It advises leading companies of the world on various issues like strategy, technology, organization, and operations. McKinsey works as an advisor to world’s prominent businesses, institutions and also government…
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The founding member of organization is James O. McKinsey. McKinsey provide services to Fortune 500 companies. McKinsey as a company invests prominently on their knowledge management system. They using this system and provide support to their field consultants. The knowledge management system includes researchers, industry as well as function related experts and also librarians. McKinsey has a sub-division named McKinsey Knowledge Centre to manage their pool of knowledge. The centre is operational in Poland, Waltham Massachusetts and in India. This system enables the employees to have the opportunity to readily access an organization’s documents and also facts and figures for gathering information. The system helps in retaining intellectual properties of an employee after they leave the organization also it helps in reducing the training time of new employees in an organization. Anil Kumar who is an eminent partner of McKinsey is regarded as the creator of knowledge management system.
McKinsey as an organization puts emphasis on knowledge management system. Knowledge is regarded as the lifeblood of the organization. The organization on their vision put a heavy emphasis on sticking to the high standards regarding ethics, integrity and also technical excellence. They wanted to develop and attract young people to their organization so that they will be able to continue the companies’ endeavor of serving their clients to the best of their ability. McKinsey had planned for leadership succession but the economic turmoil and competition from Boston Consulting Group (BCG), led to stalling of company growth. McKinsey’s quality of work done in earlier times was uneven. The knowledge management team was regarded as excellent problem solver but they lacked in-depth industry knowledge. They wanted a continuous development program for their members. They proposed a T-shaped organization in which generalist view would be supplemented by in-depth
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Two types of knowledge are emphasized in KM practices. Tacit knowledge is ingrained in the minds of employees and is difficult to articulate1. Most knowledge is tacit in nature and is developed over time through trial and error. Tacit knowledge is often underutilized as organizations lack inbuilt systems to harness it.
According to the paper emphasizing the importance of knowledge, contemporary organisations are adopting business models that provide knowledge products and services. Many other organisations have made knowledge products and services as their key business strategies, and have developed comprehensive mechanisms to create, gather, share, store and apply knowledge to their day-to-day operations.
When one discusses the tangent of knowledge management and innovation with regards to Facebook, this is one phenomenon that has helped shape up the modern times (Towner and Munoz, 2011). It is such an important part in the lives of individuals that it is hard to take away from them.
McKinsey’s main challenge in terms of sustaining high performance arises when its managers have to manage performance of their business analysts that come from different backgrounds and perform distinct tasks. McKinsey’s mission is to help its clients make distinctive, lasting, and substantial improvements in their performance and to build a great firm that attracts, develops, excites, and retains exceptional people (“About Us”).
Consequently, the concept of knowledge management has recently emerged as one of the most essential organisational paradigms in contemporary organisational studies.
Knowledge is nowadays increasingly becoming an ultimate competitive advantage either replacing or complementing such traditional sources of success as technologies, marketing mix, and often even financial resources (Malhotra (1998).
The past decade went through a lot of discussions on the subject Knowledge Management (KM). Fear has gripped many organisations as they know that they will not be able to survive in the present Knowledge Era unless and until they follow a scheme through which they can manage and leverage value from their intellectual assets.
Knowledge management is a relatively young academic discipline, but a well established management interdisciplinary that has been in practice for years. A better understanding of the various perspectives and theoretical concepts of knowledge management can help an organization achieve high performance working.