Strategic Knowledge Management Essay
A number of practical examples will be applied to give weight to the facts and opinions presented. The essay relies on some arguments by famous scholars on business control mechanism in relation to a number of important factors of which includes (a) significant aspect of business environment (b) intellectual capital and social network (c) communities of practice or interest and (d) the challenge of performance measurement. A strategy is a plan and a position which gives a business a competitive advantage to outdo its competitors. Management information system theory has to ways of measuring business process. It involves continuous assessing the legalized aspects of both computerized information system and that of employees who constitute the organization manpower to run the information system.
Knowledge management encompasses management of roles, accountabilities, processes, technology and good leadership put together to maximize the output. This incorporation builds, develops and retains knowhow in service of the business goal. Knowledge management should be integrated into the organization as a business practice (Hislop, 2013). This is because the employees cannot deal with the knowledge independently on matters of quantifying, retaining and performing with it. Knowledge management is a wide concept that looks into and comprises the interrelation between different activities in any firm. Through proper training, employees are capable of disseminating information during work activities. Organization culture and knowledge sharing allow focus groups to be developed to ensure all employees benefit from the Knowledge management initiative (Liebowitz, 2016). Lack of awareness regarding corporate cultural variables could lead to unpredictable and undesirable results.
Starting at the top, the executive stakeholder must support the change before implementation (Dalkir, 2017. They should approve and take responsibility for technical investments. Leaders should lead by example and act as role models so that other employees can learn from them. Knowledge management needs to be given a class and status by creation of knowledge management post, adequate and regular training, with endless encouragement and motivation (Fearn-Banks, 2016). Rewarding an employee’s innovations while appreciating and acknowledging it and assimilating it into the day to day activities of the business , as a result, the employees’ regular tasks becomes much easier. Rewarding the community of practice motivates them and feels valued by the business. Although rewarding maybe a portrayal of ‘bribing’ People into knowledge management.
Some employees may feel that they are not paid to share. Employees may hold some of the ideas they have which could be of great importance if conveyed to the management team. In addition, limited time to share may also be a real barrier due to the various tasks, assignments, and targets an employee is engaged to, hence investing most of their time in completing them. Categories of Intellectual capital and Social Networks. These are the skills and abilities possessed by the company’s employees. To measure the effectiveness of management information system, one needs to consider the perceptions and understanding of the community of practice (Milly and Stewart,2017). Intellectual capital consists of the knowledge in the employees. It includes the collective knowhow that is beyond the capability and competences of individual employees which ensures realization of a company’s goals and objectives.
There are various key elements which constitutes the intellectual capital. They include human, innovation, relationship and organization capital (Tseng and Goo, 2005). This is possible through portal ,emails ,online chats, and social networking. This information is captured and conveyed to other departments and cross -functional areas. The principle of intellectual capital should remain in clear focus and high priority due to changing needs of consumer and dynamic market. Community of Practice This is the linkage and interrelations while depending on each other for purpose of a common achievable goal. This interaction across functional organization activities form a community hence a community of practice. This is involves gathering, analyzing and structuring required materials in the company through studying processes and strategies within the computer system.
This is done through clearly assessing whether the achievements corresponds with the planned objectives. It is a process of quantitatively acknowledging the quality of service delivery by the firm from comparison with previous results. It evaluates whether the value the organization delivers to the customers and stakeholders is significant. A reliable copy of an organization can never be obtained as some of the parameters cannot be measured directly but must be estimated through indirect observation which cannot be relied upon (Marr and Schuman, 2003). This knowledge must be taken into consideration while measuring business process and should be analyzed critically (Meihami, 2014)). Tacit knowledge is stored in the possessor’s mind and hard to extract. It is difficult to determine which aspect of tacit knowledge can be taken and converted to explicit knowledge.
This poses a major challenge in measuring the business management process, ascertaining the amount of tacit knowledge which has infiltrated to become explicit knowledge and its contribution to the organization (Van Der Aalst, 2013). The organization has to find a way of linking the owners of implicit knowledge with those who are in dire need for this knowledge. The measurement technique by Skandia either cannot offer all the solutions on implementing performance. It cannot be used as a manuscript by any business, regardless of being the best sample of measuring business performance (Edvisson, 1997). Management organization understanding crisis is a continuous conflict between organization theories and that of organization practice (Peter Drucker, 1974. pg 45). Business performance should be evaluated using new methods, hence performance has to be seen from a different perspective rather than that of economic value.
It also explains how different skills are converted from abstract skills in one’s brain to practical application through innovations. On the other hand, there lacks a uniform mechanism to evaluate prosperity on the methodology to be used. As the aim to create uniformity in output is ideal and cannot be achieved. Businesses are different, hence cannot apply a similar formula to cut across all the organizations as every business has its unique differentiation. Balance scorecard technique has been disputed for years and cannot offer a solution either. Dalkir, K. a. Knowledge management in theory and practice. MIT Press. Edvinsson, L. Intellectual capital and corporate value in an emerging Economy:empirical study of Taiwanese Manufacturers. R&D Management , 35(2),pp. Kao, S.
From $10 to earn access
Only on Studyloop