Business Knowledge Management
Managers are bombarded with an almost constant stream of data everyday. This overload of data is making knowledge management increasingly more important. Knowledge management is a concept and a term that arose approximately two decades ago. Knowledge management is the process of capturing,distributing and effectively using knowledge. Business intelligence is a set of theories and methodologies that handle large amounts of data and information and assists managers with decision making.
Knowledge management is a process of capturing and distributing the knowledge of the individuals in a business for use by others in the business to improve the quality and efficiency of decision making across the firm.Knowledge management involves data mining and some method of operation to push information to users.The goal of a knowledge management system is to provide managers with the ability to organize and locate relevant content and the expertise required to address specific business tasks and projects.
Knowledge is the most strategically significant resource of a firm . Knowledge management usage helps you make good use of the company's most important intellectual capital - the information possessed by the employees. Knowledge,as they say, is power. Once they have been in business for a number of years most companies will find that they have accumulated a vast repository of information and expertise.
Facilitates decision making capabilities:
Until now the use of big data has largely been restricted to it experts but there is a growing need to use data for quick decision making among departments that are directly involved in product strategy or sales. Users can perform intuitive operations to conduct multi-faceted analysis from a variety of business perspectives. Organizations are facing exciting and dynamic challenges. Strategy is the direction and scope of an organization over the long term which achieves competitive advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations.
The main purpose of evolving architecture is to satisfy advanced capability and performance objectives through adding new systems ,replacing existing systems etc...It is unrealistic to improve performance without considering the cost of architectural evolution's. Competitive advantage is when a company's profitability is greater than the average of all other companies in the same industry that compete for the same customers.
When the external environment is subject to rapid change ,resources and capabilities offer a more secure basis for strategy than market focus.
Building Learning Organizations By Making Learning Routine:
Innovation is not a one day phenomenon. In the area of global competitiveness knowledge management became essential for all the members of the top organisations. Knowledge management is important to the success of your company. Data can offer managers a wealth of information but processing overwhelming amounts can get in the way of achieving high-quality decisions. Actively managing knowledge is important to an organizations success.
Knowledge management approach benefits your organisation by providing a defined strategy for collaborating and disseminating information across the organisation retaining explicit knowledge.Scientists have worked out exactly how much data is sent to a typical person in the course of a year the equivalent of every person in the world reading 174 newspapers every single day. Knowledge management can create a culture where everyone continuously accesses themselves ,their units and their organisations looking for ways to improve.
Continuous improvement programs are sprouting up all over as organisations strive to better themselves and gain an edge. Solving a problem,introducing a product and re-engineering a process all require seeing the world in a new light and acting accordingly. Provide your team with the insight,expert knowledge, and information they need. combine the power of internal knowledge with social networks to optimize their effectiveness and readiness.
STIMULATES CULTURAL CHANGE AND INNOVATION:
Innovation is essential to business survival. Every organisation has to be unique at something,at least for a while,to stay ahead of the game. Ten key levers built into any project or process effort can dramatically improve results and create a culture of continuous improvement and creativity. Some of the best ideas for process improvement lies with the process owners. There are some critical change issues that will affect managers in the 21st century.
Changing organizational cultures is one of those issues.One of the main insight is that a combination of variables must be in place to stimulate internal product innovation.There is also no one-size-fits-all to organisational structure.Firms must build culture to stimulate innovation. Innovation doesn't just happen it requires impassioned people who are willing and able to stand up for criticism.