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Expected Benefits of Knowledge Management to a Company - Example

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The paper “Expected Benefits of Knowledge Management to a Company” is a convincing example of the business plan on management. The main purpose of this paper is to review the current knowledge management of Yobel electronic Company and determine if there are some areas in the company which actually need improvement…
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Running head: Knowledge Management Plan Name: University: Course: Tutor: Date of Submission Executive Summary The main purpose of this paper is to review the current knowledge management of Yobel electronic Company and determine if there are some areas in the company which actually needs improvement. The study too intends to provide some lessons learnt in relation to knowledge management programs. Additionally, the study intends to propose short to mid- term comprehensive knowledge management strategies for the company for the next 5 years. The study, finally will give some recommendations for implementation, time-table, budget and performance indicators to make the study more complete. The need to review the company’s knowledge management plan has been perceived to be more important to the company primarily as result of growing competition as well as increased demand for innovation in bringing products into the market(Nonaka, 1991, pp.96-104). Another factor which has triggered this review is the need for the company to improve its operational efficiency and service resulting from general weaknesses in the market as overall global financial crisis which is currently affecting the electronic market in the United States as well as in Latin America (Jashapara,2004,pp.12). In order for the company to compete more effectively and become winner in the competitive market, then it entails continuous improvement on the products and services of the company. Additionally, there is a need for the company to integrate knowledge embedded in its employees primarily to generate new and innovative knowledge for better output. In order to execute the KM, it is estimated that an initial cost of US $ 100,000 will be required and a recurring cost of US $ 300,000 per year. A set-up period time of seven to nine months has been set aside for the entire process and this will run on a continuous basis under the management of a company’s KM manager. The manager will be selected from the Development Department or Project Department. First evaluation of the new KM process will actually be conducted three months after the set-up and the next evaluations will be carried out on quarterly basis. Since KM currently is a new idea, it has been adopted by many of the electronic businesses in the United States. Therefore, the earlier the KM is implemented the faster will the company be able to exercise its competitive advantage in the global market. It is hoped that the recommendations being provided in this report will have a great impact on company as well as help the company remain more competitive in the market. 1. Introduction In the current business world, Knowledge Management (KM) has become more important to most businesses around the world especially for firm’s or company’s which want to be successful as well as competitive in the global marketplace. In today’s economy, knowledge is the center of everything hence most of the fundamental rules of business have changed more drastically. As a way of remaining more competitive in the global market place, many business firms have shifted their business operations from the tangible assets to intangible assets as a foundation for core business competitiveness. With this view, innovation is seen as the main source of competency which all the organizations need. Today many organizations have realized that knowledge is a strategic tool for maintaining organizational performance hence knowledge is a core resource that many organizations are now attempting to manage in a more systematic as well as effective way. The theory of organizational knowledge creation indicates that sharing of tacit knowledge in any organization or company is critical as well as an important component towards successful knowledge management efforts. Most organizations today have introduced new technologies as well as processes which facilitate information and knowledge sharing for them to successfully survive in this emerging competitive economy. Knowledge Management over the years has evolved from ideas based into artificial intelligence. There is no clear definition of the word knowledge management rather it can be defined as a set of processes that seeks to change the present overall organizational knowledge processing patterns primarily to enhance the expected knowledge outcomes (Boynton, 2008,pp.23-45). In really sense Knowledge Management does not directly manage organizational outcomes rather it impacts processes which later impact on the expected organizational outcomes. 1.1 Expected benefits of Knowledge Management to our company Knowledge Management is usually perceived to be the center of organizational performance hence primarily it will be used in organizations to develop and improve employees’ professional knowledge, personal and interpersonal competencies through trainings, coaching and teambuilding initiatives. The other advantage is that knowledge management offers an organization greater sustainability by harnessing organizational capabilities which lead to innovation. This will help improve overall business results, enhance employee personal results as well as help in developing networks of committed employee relationships (Cliffe,1998, pp.17 1998). Moreover, Knowledge Management is considered to be a very organized as well as goal- oriented process which primarily has a direct link to the organizational strategic goals of the business. Using knowledge management programs in the organization will help our firm to achieve greater employee efficiency, productivity, improved customer satisfaction, competitive advantages and pioneering self-service hence giving rise to increased customer satisfaction. Other benefits expected comprises of; delivering training to organizational employees, Tracking employee’s skills as well as competencies, removing barriers to productivity, providing current company information and managing overall benefits, helping supervisors staff their departments efficiently, and lastly Knowledge Management systems will help our organization to identify skills, gaps and provide mechanisms for closing the gaps(Boynton, 2008,pp.23-45). 