Investigating the Role of Knowledge Management (KM) in UK
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Added on 2019-12-03
Investigating the Role of Knowledge Management (KM) in UK
Added on 2019-12-03
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Investigating the role of KnowledgeManagement (KM) in UK’s retail stores: A comparative study between Sainsbury and Tesco
EXECUTIVES SUMMARYCurrent study has focused on detailed investigation about the role of knowledgemanagement in UK retail sector. As per the structured study on the role of knowledgemanagement system it has been determined that knowledge management is a multidisciplinarytechnique which provides best use of acquired knowledge in order to accomplish theorganizational objectives. Knowledge management also provides effective accomplishment ofgoals by sharing and rendering motivation for various initiatives. With an assistance ofknowledge management the retail firm organizations can have effective production of productsand services as per the needs of customers. Other than this, it has also been spotted in the research report that knowledge managementsystem provides enhanced level of information regarding current market conditions. It providesbetter assistance to the development of diverse organizational activities. It also assist in decisionmaking process which can lead retail sector organizations to improved level of success. It alsoprovides better level of knowledge regarding employees needs and motivation factor which isadvantageous for better development. In the support of this, it has also been identified that theknowledge management system also provides various critical information which can boost theoperational activities effectiveness. It also allows all members to share information in proper wayso that business firm can have better development in organizational process. It also facilitates inplanning, controlling, decision making and evaluation activities.Furthermore, in the research project it has also been spotted that Sainsbury have effectiveknowledge management system as compared to Tesco Plc. Management of Sainsbury focuses ondiverse factors like sources of data collection, technology up-gradation, etc. These kinds of factorimproves the effectiveness of knowledge management system. It means it is also necessary formanagement of Tesco Plc to focus on these factors so that their data base system can also beimproved in effective manner.
TABLE OF CONTENTAIM AND OBJECTIVES................................................................................................................4BACKGROUND.............................................................................................................................4LITERATURE REVIEW................................................................................................................5RESEARCH METHODOLOGY.....................................................................................................8Research philosophy....................................................................................................................8Research approach.......................................................................................................................8Research design...........................................................................................................................8Data collection.............................................................................................................................9Sampling .....................................................................................................................................9Data Analysis ..............................................................................................................................9Ethical consideration .................................................................................................................10Limitation of study ....................................................................................................................10DATA ANALYSIS........................................................................................................................10CONCLUSION..............................................................................................................................19RECOMMENDATIONS...............................................................................................................19REFLECTIVE................................................................................................................................21REFERENCES..............................................................................................................................22APPENDIX....................................................................................................................................25
AIM AND OBJECTIVESAim: To investigate the role of Knowledge Management (KM) in UK’s retail stores: Acomparative study between Sainsbury and TescoObjectivesTo understand meaning and significance of KM for retail sector of United KingdomTo make comparison between knowledge management practice of Tesco and SainsburyTo analyse the impact of KM practice of Tesco and Sainsbury on their businessperformanceTo identify the best knowledge management practices that could be adopted by UK’sretail organizationsBACKGROUNDBusiness organisations are currently facing number of issues due to rapid changes incustomer needs and diverse developments within environment. In this respect, it is necessary forbusiness organisations to have improved level of information regarding all subjects so thatactivities can be designed in proper way. Moreover, with an assistance of diverse data collectionthe business organisations can have effective decision making process. It also have directpositive impact on the profit margin ratio of business organisation. Retail business organisationslike Tesco and Sainsbury is facing number of key issues regarding data collection and decisionmaking process due to improper management of information. In this regard, it is necessary tounderstand the role of knowledge management within organisational process so that businessfirms can overcome issues in effective manner. Current study is essential as it will provide information about diverse factors which canimprove the data collection and impact positively on the business firm operations. In the presentinvestigation, researcher is tried to assess several factors that influence an database system oforganisation. Moreover, it will also make understand the significance of knowledge managementsystem within organisation which is beneficial for improvement in operations of retail businessorganisations.
LITERATURE REVIEWMeaning of KMKnowledge management is a procedure which facilitates the individual to acquire,develop and share organizational knowledge in effective manner in order to advance skills aswell as productivity. As per the view of He (2009) it is a multidisciplinary technique whichprovides best use of acquired knowledge in order to accomplish the organizational objectives. Inother aspect, it can also be stated that the knowledge management is a considered as a systematicmanagement of a knowledge regarding organization assets which creates better values to theoperational activities (Hutchinson, 2009). In the support of this, Waring (2009) has also assertedthat the knowledge management also provides effective accomplishment of goals by sharing andrendering motivation for various initiatives. According to Waring (2009) knowledge management is a combination of diversestrategies and procedures which are designed to determine the organization intellectual assetsand share it with diverse members in order to advance the performance as well ascompetitiveness. In the support of this, it can be said that it combines two critical actions forbetter management of knowledge (Waring, 2009). Razmerita (2009) has critically passed astatement that knowledge management includes capture and documentation of individualknowledge to amend the organizational tactics and performance (Razmerita, 2009). Significance of KM for retail sectorAs per the view of He (2009) knowledge management plays a key role in success ofevery organization and it enhances the opportunities in context of operational activities. In thisrespect, it is necessary for management of retail sector organizations to focus on knowledgemanagement in order to boost the opportunities (He, 2009). In this, it can be critically explainedthat with an assistance of knowledge management the business organization can easily attaindiverse kinds of information regarding operational actions. Improved level of information is alsobeneficial for effective designing of strategies in order to overcome issues and meet theorganizational needs. According to Cheong (2010), the knowledge management also allows retail sectororganizations to focus on production of products and services as per the needs of customers. It isbecause it provides advanced level of information regarding various needs of customers by
accessing previous sales ratio and other standards. In this respect, it can be asserted that incurrent market conditions the information and knowledge is beneficial for advancement invarious organizational activities (Cheong, 2010). It also provides better strengths to decisionmaking process. Other than this, Magnier-Watanabe (2008) has critically stated that the management oforganizational information and knowledge is also significant because it plays a key role inmotivation of manager. With an assistance of knowledge management system motivation factorcan be render in appropriate manner and encourage the manager to invest more money indevelopment projects by analysing the information and knowledge (Magnier-Watanabe, 2008).Moreover, Hsu (2012) has also explained that the knowledge management is an organizationstrategic attempts which can be used to acquire information and experiences of staff members.Information can be accessed through assistance of database system (Hsu, 2012). Other than this,Waring (2009) has argued that the knowledge management also allows the effective flow ofknowledge between all members of organization in order to enhance the overall productivity.Decision making process can also be improved with a proper use of information regardingdiverse operational activities (Waring, 2009). Moreover, Dalkir (2013) has also asserted that the knowledge management is also asignificant part of all retail organizations because it simplifies the delivery system ofinformation. Critical information can be shared with all members in desired time and amend theorganizational process in the context of planning, controlling, decision making and evaluation(Dalkir, 2013). Higón (2010) has concluded that the improved level of information regardingdiverse operational activities and assets also provides great support to diverse actions. Theclassification of actions can be considered as risk management, marketing, customer relationshipand performance management (Higón, 2010). In the support of this, it can be asserted that theknowledge management system is also important for better effective assessment of variousoperational activities. Different types of knowledge management practice As per the Yeh, (2011), there are number of knowledge management practices availablewhich can be used by business organizations in order to boost the operational activities. In thisrespect, it can be said that the expert knowledge system can also be used by management of retailsector organizations to make choices that would normally be performed by particular domain
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