BSBINM601: Knowledge & Information Management Strategies at Woolworths

This report examines knowledge and information management practices at Woolworths, a major retail chain. It covers obtaining and analyzing business-relevant information, ensuring data-driven decision-making, and effective information dissemination. The report also discusses technologies like AI and expert systems used for knowledge management, statistical analysis methods for decision-making, and key features of MIS and DSS. Furthermore, it addresses risk management strategies employed by Woolworths to mitigate potential threats and improve overall business performance. Access the full report and other study resources on Desklib.

Manage Knowledge and
Information

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Obtaining information relevant to business issues..................................................................3
2. Analysis of Information and knowledge..................................................................................4
3. Ensuring decisions based on business issues ..........................................................................4
4. Dissemination of Information .................................................................................................5
5. Technologies used and their suitability...................................................................................6
6.Statistical analysis and method for decision making................................................................6
7.Key features of MIS and DSS...................................................................................................7
8. Risk Management....................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Managing information and knowledge in the business organization is very important. The
organizations are very concerned about managing the information and data (Riedl and et.al.,
2017). Managing knowledge is also very crucial because it is important for the successful
functioning of the organization in the strategic directions. Woolworths is a retail company that is
concerned about the management of knowledge and information. Woolworths is a chain of
supermarkets and the grocery stores (About Us, 2021). This also provides the facilities of online
shopping to their customers. This report includes the informations regarding the business issues
and decision-making process and quantitative methods to resolve these issues. Also the includes
the analysis of the information and knowledge, and technologies used by the organizations to
improve their knowledge management.
MAIN BODY
1. Obtaining information relevant to business issues
It is essential to have all the information about the business. The informations can
positive and negative both. Also it is important to understand the issues occurring in the work
process (Kopnina and Blewitt, 2018). There are many ways to obtain the informations related to
the business issues. For finding the information Woolworths can use the following methods:
Collecting Feedbacks from Staff
For understanding the issue related to the business, Woolworths organization can take
feedback from the staff and analyse it. It is important to know about the issues and then take
actions on it to resolve the issue.
Collecting Reviews from Customers
The other way of determining the issue that are relevant to the business is by taking
customer feedback. By analysing the feedback from the customers Woolworths can easily
determine the issues (Maniora, 2018). The customers are actively providing feedbacks on the
social media. Woolworths can get more feedback and ideas from there.
Analysis of Data
The performance activity of the organization such as Woolworths must analyse their data.
By analysing the data, the company can monitor the operation and also control it and it provides
the ease of getting information. So continuous data analysis is one of the easiest approach to get

the information related to the business. The data can be recorded in software and clouds. With
this approach it is easier to find out the issues occurring in the business.
2. Analysis of Information and knowledge
After getting the information about the issues relevant to the business. The data must be
recorded and then analysis of the information is done (Assaad and El-Adaway, 2020). Based on
this analysis the further decisions take place. Analysis of the information can be done by
selecting any of the following process:
Revise the Objectives
It is necessarily important to have a clear perspective about the objectives. When the
Woolworths has collected the information. Now it is important to analyse the data and
understand it. It can create new objectives (Dzenopoljac and et.al., 2018). For example
Woolworth's main objective is to increase the customer in the business and if they identify the
issue that the customers have to wait in the queues for billing. The new objective will be
generated and that will be how to manage the billing process. With new objective analysis of the
data takes place.
Analysis of Pattern
The patterns can be analysed by plotting of the data in some graphs. When the data is
present and graph is there. The analyst in Woolworths can carefully observe that if any patterns
are appearing or not. Now it would become easier for them to clarify and identify the pattern
(Scholtz, Calitz and Haupt, 2018). After identifying the pattern it will be easier for them to
predict the future results also by the patterns if there is any loophole they can apply any strategy
and change their approach.
3. Ensuring decisions based on business issues
It is the responsibility of the manager in Woolworths to take actions according to data
they have collected and the information they got from the analysis they have performed.
Decision making is the most basic function of the management. Before taking any actions they
need to make decisions based on the information they have collected. For taking decision
following consideration must be ensured:
1. This must be ensured that the collected data is valid, reliable and is sufficient and
covering every aspect of the company that must be considered while taking decisions
(Calabrese and et.al., 2018).