2.0 The present Knowledge Management Programs Yobel electronic company is an international global company which specifically is concerned with the supply of electronics all over the world is based in the United States. Established in the year 1966, the company has employed over 4,500 employees having more than 100 company branches all over the world. With increased competitition in the market as well as growing customer demand for innovation, this has presented challenges for the company to undergo restructuring process. The company’s mission is primarily focused on customer satisfaction through providing electronics which actually embraces new technology and meets customer needs. Yobel electronic company currently uses avariety of Knowledge Management programs which comprises of; 2.1 Operational Worldwide Excellence Initiative This is a program which was established by the company in the year 2002, primarily to maintain competitiveness in the market. This program was developed by the company to allow information sharing as well as knowledge between company’s employees and its customer’s. ). The idea importance of this program is to break down existing organizational boundaries hence making knowledge more visible in the organization. This program allows for knowledge sharing hence increasing learning opportunities in the organization. This initiative was launched mainly to improve customer satisfaction through costs reduction, price, enhancing customer service as well as through embracing innovation(Boynton, 2008,pp.23-45). Since people are considered to be core of what knowledge base management is all about hence it is directly related to people’s knowledge and how exactly can this knowledge support business as well as organizational goals. With this fact Yobel electronic company, developed this program with this idea since it mostly relies on the information received from field employees to make the right decisions for their customer’s. The program is primarily centered on its customer’s, suppliers and employees hence it assists the company by providing periodic assessments especially on Yobel service quality and operational efficiency(Boynton, 2008,pp.23-45). 2.2. E-Log Yobel implemented this as one of its knowledge management programs in the year 2007.This is an online search design and engineering information program which allows for information gathering automatically as well as knowledge sharing more efficiently. The program has been developed in a manner that information knowledge can collected, organized ,preserved as well as allow for sharing between various organizational users through the intranet. 2.3. The Knowledge Lounge This is a program which acts a means of knowledge transfer in between employees and its aims at creating an appropriate environment for sharing managerial and business experience acquired in the company. Actually, this is an online search design consisting of two database parts. Part A primarily consists of all employees’ skills, competences, work experience and specific trainings as well as qualifications. Part B primarily consists of customer needs and customer requirements. With such online profiles, managers are able to raise issues, ask for help or even provide advice on various situations, processes and relations with customers and employees. These profiles additionally include employee’s own wishes and interest for effective working environment in the company. The Knowledge Lounge system acts a resource management tool in the organization since everything is stored electronically online and it’s accessible to all the designers within various organizational levels. Designers of the system perceive it as an information management system rather than a tool for knowledge creation. The system has been established with very little tacit knowledge rather it is based on explicit knowledge codification whereby the staff of the company can internalize new or shared explicit knowledge. Primarily, this is meant to broaden the existing knowledge among the employees and its customer’s. 2.4. Yellow pages Yellow pages act as a basis for organizational knowledge sharing base by providing a connection to various experts world wide. This kind of knowledge management program actually provides a personalized exchange platform through which all the organizational employees are able to put their personal information on a certain page and on an individual profile. These profiles contain information regarding each and every employee’s personal experience, qualifications, hobbies, work interests as well as other contact details(Jashapara,2004,pp.12). Yellow pages actually refer to a telephone directory of businesses which have been arranged according to product or service being provided by the company. Yellow page actually is a print directory which provides alphabetical listing of businesses within a specific geographical area and primarily it acts as base for organizational information sharing. As a result of increasing customers, currently the number of customers recorded in the Yellow pages has increased drastically. In real sense, knowledge creation primarily depends on mobilization and proper communication as well as conversation of tacit knowledge. Currently, the system acts as a postmaster platform for the company as well as it provides a learning environment for all the employees. Though, the knowledge management platform has been created to allow knowledge sharing within the organization tacit knowledge transfer has not been effectively communicated as desired (Jashapara, 2004, pp.12). 