The Significance of Knowledge Management in the Digital Era
Added on 2019-12-28
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Knowledge Management
Table of ContentsINTRODUCTION...............................................................................................................3MAIN BODY........................................................................................................................3Overview of ABC IT Consultancy...........................................................................................3Knowledge management strategy for ABC IT Consultancy..............................................4Knowledge management system proposed to support the KM strategy..........................6KM tools in KM system that support the KM processes....................................................8Impact of trends in knowledge management and recommendations.............................11CONCLUSION.................................................................................................................12REFERENCES..................................................................................................................13
INTRODUCTION Knowledge management (KM) is the process that controls and expands thestrategic plans, which are created. It also constitutes the knowledge about theorganizational assets and its resources. The tactical and strategical requirementsinclude initiatives, processes and strategies, which enhance storage, dissemination andcreation of knowledge (Why KM - the importance of knowledge management, 2009).For conducting the present research, ABC IT Consultancy has been chosen. Theorganization deals with activities like developing, managing and implementing ITsolutions for the other organizations. The report comprises of fundamental concepts ofknowledge and it's management methods and techniques to support IT tools forknowledge management. Furthermore, it will also describe the company’s size,structure, objectives and organizational culture and strategy. The various knowledgemanagement strategies are to be discussed to do an effective business. Moreover, itexamines the impact of new and emerging trends in KM and development.MAIN BODYOverview 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 enterprise issmall because they entered the market only four years before. If the company is newthen definitely it has innovative concepts and products because to compete with theexisting competitors the organization has to offer new and innovative products andservices. The purpose of the firm is to expand their business to attract number of users(Dalkir, 2013). The business enterprise also emphasizes on good reputation which thecompany should build among the target market. The organisational strategy forchosen IT Consultancy is to increase the revenues and develop their business with thehelp of new tools and techniques in another way, to create a good reputation amongcustomers, increased profitability and to expand their market share. The company isfollowing positive team spirit culture to motivate each employee as well as create ahealthy environment in the organization. Employee engagement is the central aspectof organization culture because through this only organization will develop andproduce good results (Hislop, 2013). The business strategy is to make it profitable by
using different tools and techniques which help in extending business and increasingits reputation. Knowledge management strategy for ABC IT Consultancy The company is facing many challenges in their day-to-day life. These problemscan be obtained through market place pressures and culture of the workplace. Thesolution to this problem is knowledge management (KM) as it helps in tackling long-term issues through various related strategies. These problems will be solved with thesupport of the development of the KM strategies. The strategy should not only consistof high-level goals, but it should comprise of other various strategies. The companycan focus on the strategies that help in analyzing needs and problems of the businessentity. 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 ofthe organization are met and solved. Knowledge management will benefit theconsultancy firm by using correct KM approaches. These techniques do not only helpin solving issues but are also useful in the development of an organizational strategy.This approach will assist in the addressing real needs and issues of the companywhich they are facing. The amount of information which is available to business management hasdeveloped instantly. The challenges in the business management can be solvedthrough different business decisions which are supportive. As the change in theorganization, the demand of the company is also increasing because they now wantskilled and talented staff for their organization (Borghoff and Pareschi, 2013). Thebusiness enterprise should have good decision-making approach, as well as thedecisions, should be based on the accurate, complete and reliable information.Knowledge management is an important aspect in encouraging information needs ofmanagement staff. It can also help through the mentoring and coaching skills whichare essential for modern managers. The company should retain their key staff aslosing them will surely affect the performance of the organization. The experiencedstaffs have the knowledge and vast experience of the working environment as well asfor the organization. If they put the little effort in the organization, then they canenhance better productivity at the organizational level. So, the company should retainthem which are the major KM strategy for the business enterprise. To expand theirbusiness and have long-term growth, the company should make innovative ideas and
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