Effective Information and Knowledge Management - Essay Example

Table of Contents Introduction …………………………………………………………………….3 The Company …………………………………………………………………..3 THB Confectionary & SWOT …………………………………………………4 Managing information …………………………………………………………6 Tech and non-tech systems …………………………………………………….7 Information Management and social network …………………………………9 Conclusion …………………………………………………………………….10 Introduction Effective information and knowledge management is one of the fountains in generating competitive leveraging because it can out-space competitors and recreate value for customers and the rest of stakeholders. It also provides such scientific and empirical approach in managing control and creative collaboration as a new organizational paradigm in this post-modern era (Call, 2005, p. 19). Experts opined that knowledge management is a harbinger of a new corporate era that encourages business transparency and broader application of information technology embed from human capital (Adams & Freeman, 2000, p. 38). It provides an opportunity to introduce best practices and organizational transformation to deliver significant contribution for result-based corporate achievement. This paper will explicate the role of information and knowledge management in company development but focused on the application of the principles to case at hand—the THB Confectionary, a producer of hazel nut toffees which evolved and maximized e-commerce to expand its products from what was originally produced. The company Tim Hazel-Brown (THB) operated a factory in Derby by selling hazel nut toffees. Recently, THB Confectionery expanded its business line by launching an online competition to guess the time and place of old coins and stamps imprinted on to the inside of their product’s sweet wrappers. This added a new angle in the business management. The guessing competition pertaining to sourcing coins and stamps was sustained and gathered responses globally; from those who shared interests and enthusiasm. Most of those who joined are presumed to be coins and stamp collectors. This inspired Tim to add more value in customer management because the approach evokes new meaning that ‘last longer than the taste and memory of a delicious candy.’ What the company has done was to imprint coins and stamps in gold and silver foil that are historically emanating from AD60 – a historic representation of gem indeed. Tim professed that the entry of modern information technology hastens their decision to integrate e-commerce in their business operations – which is supporting the whole chain from supply, delivery, and customer service. Through internet and social media, THB Confectionery was able to develop its global market, thus, the expansion of confectionary and the sourcing of coins and stamps in 2007 that enticed supports from other businessmen in Asia. These online communities, which came from varied countries, have wealth of information that has tremendous impact to THB. Their diversity in itself is a source of knowledge pertaining to their culture, societies, habits, behaviours, practices, attitudes and their abilities to communicate. Such inspire the company to research more information and make them formal part of a network of the organization. THB Confectionary & SWOT From the preceding discussion and description, it can be inferred that the company demonstrated such strategic strength in strategically managing its supply chain and that the administration of the company are able to operate in such strategic business management (Baase, 1997, p. 1). Observing that the business thrived well for a longer period before the online expansion commenced, certainly showed that business managers demonstrate such leadership in sustaining the commerce. The other strength of the company is the evident presence of knowledge on info-technology and for optimizing it to reach out potential external clients. Having access to information technology and optimizing its use, the company is able to expand its business and customer base. Through the use of technology, THB was able to engage in the creation, integration, conversion and exploitation processes of knowledge within a multi-layered and time-paced interaction within its broad environment (Dalkir, 2011, p. 5). These knowledge-based structures, approaches and activities are gauged on standards and are automated in its operation (Nonaka & Teece, 2001, p. 259). It was able to develop strategic development forum where people’s insights and views are shared, collated and transformed into a knowledge capital that paved for long-term direction and of workable milestones and measures (Nonaka & Teece, 2001, p. 259). The process permeated a time-space opportunity in reaching out and expanding its market-base by transforming to include a multi-million business of sourcing coins and stamps (Nonaka & Teece, 2001, p. 259). Anent to these developments are also inherent weaknesses that the company needs to be wary about. Engaging in e-commerce require that the company must invest more capital for the establishment of info-tech center and finances for its maintenance (Morey, Maybury, & Thuraisingham, 2002, p. 1). Experts opined that the three weaknesses inherent in IT development are potential problems on the alignment of IT resources with constituent need and insufficient attention to diverse local IT needs. IT experts that would be employed in the center needs to perform their tasks with close coordination and collaboration (Morey, et al., 2002, p. 1). Such is inclusive of planning, implementation, and the possible lack of alignment of IT resources and the company’s goals; and the need to invest time for regular monitoring and evaluation. Some of the threats that could be faced by the company are the presence of viruses that will affect the website-based operation, including illegal virtual hacking activities. Information protection should be mounted too to ascertain that the database are not sacrificed and ruin by unscrupulous persons who might take interest of company’s virtual demise. Managing information The company may manage the information for interaction to appreciate its use for: socialization, externalization, combination, and internalization (Nonaka et al., 2001). Information management can facilitate socialization processes; sharing knowledge