3.0 Lessons Learnt 3.1 Determining the kind of Knowledge is Critical to KM program development Currently, many organizations tend to use enormous amounts of tacit and explicit knowledge but to some extend only some of them seem to be valuable as well as durable enough to offer organizational competitive advantage, costs retention and knowledge transfer. This in real sense implies that building large repositories and organizational content management to house all the possible knowledge in the organization is a fruitless endeavor if ineffective measures are used (Jashapara, 2004, pp.12). To effectively achieve organizational efficiency in terms of knowledge sharing it is necessary that only relevant knowledge programs be developed in the company. Knowledge can be differentiated into two types thus explicit and tacit sometimes known as formal/codified and informal/uncodified knowledge. According to studies, Explicit knowledge actually is perceived to come in the form of books, work documents, organizational formulas, project reports, organizational contracts, process diagrams, lists of lessons learned, case studies, white papers, policy manuals, and so on. Though, this is believed to be the case some explicit knowledge seem to be useless to employees of the organization especially if the knowledge actually requires some experience. Tacit knowledge on other hand is usually found through employee and customer interactions. Primarily Tacit knowledge is very hard to be filed and very difficult to be documented though it is usually used as the basis for organizational judgment as well as informed action(Jashapara,2004,pp.12). From this it is clear that, KM approaches for managing explicit knowledge are more involving as well as mechanical in nature hence they are very easy to be used by any organization. On other hand tacit knowledge is rather difficult to be captured and be reused. The main trick which organizations face therefore is determine exactly what and where the knowledge is and by what means can it be captured as well as be transferred in the organization. 3.2. Knowledge is Sticky Since the entire process of knowledge management is a continuous systematic process which involves dedicated people and a robust infrastructure which allows free flow of information it is a mistake for an organization to adopt a KM approach like that of communities of practice which uses both kinds of knowledge or that of expertise location system before understanding the information flow that an organization is trying to enable. The first step in any KM program development involves organizational understanding of desired or rather intended knowledge flow(Jashapara,2004,pp.12). Once the development manager in charge of this program has identified the organizational knowledge needs and flow the next step is to implement the KM process using various standard approaches such as Communities of practice, best practices transfer, lessons learned systems, techniques for mitigating knowledge loss due to retirement or turnover, and so on. 3.3. Measure When it comes to designing a KM program in any organization, understanding organizational measures of success and desired business outcomes is very essential. This is because it creates room to design KM activities as well as measures which mainly have focus on the so identified business outcomes. Measures should be measured along the value chain continuum by starting with inputs or costs then correlated them with outputs and business outcomes. There should be a clear relationship among inputs primarily investments and KM related activities, behaviors, outcomes as well as organizational objectives. Examples of inputs may consist of; time, salaries and Information Technology costs(Jashapara,2004,pp.12). Process changes which may seem valuable may consist of cycle time, participation and body of knowledge contribution. Important outcomes to the organization which may result from effective KM programs comprises of employee and customer retention, reduced costs per transaction as well as increased revenue. Measures are supposed to be important and appropriate to given KM approach, its objectives and all its stage development. An organization which has its KM approach focusing on communities of practice then it should measure the success of the program through costs reduction which may be different from that which has its focus on management system improvement. On other hand a KM initiative whose goal is to improve overall organizational sales force effectiveness then it will measure the success of the program through sales increases and proposals(Jashapara,2004,pp.12). These measures are perceived to be very much irrelevant to KM initiative which has its focus on building new knowledge in an engineering discipline. A part from the organization concentrating on quantitative measures only, organizations too are supposed to use their success stories which illustrate knowledge flow in human terms. This can help the organization in justifying past and expected future investments as well as give the management a vision of what is expected and what is possible. Quality programs are very much essential since they can help the organization to effectively adopt in the rapidly changing environment(Jashapara,2004,pp.12). 