Knowledge Management & Business - Assignment Example

Knowledge Management Knowledge Management Many businesses are looking for ways of managing knowledge in their organizations to increase their competitiveness. The crucial knowledge factors include customer relations, work processes, manufacturing and manufacturing methods. The attrition and loss of these knowledge factors can leave an organization vulnerable and highly likely to experience numerous risks. The availability and quality of expertise can be affected by hand-over, employee mobility, an ageing workforce, asset transfer, crew changes. To reduce the occurrence of these risks organizations have begun implementing systematic knowledge transfer, sharing and retention programs. According to Davenport (2011), critical knowledge concentrates on ensuring that investments are aligned and targeted with corporate strategy. If effective knowledge management strategies are implemented then vulnerabilities and risks are mitigated. The paper will highlight the tools and methods used to ensure that knowledge is retained, shared and transferred effectively. Knowledge Loss The most common characteristics that indicate a firm has suffered a severe knowledge loss especially in a firm that manufactures musical instruments are the loss of people or customers especially if deadlines were not met loss of assets, loss of projects and loss of key work functions. Harman (2012) notes that knowledge loss takes place in situations such as staff mobility, career moves and through retirement. Assets are also lost through transfer of assets and the lack of asset memory or historical data. Projects on the other hand are lost through insufficient experiences. To avoid knowledge loss certain tools are used that are able to effectively capture knowledge, transfer the knowledge and produce useful and accessible results. There are numerous challenges and barriers that affect the knowledge retaining and transfer process they include; lack of time, lack of knowledge retention tools, lack of funding, lack of time. For the managing director of Global Wannabe to solve the issue of knowledge loss systematically, he must understand that in this optimized and lean business world, time factor is the most valuable asset (Harman, 2012). The managing director also has the task of ensuring that the staff is made aware of the advantages of retaining and transferring knowledge and the impact it has on the success of a business. He is also tasked with the responsibility of ensuring that the staff members understands the importance of learning from experienced individuals; because this is also a form of a job security. The implementation of the KRT or the Knowledge retention and transfer program would be the most effective strategy in reducing risks and knowledge loss. The program has a systematic approach of dealing with knowledge loss issues. The first activity of the program is assessing the significance of the knowledge that employee’s possess. The second activity involves involving individuals in development projects that are based on knowledge retention (Webster, 2010). The third activity involves the usage of tools to achieve knowledge sharing or transfer. Several firms have begun using prioritization tools mainly for the purpose of making decisions on matters such as the timescale of risks and the criticality of knowledge. Some of the most effective tools are storytelling, lessons learned, shadowing, documentation, mentoring and on the job training. Storytelling This is considered to be among the most effective tool in matters of sharing knowledge and information. Jackson (2013) argues that many people use stories as a method of teaching or communicating. When story telling is used as a KRT tool, it means that a company is trying to preserve the most crucial knowledge aspects. There are various types of Medias that can be used to conduct story telling they include; making video clips or video segments, making written accounts, holding discussion with different people and asking people to tell their own stories. This tool has several advantages, for example, it apprehends tacit knowledge, it is easy and captivating and this might lead to a broader participation. The interesting nature of storytelling motivates employees to learn and share knowledge through this method. This means that it is an effective tool especially for the workers who prefer to learn by listening instead of reading printed materials. Lessons Learned (LL) This tool that was developed by the US army is highly flexible and straightforward (Jackson, 2013). Lessons learnt can be conducted at the end of a project, in the middle or at the beginning of the project. The most crucial questions in a lessons learnt event are; what one expected would happen, what really happened, what was learnt, and what to do with the lessons learnt. A major benefit of this technique is that an individual has a better insight on why certain things were done. It is easy to use and at the same time flexible because both large and small groups can be able to do it. It is also suitable for work teams and this builds the spirit of learning inside them (Polanyi, 2014). Most people use it to try and figure out what went wrong but it can also be used to understand the measures that were put into place to make it right. Shadowing Shadowing is an efficient technique that enables individuals within an organization to share knowledge of how to complete tasks in the organization. In this method the learner has to watch as the experienced employee carries out the task so that the learner can acquire the skill. The two are also given the chance to work closely thereby sharing more crucial work content. Through this method the learner is also able to watch and see how the work is done and also learn on how to make decisions, for example, when solving minor issues that arise at the workplace. This is the cheapest method of sharing and transferring knowledge because the organization does not purchase any learning materials, and there are no costs incurred on travelling or paying the experienced worker extra wages for teaching the learner (Maier, 2010). This technique is also effective especially when introducing a new employee to a new area or a different line of work; because the employee is able to learn unique skills from experienced employees. It also implements the unique policy of learn first then execute later. Documentation Documentation is usually used when sharing explicit knowledge together with archiving as one should be able to write content down and retrieve it safely in future. Research conducted by Webster (2010) showed that additional information might also be written by experienced staff answering questions of why and how, in addition to how much and what. Details may also be included on how decisions are made. Documentation ensures key facts are transferred, preserves a written record for future retrieval and increase the size of the audience that might find the information. Job Rotation This is another technique that enables organizations to retain knowledge. This method involves transferring employees from one department to the other after a certain period of time (Davenport, 2011). This enables employees to learn what takes place in other departments, and by the end of a certain period, workers are aware of what takes place in the whole organization. This helps organizations especially when an employee who carries out critical activities goes on leave; because that worker may be replaced by another employee within the organization. Therefore, job rotation saves an organization funds that it would spend on hiring a new employee when another one takes leave. Conclusion The knowledge retention and transfer program is a very crucial management function. Organizations must identify the knowledge that is critical and establish projects of transferring and retaining the knowledge. The manager of Global Wannable may use KRT tool to reduce the risk of losing knowledge in the firm. The manager may employ techniques such as job rotation, storytelling, documentation, shadowing, and lessons learned. Tools such as documentation, shadowing, and job rotation help in retaining knowledge; while storytelling and lessons learnt help workers to share skills. The use of these techniques may enable Global Wannable to become more competitive than it would be without using them. References Davenport, T. (2011). Working knowledge: how organizations manage what they know. Cambridge, MA: Harvard Business School Press. Harman, K. (2012). Knowledge Management: Theoretical Foundation. Santa Rosa, California: Informing Science Press. Jackson, G. (2013). If Only We Knew What We Know, The Transfer of Internal Knowledge and Best Practice. New York: The Free Press. Polanyi, M. (2010). Personal knowledge. Chicago, IL. University of the Chicago Press. Polanyi, M. (2014). The tacit dimension. London: Routledge and Kegan Paul. Webster, F. (2010): Theories of the Information Society. 2nd ed. London: Routledge. Maier, R. (2010). Knowledge Management Systems: Information and Communication Technologies for Knowledge Management. Berlin: Springer. Read More