2. Risk management plans must be assessed before implementing any decision. Also new
plans must be prepared while implementing the new strategies or the decisions to
improve the performance of the Woolworths and eliminate the issues (Goncharenko,
2020).
3. The decisions must be made through best identified solutions. And selecting the best
suitable option that is ensuring that the identified issues would be resolved.
4. Before implementing the decisions, they must analyse the scientific and statistical
approaches of decision making. Also Woolworths can use it make the best decision.
5. The manager of Woolworths must consult the analyst, important people in the company,
the authorities and the specialists. They would suggest some major aspects that might not
be considered by the managers. They will help to make the best suited decision.
6. This must be ensured that the decisions that are to be taken are feasible.
7. Woolworths can review the decision and evaluate it. They must ensure that had been
taken is resolving the issues and fulfilling the objective.
4. Dissemination of Information
This is important to pass on the major informations related to the company to their
employees and every member associated with the company. Meetings can be expensive and
waste of time to tell the employees about the new protocols and other information related to the
company (Tools for Disseminating Workplace Information, 2021). Woolworths is using few
methods of spreading the information within the company. The methods are as follows:
Via Emails
Email is the most effective way of informing the staff about important updates. The
important advantage of the Email is that the information will be available in written or report
format. They will have this with them for longer time. Written update also has the benefit and
that is the complex information can be understood by the employees in simple ways.
Through Website
Companies have their own websites. The managers of the Woolworths stream the new
information on their website. The employees have the access on company's website. Thy can add
the feature on their website that only fewer people can access the information so that the
information related to the company will not go out. By the accessing the information the working
members of the organization can get the information.

With Posters:
By putting the information on bright coloured papers and pasting it in various walls,
halls, canteens the information can be spread within the organization. The information on poster
can include the information related to upcoming events or the risk and safety measurements.
5. Technologies used and their suitability
Knowledge management and information management can be achieved by using the emerging
technologies. The emerging KM techniques are Artificial Intelligence techniques (AI), computer
based simulations, database and expert systems. The techniques that can be used by the
Woolworths are as follows:
AI Technology
Artificial intelligence technique that works on the knowledge system and acts according
to the past experiences. Also it improves the results from the previous results. It is an
experienced based technology keeps the previous data. By using the AI technology the
employees can access their data also they can analyse it. It is helpful for the company as well
because it monitors the activities in the organization and gather the data, organizes it well and
pass it to the authorised person. AI is suitable of knowledge and information management
because it manages the information and provide the knowledge based on this information with
their privacy preferences.
Expert and Database systems
Expert systems are knowledge based systems. These expert systems are private systems
in the company that are used to serve the teams and the departments of the company. The
Woolworths uses this system for consumer support department to acquire the knowledge and
queries related to the consumers and then quickly finding the answers of common consumer
problems. Data base store and share the data related to customers and the products in a well
organized format. It is suitable for the knowledge management and the information management
because it manges stores the information in structured form and applies the rules on it. Then it
provides the information to the user in the form of knowledge.
6.Statistical analysis and method for decision making
Statistical Analysis

Statistical analysis is method of gathering the data then analysing the data to understand
the trends and patterns to predict the future (Statistical Analysis: A Better Way to Make Business
Decisions, 2021). The statistical analysis helps the organization to make proper scientific and
better business decisions. It is a process of examining and learning the data in smart manner.
Quantitative Method of Decision Making
Quantitative methods for making decisions helps the managers of the organizations to
take the decisions effectively, efficiently and objectively (Verma and Sharma, 2017). These
techniques use statistical and scientific approaches to make better decisions in the favour of the
company. The most commonly used techniques for making decisions are as follows: Linear Programming: This technique extracts the maximum potential from the available
resources and constraints (Pal, 2017). Also from this technique mangers can maximize
the objectives within the available resources. This method of making decision is used
under the specific circumstances that involves certainties. Probability Decision Making: This type of decision-making is used for understanding the
probability of future results of the procedures. The managers use this approach with the
available data in the database of the company. At first the probabilities are determined
then the use the data to make the decisions.
 Simulation: In this type decision-making technique, various results are observed under
various artificial and hypothetical situations. Managers in the company observe the
effectiveness of their decisions under these simulated circumstances. Then they
ultimately take the best decision that they feel most beneficial to the company.
7.Key features of MIS and DSS
Key Features of Management Information Systems
The key features of the MIS are as follows: System Approach: MIS uses every step of the hierarchy in step by step manner to study
the system (Keshtegar and Vakili, 2018). Management Oriented: This applies the dynamic management for the development of the
system (Management Information System Features, 2021). Also it takes top to down
approach while developing MIS.

