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Importance of Knowledge Management in Improving Firm Competency | Desklib
Added on -2019-09-21
This article discusses the importance of knowledge management in improving the competency of a firm in the market. It also provides insights into the factors that need to be considered by Australia Post before taking full ownership of AGS. The subject is management business and the reference sources are Hislop, Bosua & Helms (2018) and Yogasundaram et al. (2018).
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MANAGEMENT BUSINESS
Question for part ADoes the concept such as knowledge management will assist in improving the competency of thefirm in the market?Expected answersYes, the concept such as knowledge management will assist in improving thecompetency of the firm in the market. This is because with the help of given toolmanager of a firm is able to improve its understanding about the customers who are usingmodern tools and technologies such as emails and company’s websites etc with an aim toperform a different type of transaction (Hislop, Bosua & Helms, 2018). On the otherhand, it is through this way only firm can also get an idea about the specific needs anddemands of the buyers. Thus, by making changes in firm’s services as per the desire ofbuyers, an organization can gain a competitive position in the market. Yes, knowledge management could improve the competency of the firm. But, with anaim to do the same manager of the firm should have good knowledge about the givenconcept. However, in case if the manager does not have much knowledge about the givenconcept then in this situation an effective implementation of the same cannot be possible.Hence, due to this firm is also not able to attain the competency in the market by usingthe practices of KM.No, knowledge management does not assist in improving the competency of the firm.This is because in order to gain a competitive position in the market manager of the firmwill have to give consideration to different other factors also such as the current marketsituation etc. Thus, alone KM cannot improve the competitiveness of the firm. Question for part BWhat factors need to be considered by Australia Post while taking the full ownership of AGS? Expected answerStability of business is being regarded as a very first factor which needs to be consideredby Australia Post before making a decision to take full ownership of AGS. This isbecause; if the acquired firm is unstable then in this situation the impact of the same willalso be seen on the operation of Australia Post. The firm should also measure the success of the firm in the market where it is runningits operation (Yogasundaram and et.al., 2018). It has been seen that it is not beneficial for1
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