4.0 Recommendations Awareness is perceived to be the starting point for a successful implementation and development of KM program. The real challenge faced by most of the organizations is keep employee motivation for long period of time at the same time develop an approach which ensures constant knowledge sharing culture in its daily operations. knowledge management rather it can be defined as a set of processes that seeks to change the present overall organizational knowledge processing patterns primarily to enhance the expected knowledge outcomes. In really sense Knowledge Management does not directly manage organizational outcomes rather it impacts processes which later impact on the expected organizational outcomes. In this sense it is recommended that knowledge management should be linked to strategy goal in the value chain and a new approach should be developed. 4.1 Formulate a knowledge management committee Knowledge management committee is essential in developing as well as in implementing the KM policy. In relation to this a Knowledge Management committee under the Corporate Governance was given the responsibilities of executing the entire process. The following roles were outlined” To choose and implement a KM development approach which is necessary in promoting all the KM initiates. Initiate as well as ensure constant communication in the organization through practice and learning. To initiate KM projects and provide training to all the employees involved in the process of KM development. 4.2. Formulation of Strategies which place KM in the business context Knowledge can be accessed at three different levels thus before, during and after KM-related activities. Since Yobel electronic company has tried different kinds of knowledge capturing incentives such as making content submission more mandatory and incorporating rewards into performance measurement all which have failed to work as required it is recommended that the company adopts the following KM development strategies. Push strategy This strategy primarily involves actively managing knowledge. By adopting this strategy, all the employees in the organization will strive towards explicit knowledge encoding which in the end will lead to repository knowledge sharing hence enhancing organizational effectiveness. This strategy will enable various employees in the organization to access knowledge from stored repository databases and learn from other knowledge provided by other individuals in the organization. This sometimes is usually referred to as Codification approach to KM. Pull strategy This is the second strategy which could be adopted by Yobel Electronic Company. This primarily involves individuals making knowledge requests from experts associated with a particular field on an ad hoc basis. This strategy will enable all the organizational professionals to provide their individual insights and a view in relation to market anaylsis.This approach is usually referred to as Personalization approach to KM. 4.3 Aligning value-adding knowledge process with the strategic goals The main business strategy of Yobel Electronic Company is becoming the best electronic company in the whole world. With this goal it is necessary that the company identifies the existing knowledge gaps and how to meet the broader goal. To successful achieve this, then it is recommended that Yobel Company embark on the following approaches of strategy alignment. Top-down approach This is one of the approaches being used by most of the organizations. It primarily embarks on high-level objective identification though sometimes it does not work. This is because, this approach does not allow employees to engage in the required cultural process changes making it hard to identify key issues and needs of the staff throughout the organization(Nonaka, 1991, pp.96-104). As a result of this many of organizational KM programs end up only having little long –term impact on the organization despite all the initial efforts. This approach entirely focuses on initial organizational needs analysis and activities. This approach will help Yobel Electronic Company to identify the focus of its knowledge management initiative by having a reflection on a series of activities designed to meet its broad goal. Bottom-up This approach actually involves the involvement of all the company’s employees in key business processes. Key staff needs and issues are usually tackled through a range of knowledge management initiatives(Nonaka, 1991, pp.96-104). This approach primarily focuses on needs analysis of all the organizational KM activities as well as with staff .As shown in the diagram it is important that Yobel adopts the Bottom Up strategy as shown below Source Nonaka, (1991). For this strategy to effectively work the following recommendations should be implemented: Key staff groups and needs should be identified within the organization. This is because these groups deliver greatest business value to the organization Comprehensive research should be conducted and holistic needs activities analysis with selected staff groups should be conducted primarily to identify key need and issues. The research so identified should be supplemented with input from senior management and organizational strategy documents primarily to determine an overall strategic focus. Based on the findings, the Senior Executive manager of Yobel Electronic Company should develop a KM strategy addressing all these needs. Lastly, a series of strategic and tactical initiatives based on the recommendations should be put in place and this will help Yobel Company in aligning value added knowledge to organizational strategic goals, knowledge management techniques and approaches. 