Information Systems & Financial Modeling - Strategies & Benefits of Implementing Knowledge Management
Table of Contents
1.0 Introduction 2
2.0 Strategies of Implementing Knowledge Management 4 2.1 Identification of key actors 4 2.2 Knowledge Management Platform/ System 5 2.3 Spreading the Word – stimulate the use of Knowledge Management 5
3.0 Benefits of Knowledge Management 7 3.1 Employee Development – Value Creation 7 3.2 Increased Customer Satisfaction, Trust and Loyalty 8 3.3 Support Tool for Marketing Initiatives 9 3.4 Better Coordination of Technology Alliances 10
4.0 Conclusion 11
5.0 Bibliography 12
1.0 Introduction
Knowledge Management (KM) is a strategic method of locating, defining, collecting, storing, sharing, organising, receiving and adopting valuable information and knowledge within an organisation. It is considered as an important tool that enables an organisation to constantly shift and improve to remain relevant in the ever changing business world. The integration of today’s advanced IT solutions coupled with strategic management of knowledge is the key to unlocking the true potential of an organisation (He, et al., 2009).
In Malaysia, most managers still use informal methods of collecting and accessing information such as interactions with colleagues and clients (Karim and Hussein, 2008). Examples of this are communications during company meetings, internal surveys and questionnaires, or a simple chat during lunch break. Apart from that, the study also shows that most Malaysian managers use the internet, printed materials and company’s database to capture information. Many organisations in Malaysia still use the traditional methods of storing information using ordinary computer tools which lacks the robustness in processing and managing large amounts of information (Karim and Hussein, 2008).
The diagram below shows the evolution of knowledge management initiatives:
Figure 1. (Source: Hoegl & Schulze 2005, How to Support Knowledge Creation in
1.0 Introduction 2
2.0 Strategies of Implementing Knowledge Management 4 2.1 Identification of key actors 4 2.2 Knowledge Management Platform/ System 5 2.3 Spreading the Word – stimulate the use of Knowledge Management 5
3.0 Benefits of Knowledge Management 7 3.1 Employee Development – Value Creation 7 3.2 Increased Customer Satisfaction, Trust and Loyalty 8 3.3 Support Tool for Marketing Initiatives 9 3.4 Better Coordination of Technology Alliances 10
4.0 Conclusion 11
5.0 Bibliography 12
1.0 Introduction
Knowledge Management (KM) is a strategic method of locating, defining, collecting, storing, sharing, organising, receiving and adopting valuable information and knowledge within an organisation. It is considered as an important tool that enables an organisation to constantly shift and improve to remain relevant in the ever changing business world. The integration of today’s advanced IT solutions coupled with strategic management of knowledge is the key to unlocking the true potential of an organisation (He, et al., 2009).
In Malaysia, most managers still use informal methods of collecting and accessing information such as interactions with colleagues and clients (Karim and Hussein, 2008). Examples of this are communications during company meetings, internal surveys and questionnaires, or a simple chat during lunch break. Apart from that, the study also shows that most Malaysian managers use the internet, printed materials and company’s database to capture information. Many organisations in Malaysia still use the traditional methods of storing information using ordinary computer tools which lacks the robustness in processing and managing large amounts of information (Karim and Hussein, 2008).
The diagram below shows the evolution of knowledge management initiatives:
Figure 1. (Source: Hoegl & Schulze 2005, How to Support Knowledge Creation in
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