and experiences online and in an interactive forum (Peay, 1976, p. 319). The company can also make use of the technology for externalization by converting knowledge and concepts into abstractions, metaphors, analogies, or models. It can be a platform for open discourse and collective reflection as well in a twisting stretch (Rabi, Kedia, Harveston & Triandis, 2002, p. 204). Another way of maximizing the e-site is by optimizing it for combination approach i.e. bringing together explicit knowledge and information from variant sources. Thus, the combined explicit knowledge through online interaction can be integrated as part of the database to reproduce it as new knowledge. For instance, the Matsushita home bakery team drew different specialization and appreciation of mixed cultures drawn together through product planning, mechanical engineering, control systems and software developments but combined with ideas from generated online (Nonaka et al., 2001, p. 259). Be that as it may, the process of internalization can embody such tacit knowledge via appreciation of shared practices and mental modes. Such could be helpful in shaping up business intelligence as tools for business leveraging. When these are done, new products can be reintroduced into the market that is sensitive to the customer’s culture, beliefs, and paradigms (Scott, 1991, p. 1). The new products can therefore interface with customers and networks with quality and effectiveness. It can therefore be said that such product will be integrating human relations and cultures. Tech and non-tech systems As the company now evolved into an innovative and creative producer, the company is therefore integrating strategic business management and information technology management (Swan & Newell, 2000, p. 591). The latter refers to the technical aspect of the innovative process and the former refers to the performance of the company. At the onset, the performance here refers to the administrative and operational capacities of the company to plan, implement, manage, monitor and evaluate the corporate performance of the organization (Swan & Newell, 2000, p. 591). It has so much to do about resource allocation, decision-making, human resource management, supply chain delivery, customer relations, and about competitive leveraging (Swan & Newell, 2000, p. 591). The technological aspect refers to the use of the technology in both vertical and horizontal aspect of organizational development with especial focus on market expansion, product innovation and customer satisfaction. If the company can be genuinely successful in balancing these two aspects of its internal and external operations, then it could certainly qualify to be considered as among the contemporary businesses in the current market that has optimized the knowledge-based netizens—and is therefore source of highest-quality power (Wellman, 1988, p. 130; Williamson, 1970, p. 24). It will make the company attune to the competitiveness of times when corporation combine the opportunities present in market, products, technology, regulations and knowledge to develop competitive advantage (Nonaka et al., 2001, p. 13). Through it, the company can recreate knowledge to resolve organizational problems and apply new knowledge and adopt a new process via online interaction that is evident in e-commerce (Nonaka et al., 2001, p. 13). Experts opined that this approach reshapes the environment and dynamically recreate knowledge to relate with the environment in spiralling processes. What may be the factors that may inhibit the system? One of the factors that may cause dysfunctional system is the absence of knowledge itself. Knowledge management is about leveraging intellectual assets to enhance organizational performance. The absence of intellectual capacity to develop the systems and processes will reduce the potency of generating useful, actionable, and meaningful information (Dalkir, 2011, pp. 5-21). It is therefore important the human resources for the IT center also understands that knowledge management has collection of distinctive knowledge bases (Dalkir, 2011, pp. 5-21). The key here is the intellectual capital must have the core competence to advance the development of a platform for online interaction (Dalkir, 2011, pp. 5-21). The human resources must have such ability to adapt and deal new and exceptional situation; have expertise; ability to collaborate, share vision and transmit culture; and openness to coaching and mentoring on experiential knowledge (Leadbetter, 1999, p. 12). Anent to this, the explicit knowledge that can be developed through the system, must have the ability to disseminate, reproduce, and reapply the information for the organization logically (Hlupic, 2003, p. 1). At such context, the company can better enjoy a business perspective for new strategies, and for product or services delivery (Dalkir, 2011, pp. 22). It can also optimize a new management perspective that would be useful for determining, organizing, directing, facilitating and monitoring knowledge-related practices for business leveraging (Dalkir, 2011, pp. 22). And, the company will be able to maximize a hands-on perspective to conduct explicit knowledge on edge-related work and tasks (Dalkir, 2011, pp. 22). Another factor that may inhibit the system is the intellectual property rights of persons sharing information at the forum. Significant information that is scholarly shared should be referenced too. This is to respect the diversity of ideas and to encourage an environment where sharers in the forum are acknowledged of their contribution and ideation, especially if the management intends to make use of the forum for commercial ends (Johnson, Scholes, & Whittington, 2005, p. 1-589; Gilmour & Stancliffe, 2004, p. 124). Access to information is not the end in itself. Reliability of information and its validity should also be probed as part of the commitment of the organization to maintain its credibility to promote an open culture and avoid confusion on dichotomized realities (Modanmohan, 2003, p. 25). Information Management and social network THB can actually maximize the presence of variant social network online in maintain an online group where its stakeholders, customers, and customers could converge online and interact on products, services, and other business-related