4.4. The KM manager should Secure Senior Management Support for KM by Building a Strong Business Case Knowledge Management is perceived as a systematic process which has been designed to connect people with one another. Additionally, it provides room through which employees can share desired knowledge primarily through information capture, validation and transfer. In order to successful implement this KM strategy it is important that the senior executive development project manager asks himself these questions Why is the KM necessary Who is going to be responsible How will it make a differences It is necessary for all the senior executives of the company to identify knowledge problems and how they can effectively enhance future organizational success. Linking KM in relation to organizational needs as well as vision primarily makes it easier for employees to share knowledge more effectively. 4.5. Move Beyond "Knowledge for Knowledge's Sake" The goal of KM in an organization is not only to share knowledge though it is a valuable by product of the process rather it primarily aims at developing overall organizational efficiencies as well as effectiveness(Nonaka, 1991, pp.96-104). For Yobel electronic company to succeed in its business as well as remain competitive in the global market then it is necessary that all senior managers start with identifying the current business problems as well as opportunities. Once this in place , it will give room for managers to effectively identify processes which may seem to be reliable sources of knowledge sharing in the organization. For this process of KM strategy to effectively work for Yobel electronic company it is necessary that managers build their case for action depending on measurable results. To avoid waste of money and creation of KM strategies which cannot work towards organizational success, it is necessary that the organization doesn’t build an It platform until the developed KM program works for the organizational success(Bontis, 1996,pp.40). This is implies that Yobel electronic company should make the entire process of knowledge management sharing workable before developing an Information technology system to actually support it. This in the end will help the firm to save costs as well as unnecessary expenses. 4.6. Technology Technological applications themselves do not motivate people to share knowledge or even change their behavior rather technology is considered to be indispensable to KM in most organizations today as well as a road to effective KM development (Nonaka, 1991, pp.96-104). This therefore implies that Yobel Electronic Company should select and implement technology as part of a larger systematic KM change inititiave.This will help the organization to achieve an enabling proven environment for knowledge flow among people as well as motivation among all the employees to share and learn from others too. 4.7. The KM manager should Focus on Breaking Down Structural Barriers to the Flow of Knowledge Between People Who Have It and Those Who Need It—Not on Changing the "Culture" Knowledge management is all about developing what most people want to do naturally. It consists of sharing what people know and what they want to learn from others. In the entire process of knowledge sharing structural barriers are pound to result due to lack of adequate time, cumbersome process, insufficient information in relation to source or even recipients who sometimes find it hard to trust information. In other situations other people, find it hard to instinctively use documented explicit knowledge with a view that tacit knowledge is richer than the documented explicit knowledge (Nonaka, 1991, pp.96-104). For Yobel to actually ensure success of the KM initiatives, it is necessary that all these barriers be worked on rather than basing only the psychological makeup or culture of the employees. In this sense it implies that knowledge sharing should be embedded to all aspects of the employees if it is expected to provide value to the participants as well as the organization itself. Employees should be in a position to experience greater professional development as well as find it easier for their work to be done through these KM programs. Rewards, recognition and employee motivation is very much important to the organization though they are not supposed to take the place of creating knowledge- sharing approaches. They are meant to only provide value to those people who use them. This in the end implies that creating knowledge –sharing culture in an organization can only be achieved as a result of successful KM strategy. 5.0. Implementation The following action plan identifies all the essential activities which will be used to implement KM program. Learning too will be deemed important in the entire process. Project development officer will inform all the employees on the need to implement new KM policy within various organizational offices. He will inform all the employees on the need to participate and support the implementation of the KM program by outlining the expected benefits to the organization as well as to the employees All the employees too will be encouraged to engage and make any moves which are geared towards knowledge generation, sharing as well as contribution within the company. A KM manager has to be appointed taking by the Chief Executive officer of Yobel Company to manage and coordinate the entire process of KM program development. He will be entailed to assigning various responsibilities to different employees in operations department and not human resource. He will be required to ensure that there is constant communication between various departments .Constantly he will monitor all the operations of IT department to ensure that the system in place meets the current information technology requirements of the company. Various groups within the organization will be developed and a representative from each department will be chosen and all of them will be led by an overall KM manager. Additional, working groups too will be implemented to ensure successful implementation of the KM program. Departmental representatives will be concerned with coordinating various KM policy activities within the organizational and making sure that KM policy implemented actually meets the desired goals as well as knowledge is transferred to the staff of the department and that they are all well familiar with it. The working group will be required to meet at least thrice per month to plan the action, assess their progress as well as plan for the next action. 