Knowledge Management Strategies for ABC IT Consultancy

Knowledge Management
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TABLE OF CONTENTS
INTRODUCTION................................................................................................................................3
MAIN BODY.......................................................................................................................................3
Overview of ABC IT Consultancy...................................................................................................3
Knowledge management strategy for ABC IT Consultancy............................................................3
Knowledge management system proposed to support the KM strategy..........................................5
KM tools in KM system that support the KM processes ...............................................................7
Evaluation of the knowledge management strategy and system and how it works in organization8
Impact of trends in knowledge management and recommendation................................................9
CONCLUSION..................................................................................................................................10
REFERENCES...................................................................................................................................12
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INTRODUCTION
Knowledge management (KM) is the process in which it controls and expands the strategic
plans which are created. It also constitutes the knowledge about the organizational assets and its
resources. The tactical and strategical requirements include initiatives, processes, and strategies which
enhances storage, dissemination and creation of knowledge (Why KM - the importance of knowledge
management, 2009). For conducting the present research, ABC IT Consultancy has been chosen. The
organization deals in activities like developing, managing and implementing IT solutions for other
organizations. The report comprises of fundamental concepts of knowledge and its management
methods and techniques to support IT tools for knowledge management. Furthermore, it will also
describe the company’s size, structure, objectives and organizational culture and strategy. The various
knowledge management strategies are to be discussed to make effective business. Moreover, it
discusses the impact of new and emerging trends in KM and development.
MAIN BODY
Overview of ABC IT Consultancy
ABC IT Consultancy is IT solutions organization which deals in developing, enhancing and
managing IT solutions for the company. The size of the company is small because they entered the
market only 4 years before. If the company is new then definitely it has innovative concepts and
products because to compete with the existing competitors the organization has to offer new and
innovative products and services. The purpose of the firm is to expand their business attract more
number of users (Dalkir, 2013). The business enterprise also emphasizes on good reputation which the
company should build among target market. The organisational strategy for chosen IT Consultancy is
to increase the revenues and develop their business with the help of new tools and techniques in other
way, to create a good reputation among customers, increases profitability and to expand their market
share. The company is following positive team spirit culture to motivate each employee as well as to
create healthy environment in the organization. Employee engagement is the main aspect of
organization culture because through this only organization will develop and produce good results
(Hislop, 2013). The business strategy is to make the business profitable by using different tools and
techniques which helps in the extending business and increasing its reputation.
Knowledge management strategy for ABC IT Consultancy
The company are facing many challenges in their day to day life. These problems can be
obtained through market place pressures and culture of the workplace. The solution to this problem is
knowledge management because it helps in tackling long term issues through various KM strategies.
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These issues will be solved with the help of the development of the KM strategies. The strategy should
not only consist of high level goals but it should comprise of other various strategies. The company can
focus on the strategies which help in analysing needs and problems of the business entity. For solving
this, the firm should create a framework for that (Holsapple, 2013). The strategy should be made in
such a way that ensures the challenges and needs of the organization are met and solved. Knowledge
management will benefit the consultancy firm by using correct KM approaches. These techniques do
not only help in solving issues it is also useful in development of organizational strategy. This strategy
will help in the addressing real needs and issues of the company which they are facing.
The amount of information which is available to business management has developed instantly.
The challenges in the business management can be solved through different business decisions which
are to be supportive. As the change in the organization, the demand of the company is also increasing
because they now want skilled and talented staff for their organization (Borghoff and Pareschi, 2013).
The business enterprise should have good decision making as well as the decisions should be based on
accurate, complete and reliable information. Knowledge management is important aspect in
encouraging information needs of management staff. It can also help through the mentoring and
coaching skills which are essential for modern managers. The company should retain their key staff as
losing them will surely affect performance of the organization. The experienced staffs have the
knowledge and vast experience of the working environment as well as for the organization. If they put
little effort in the organization then they can be able to enhance better productivity for the
organizational level. So the company should retain them which are the major KM strategy for the
business enterprise. To expand their business and have long term growth, the company should make
innovative ideas and products on a regular interval (Fuller, 2012). This is essential part for the IT
organization because they are fast moving industry. Many businesses are formed to have consistency,
repeatability and efficiency of current processes and products.
Innovation helps in creating more ideas for the products and company should try to compete
with competitors with some unfamiliar techniques. Process of innovating products helps in considering
the work of knowledge management which will nurture in a business environment. Organisation
environment also plays a vital role in knowledge management (Wiig, 2012). To acknowledge the
issues, the company should solve some factors like overall strategic direction, available resources,
marketplace factors etc. These approaches may have widespread success in other organisations, they
will only succeed in the current environment if they meet actual staff needs. By amending these
strategies, an organization can make an effective strategy for the company which will help them to
expand their business and their profitability. On the base of this strategy, the integrated knowledge
management model includes knowledge management strategic initiatives, various structures, its culture
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