 Flexible: It allows the operator to evaluate and analyse the data. Also uses this in
different manner depending on the requirements. Easy to Use: It is easy to use and also it does not take much time to generate the reports.
It only gives the precise information.
Key Features of Decision Support Systems
The key features of the decision support system are as follows: Well Organized Database: This system organizes the information and uses it in decision-
making. It uses the database for storing the information. It does not transfer the
information automatically (Demigha, 2021). This actually uses the problem solving
approach to give the precise outputs. Allows Interactions: A decision support system allows the managers to interact with
system in the natural ways.
 Adaptable: ADSS is developed to support particular manager and group of managers to
make decisions. This allows the decision makers to customize the system and adapt any
type of decision-making.
8. Risk Management
Risk management is a term that is associated with determining, assessing and eliminating
or controlling the threats in the company. These risks can take place in any manner such as
financial threat, management errors and accidents or natural disasters (Pastrana-Jaramillo and
Osorio-Gómez, 2020). Every organization encounters the risk of unanticipated and harmful
events that can make any company to face the loss. The Woolworths is using digital platform as
well, so the risk related to the data also increases. Companies like Woolworths implies risk
managements for their data related threats. Risk managements help the company to get prepared
for the foreseen threats and minimize them.
The capability of identifying and controlling the risk ensures the companies to be more
confident and make better business decisions (Hofmeister and Portner, 2019). The benefit of risk
management is that it creates the secure and safe environment for the professionals working in
the company. It also helps to operations of the company to be stable and decreases the legal
liabilities.

CONCLUSION
It can be concluded from the report that the management of information and knowledge is
very important for the company. The issues related to the business should be analysed
continuously and when identified it should be resolved quickly. Various quantitative techniques
are used to make the decisions and it helps the managers in the organization to improve the
effectiveness of the decisions. The key features of management of information system and
decision support systems shows that both the systems are important for better decisions and
keeping the data safe within the organization.

REFERENCES
Books and journals
Assaad, R. and El-Adaway, I.H., 2020. Enhancing the knowledge of construction business
failure: A social network analysis approach. Journal of Construction Engineering and
Management. 146(6). p.04020052.
Calabrese, M. and et.al., 2018. From mechanical to cognitive view: The changes of decision
making in business environment. In Social Dynamics in a Systems Perspective (pp. 223-
240). Springer. Cham.
Demigha, S., 2021, June. Decision Support Systems (DSS) and Management Information
Systems (MIS) in Today's Organizations. In European Conference on Research
Methodology for Business and Management Studies (pp. 92-IX). Academic Conferences
International Limited.
Dzenopoljac, V. and et.al., 2018. Impact of knowledge management processes on business
performance: Evidence from Kuwait. knowledge and process management. 25(2). pp.77-
87.
Goncharenko, T., 2020. From Business Modelling to the Leadership and Innovation in Business:
Bibliometric Analysis (Banking as a Case).
Hofmeister, J. and Portner, B., 2019. Risk Management in Retail and the Consumer Goods
Industry. In Performance Management in Retail and the Consumer Goods Industry (pp.
283-296). Springer, Cham.
Keshtegar, A. and Vakili, N., 2018. Comparison of Management Information System (MIS) and
Decision Support System (DSS) and its role in the decision-making process of managers
of Economic Affairs and Finance of Zahedan. International Review of Management and
Marketing. 8(1). pp.93-97.
Kopnina, H. and Blewitt, J., 2018. Sustainable business: Key issues. Routledge.
Maniora, J., 2018. Mismanagement of sustainability: What business strategy makes the
difference? Empirical evidence from the USA. Journal of Business Ethics. 152(4).
pp.931-947.
Pal, A., 2017. Quantitative Data Analysis and Representation. International Journal of
Engineering Science and Computing. 7(3). pp.4853-4856.
Pastrana-Jaramillo, C.A. and Osorio-Gómez, J.C., 2020. Operational risk management in a retail
company. In Techniques, Tools and Methodologies Applied to Global Supply Chain
Ecosystems (pp. 91-107). Springer, Cham.
Reymen, I., Berends, H., Oudehand, R. and Stultiëns, R., 2017. Decision making for business
model development: a process study of effectuation and causation in new technology‐
based ventures. R&D Management. 47(4). pp.595-606.
Riedl, R. and et.al., 2017. On the relationship between information management and
digitalization. Business & Information Systems Engineering. 59(6). pp.475-482.
Scholtz, B., Calitz, A. and Haupt, R., 2018. A business intelligence framework for sustainability
information management in higher education. International Journal of Sustainability in
Higher Education.
Verma, G. and Sharma, K., 2017. The Role of quantitative techniques in business and
management. Journal of Humanities Insights. 1(01). pp.24-26.

Online references
About Us. 2021. [Online]. Available through<https://www.woolworthsgroup.com.au/page/about-
us>. [Accessed on 20th August 2021].
Management Information System Features. 2021. [Online]. Available through
<https://bizfluent.com/info-8024187-management-information-system-features.html>.
[Accessed on 20th August 2021].
Statistical Analysis: A Better Way to Make Business Decisions. 2021. [Online]. Available
through <https://learn.g2.com/statistical-analysis#:~:text=Statistical%20analysis%20is
%20the%20process,better%20and%20more%20scientific%20decisions.>. [Accessed on
20th August 2021].
Tools for Disseminating Workplace Information. 2021. [Online]. Available through
<https://bizfluent.com/info-7832517-tools-disseminating-workplace-information.html>.
[Accessed on 18th August 2021].