5. Time-table Figure 5.1 below gives a summary of KM program execution within the office. It is approximated that the entire process will take a period of six months for the KM program to work. Evaluation of the entire process will be carried out constantly on quarterly basis to determine the success of the system. Overall evaluation will be done at the end of the implementation process to determine what has been achieved and what not as well as the reasons behind. 6. Budget estimation The implementation of the KM program will be in line with existing managerial as well as technical support staff. The KM program actually will be implemented in relation to existing employee’s professional qualification hence there be no extra workload .Though, all the employees will be sufficient enough the organization will be required to hire three administrative managers required for successful implementation of the KM program within the organization and their work primarily will be concerned with general administration of organizational work as well as co-coordinating work between various departments as directed by the KM manager. Currently, the organization has well developed equipment in different offices which can fully assist the technical staff in implementing the KM program, additional information technology system should be put in place to ensure that the KM program is fully implemented as well as its successful in achieving the desired organizational goals and objectives. The organization will have to a purchase a new major Hardware system to facilitate the KM implementation (Zerega,1998,pp.61). Other important computer components such as hard drives, memory chips will be necessary too. The organizational IT department is dedicated towards developing system which is compatible with the KM program being implemented in the organization. Proper communication will be carried out within the concerned parties just to ensure that all the employees are familiar with the new IT system and the information flow process. The budget for executing KM is estimated as follows: Items Cost (US$) 1. A new administrative manager US$ 300,000 per year including salary and other personal benefits 2. Implementation of information technology system: US $100,000 In summary, an initial cost of US$100,000 and a recurring cost of US$300,000 per year are entailed by the execution of the KM. Performance indicators The results of KM will be evaluated through the following indicators: Number of customers the company has acquired Reduction in cost and expenses incurred by the firm Number of innovative design applied in projects on annual basis. Feedback from working partners and customers Number of trade awards won such as environmental awareness competition. Questionnaire response from customers and organizational employees. Total increase in revenue and annual profits Number of branches the company has opened as way of satisfying its customers more. The performance indicators listed above will be assessed on a quarterly basis by all top executives m managers before and after KM group meetings. During these meetings evaluation of what has been achieved and what has not been achieved will be examined and follow up meetings will later on be arranged. Currently our business uses traditional business management tools which in one way or the other help the organization in achieving competitive advantage over other companies. Benchmarking is one of the tools which is used in our organization to achieve greater success in the market, though it does help it cannot be applied in the current situation in which we are looking for innovation and not just to out do all our competitors in the market(Nonaka, 1991, pp.96-104).. 7.0 Conclusion For a knowledge management effort to work more effectively in any organization, then it is necessary that all employees understand the need and importance for change. Primarily knowledge management heavily relies on human creativity, innovation, motivation, intuition, ideas as well as competence. Knowledge management is not technology although technology is used mainly to support knowledge management drives. From this report it is evident that the KM program implementation will take a period of six months and it is perceived that it will bring about sustainable competitive advantage. Though, the implementation process is still at a younger age the process is expected to be successful. The report reveals that the company will incur a total of US $ 400, 000 carry out the entire process. From the analysis of our office working environment it is evident that the program will be executed within the assigned funds. With the current competition in the global market then it is expected that the developed KM program will add value to our office and the entire organization. It’s recommended that Knowledge management be implemented in my office as soon as possible for the company to remain competitive in the market. References Jashapara, A (2004). Knowledge Management: An Integrated Approach, Peason Education Limited, England, p. 12. Nonaka, I (1991). The Knowledge Creating Company.Publisher: Harvard Business Review, November- December, pp.96-104. Boynton, A. (2008). “How to Get Started with Knowledge Management”, extracted from “ Exploring Opportunities in Knowledge Management, pp.23-45 Amidon, D., M (Jul/Aug 1996). The challenge of fifth generation