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Knowledge Management and E-Commerce | Assignment

   

Added on  2019-11-19

9 Pages2447 Words178 Views
Running head: MANAGEMNT AND BUSINESS CONTEXTManagement and Business context

MANAGEMNT AND BUSINESS CONTEXT2IntroductionIn the current business scenario, knowledge management and internet technology play a significant role in business strategy. Hence, several organizations use knowledge management because it is a key source of getting sustainable advantages. In addition, the organization has required obtaining and modernizing their basic knowledge in order to keep away from competitive approaches with respect to discount on price because rational resources in the operation of a business are hard to imitate. Apart from this, there is a number of companies which use e-commerce to directly communicate with the bulk of customer at one time in across the world. In this way, while e-commerce has linked with business process and standard of the company then it aids the business to enhance their strategic growth. Consequently, it will lead to making improvement in the performance. This essay discusses the certain factors named knowledge management and e-commerce that has a positive impact on the business performance of Foodmart Restaurant. Knowledge management and e-commerce in business practicesAccording to Hislop (2013), knowledge management is a process of acquiring, distributing and significantly utilizing the knowledge. Furthermore, KM is a discipline that leads to integrate the strategy in order to detain, access, repossess and shares the information regarding resources of the company. This information can be related to records, process, past un-captured data, credentials, and learning of the individuals. It is argued that workforce can improve the superiority and decision power by creating understanding with respect to management. Moreover, teamwork approach allows the Foodmart Restaurant to identify the experience and opinion of the high amount of customers and also provides extra concepts regarding preference of customers. It encourages the organization to

MANAGEMNT AND BUSINESS CONTEXT3implement creativity and modern culture in their business environment. Along with this, KM leads the Foodmart restaurant to spread its data and access the current information in the business perspectives. As a result, it can be opined that KM is an inter-disciplinary approach which directs the Foodmart restaurant to execute the innovation and cultural changes (Liebowitz,and Frank, 2016).Since, it can meet the organization’s requirement and get the competitive benefits in the Australian restaurant industry. This argument is supported by different authors who explained that KM can enhance the efficiency and effectiveness of the business operation. Additionally, KM helps the company to take rapid action by developing understanding about foodmart’s resources. It can also conduct a survey on the bulk of individual and can choose the knowledgeable person because it will facilitate the organization to improve their business performance (Holsapple, 2013).According to the Holtshouse (2013), KM is beneficial to enhance the level of customer’s satisfaction. The cross-alliance and sharing knowledge is significant to deliver the added value tocustomers. Foodmart Restaurant could be essential to offer prompt response consequently it will increase the demand of customer with respect to products and services that are offered by the company. It can be evaluated that prompt response delivery is significant for each company. Therefore, foodmart restaurant can exercise the KM approach to deliver prompt responses and build significant judgment with respect to the growth of the business. This approach facilitates the individual to conduct directly access about required information and tools. Consequently, it can be stated that KM strategy is effective to get competitive advantages in the restaurant industry of Australia (Jones, and Sallis, 2013).

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