLEDGE BANK
The present scenario of World Bank, it is only technology which can provide an answer
to the present challenges which are faced by World Bank. Likely James Wolfensohn says that in
many countries there is a lack of infrastructure and electricity as well as tee communication gap
with the clients. The World Bank as thus selected the satellite technology which can be the most
appropriate technology in communications which will be able to recover the present deficiencies
of infrastructure in many countries (Cirasin and Malaguti 2018). In order to become a
Knowledge Bank the World bank has adopted the notion of “communities of practice” as a key
strategy. They are likely to design the create and share knowledge with the help of the thematic
groups. These thematic groups are informal groups which had some work based social
connection.
Conclusion
In order to conclude the above research paper it can be conclude that the Organization
Knowledge Management theory is the best available theoretical framework available for
understanding the knowledge within the organization. The paper has further discussed and
highlighted the importance and relevance of Knowledge Management theory in an organization.

5EVOLUTION OF THE KNOWLEDGE BANK
References
Cirasino, M. and Malaguti, M., 2018. From Remittances to M-Payments: Understanding
“Alternative” Means of Payment Within the Common Framework of Retail Payments System
Regulation (Financial Infrastructure Series, The World Bank).
Flor, A.G., 2018. Knowledge Management for Development (KM4D). In Encyclopedia of
Information Science and Technology, Fourth Edition (pp. 5077-5084). IGI Global.
Hislop, D., Bosua, R. and Helms, R., 2018. Knowledge management in organizations: A critical
introduction. Oxford University Press.
Santoro, G., Vrontis, D., Thrassou, A. and Dezi, L., 2018. The Internet of Things: Building a
knowledge management system for open innovation and knowledge management capacity.
Technological Forecasting and Social Change, 136, pp.347-354.