R&D. Publisher: Research Technology Management, Vol. 39, No. 4, p.33. Bair, J (September 22, 1997). Knowledge management: The era of shared ideas. Publisher: Forbes.Vol. 1, No. 1, p. 28. Bontis, N (Summer 1996). There's a price on your head: Managing intellectual capital strategically. Publisher:Ivey Business Quarterly.Vol. 60, No. 4, p. 40. Cliffe, S (July/August 1998). Knowledge management: The well-connected business. Publisher :Harvard Business Review,Vol. 76, No. 4, p. 17. Cortada, J.W. (1998) "Rise of the Knowledge Worker Resources for the Knowledge-Based Economy," Publisher: Butterworth-Heinemann. Darling, M., S (September 1, 1996,). The knowledge organization: A journey worth taking. Vital Speeches of the Day, vol. 62, No. 22, p. 693. Donlon, J. P (March, 1999). Harnessing knowledge. Chief Executive. Edvinsson, L & Malone, M(1997). Intellectual Capital: Realizing your company's true value by finding its hidden brainpower. New York: Harper Business,pp.45-67 Greengard, S (October ,1998). Storing, shaping and sharing collective wisdom. Workforce,Vol. 77, No. 10. Hansen, M., T., Nitin, N, and Thomas T (March/April 1999). What's your strategy for managing knowledge? .Publisher:Harvard Business Review, , Vol. 77, No. 2, p. 106. Hiebeler, R., J (March/April, 1996). Benchmarking: Knowledge management. Strategy & Leadership,Vol. 24, No. 2, p. 22. Kim, W. C, and Renée, M (2009). Fair Process: Managing in the Knowledge Economy. Publisher: Harvard Business Review. Lapp, E., M (July/September, 1998). Knowledge management.Publisher: Business and Economic Review, Vol. 44, No. 4, p. 3. McCartney, L(May. 41998). Getting smart about knowledge management. Publisher:Industry Week,Vol. 247, No. 9, p. 30. Mintzberg, H (Nov/Dec,1994). That's not "turbulence", Chicken Little, it's really opportunity.Publisher: Planning Review, Vol. 22, No. 6, p. 7. Mullin, R (Septembre/October, 1996). Knowledge management: A cultural evolution. The Journal of Business Strategy, Vol. 17, No. 5, p. 56. Senge, P (November, 1997). Sharing knowledge. Executive Excellence, Vol. 14, No. 11, p. 17. Senge, P (January, 1998). The knowledge era. Executive Excellence, Vol. 15, No. 1, p. 15. Stewart, T (October 12, 1998). A. Knowledge, the appreciating commodity. Fortune,Vol. 138, Stewart, Thomas A. Packaging what you know. Fortune, November 9, 1998, Vol. 138, No. 9, p. 253-254. Truran, W., R (December, 1998). Pathways for knowledge: How companies learn through people. Engineering Management Journal, Vol. 10, No. 4, p. 15. Zerega, B (July 27, 1998). Art of knowledge management. Publisher: InfoWorld, Vol. 20, No. 30, p. 61. 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Project goals Benefits Financial Perspective Increased profitability and operating margins Increase in Annual Growth Rate to 8% Increased market share in the tyre industry to 14% Improve the payback period Customer Perspective Attract and retain more loyal customers On-time and efficient product delivery Affordable prices and quality products Excellent customer service ratings Internal Perspective Management plans to control scope and action items Operations Management (Distribution, Import, Risk) Customer Management (Easy Access, Friendly interactions) Regulatory and Social (Environment, Safety and Health, Employment, Community) Innovation (Report feedback to HQ for development) Improve product quality Reduce cost from low-cost corporate strategies Learning and Growth Perspective Human capital development and growth Continuous proficiency development and training Information capital and build-up of knowledge systems Continuous System Upgrade Organizational capital Understanding Culture and change management Leadership and innovation Teamwork From the above benefits, metrics were developed to measure and track the benefits to ensure that they are achieved within the defined timeframes....
6 Pages (1500 words) Case Study

Strategies to Establish Team Performance, Objectives of Employee Appraisal Scheme

Communication with the employees guarantees they are informed on the progress of the firm that leads the management to make certain decisions.... … The paper "Strategies to Establish Team Performance, Objectives of Employee Appraisal Scheme " is a perfect example of management coursework.... The paper "Strategies to Establish Team Performance, Objectives of Employee Appraisal Scheme " is a perfect example of management coursework.... To attain this, the management should help the employees understand the reason for a certain order to be made....
9 Pages (2250 words) Coursework

Knowledge Management Systems

Knowledge management is done with the aid of knowledge management systems which are basically information systems which facilitate the effective management of information resources.... … The paper "knowledge management Systems " is a great example of business coursework.... nbsp;knowledge management is one of the practices in organizational management which have attracted a lot of attention in recent years.... The paper "knowledge management Systems " is a great example of business coursework....
9 Pages (2250 words) Coursework

Melbourne City Football Club Funding and Sponsorship

Australian premier league is gaining its popularity and the sponsorship of Melbourne City Football by Etihad Airways indicates the company's commitment to sports activities in Australia and other parts of the world.... In return, the Melbourne City Football Club will expect the Etihad Airways company to raise awareness of their products and services by sponsoring more soccer events and activities.... Melbourne City Football Club expects to benefits from the sponsor's funds that would help it meet its operations and expenses, for example, field maintenance, paying players, coaches, and other club staff....
19 Pages (4750 words) Essay
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