possibilities. Nowadays, we have Twitter, Facebook, LinkedIn, PinInterest, DiggIt, Blogs, and the like where information are openly shared and liked. Many business organizations have tied its social networking capacity to Facebook and Twitter. Through this social network, the company can enjoy full network or snowballing network, whichever deemed to be applicable for organizational growth. The full network approach only needed people collecting information about each other’s ties with other actors (Davenport & Prusak, 1998, p. 21). They collect information of suppliers and customers, thus, making them more accessible for communication and easier to learn updates. Since the process allows to collect information about ties and dyads; of complete picture of relations within the network (Fischer, 1982, p. 10). From another vantage, the company may use social network for snowballing purposes to connect the organization through members’ networks and friends’ lists. By this process, the company will be able to tract customers and business partners’ ties. Snowballing paves the way to increase networks, contact with elite communities, groups with distinct subcultures e.g. stamp collectors, and other groupings associated with many social structures (Wellman & Berowitz, 1988, pp. 1-14; Wellman, 1988, p. 130; Williamson, 1970, p. 24; Yamagishi & Cook, 1993, pp. 235). Conclusion Contemporary business strategy is no longer just about the traditional pattern of corporate management. The times call for innovative business strategies where suppliers, customers, business stakeholders and human resources can be communicated and tract easily using information technology and knowledge management. The efforts of THB to engender this processes is just part of the advances of the market these days. If the company intends to leverage and gain broad number of supports from consumers and like-mind, then it has to maximize technology to develop multi-relational approach to meet the demands of the supply value chain and with customers. Strategic business management must however maintain that the business performance and the use of information technology must be kept aligned to attain coherence of strategies to ease out the interactive experience. Moreover, the use of information technology bolsters the capacity of human minds to create and recreate tact knowledge and the organizational capacity to convert that explicit knowledge by means of self-organized teams and through online socialization or interactive processes. Such permeate inclusiveness and transcendentalism in business relations. With scarcity of resources, the use of information technology will bind a larger part of the business operation and hasten the increase of market base to scale up sales and profit. It can therefore be inferred that the optimization of technology in business management. It also helps transform the traditional business management to an innovative s and interactive corporate responsiveness and in increasing its effectiveness as well as its efficiency in the delivery of services and products to target consumers. But albeit this inventiveness and technical improvement, the company must maintain its corporate value to uphold integrity, credibility, and sufficiency. References Adams, E.C. & Freeman, C. (2000). Communities of practice: Bridging technology and knowledge assessment. Journal of Knowledge Management, vol. 4(1):38–44. Baase S, (1997). A Gift of Fire: Social, Legal, And Ethical Issues in Computing, US: Prentice Hall. Call, D. (2005). Knowledge Management – Not Rocket Science, Journal of Knowledge Management, Vol. 9, No. 2, pp. 19-30. Davenport, T. H., Eccles, R.G., & Prusak, L. (1992). Information Politics. Sloan Management Review, vol. 34, no. 1: 53-63. Davenport T. and Prusak L. (1998) Working Knowledge: How Organizations Manage What They know, US: Harvard Business Press. Dalkir, K. (2011), Knowledge Management in Theory and Practice, 2nd Ed. US: Massachusetts Institute of Technology, pp. 5-21. Fischer, C. (1982). To Dwell among Friends: Personal Networks in Town and City. Chicago: University of Chicago Press. Johnson, G., Scholes, K., & Whittington, R. (2005). Exploring Corporate Strategy, 8th Ed. England: Pearson Education Limited, pp. 1-589. Gilmour, J. & Stancliffe, M. (2004). Managing knowledge in an international organisation: the work of Voluntary Services Overseas (VSO), Records Management Journal, Vol. 14, No. 3, pp. 124-128. Hlupic, V. (2003). Knowledge and Business Process Management, US: Idea Group Publishing. Leadbetter, C. (1999). Living on Thin Air: The New Economy, London: Penguin Books. Modanmohan, B. (2003) Leading with Knowledge: Knowledge Management Practices in Global Technology Companies, US: McGraw-Hill. Morey, D., Maybury, M., & Thuraisingham, B. (2002). Knowledge Management: Classic and Contemporary Works, Cambridge, Massachusettes: The MIT Press. Nonaka, I. and Teece, D. (2001) Managing Industrial Knowledge: Creation, Transfer and Utlization, London: Sage Publications. Peay, E.R. (1976). A note concerning the connectivity of social networks, Journal of Mathematical Sociology, 4: pp. 319-321 Rabi B.S.; Kedia, B.L., Harveston, P.D., & Triandis,H.C.(2002). Cultural Variations in the Cross-Border Transfer of Organizational Knowledge: An Integrative Framework. Academy of Management Review 27, no. 2: 204-21. Scott, J. (1991). Social Network Analysis: A Handbook. Newbury Park, CA: Sage Publications. Swan, J. & Newell, S. (2000). Linking knowledge management and innovation. In H. R. Hansen, M. Bichler,and H. Mahrer, editors, ECIS 2000: A Cyberspace Odyssey. Austria: Proceedings of the 8th European Conference on Information Systems, volume 1, pages 591–598. Wellman, B. & Berkowitz, S.D. (1988). Introduction: Studying social structures, In: Wellman and Berkowitz (eds.) Social structures: A network approach. Cambridge: Cambridge University Press, pp. 1-14 Wellman, B. (1988). Networks as Personal Communities. In: Wellman and Berkowitz (Eds.) Social Structures: A Network Approach. New York: Cambridge University Press, pp. 130-184. Williamson, O. E. (1970), Corporate Control and Business Behaviour, New Jersey: Prentice Hall, p. 24. Yamagishi, T. & Cook, K. S. (1993). Generalized Exchange and Social Dilemmas. Social Psychology Quarterly. Vol. 56: pp. 235-48. Read More