Importance of Knowledge Management

Question: Discuss about the Importance of Knowledge Management. Answer: Expected Deliverables of the assignment: To effectively completely this assignment, the business analyst has to propound a business analyst report to identify the generation of knowledge and the flow of the knowledge in an organization in order to deliver successful corporate goals (Hislop 2013). Every business institution has individual aim and the business analyst analyze the quest of the organization and the initiatives that the organizations undertake in order with the help of knowledge management. The researcher needed to analyze the principles of knowledge management in order to complete the assignment. The researcher will then analyze the feasibility of knowledge management in organizations. Feasibility study will help the researcher to understand the effect of knowledge management and its functionality. The operational factors of knowledge management in an organization assist an organization to determine its feasibility. Feasibility of an organization can assist the researcher to answer the questions related to the research on knowledge management. Feasibility report displays whether the organization has economic, technological and behavioral feasibility to fulfill the project. The researcher needs to evaluate the feasibility report in order to understand the importance of knowledge management in organization (Leemkuil and De Jong 2012). The researcher has to gather requirements of knowledge management in an organization. Collecting and analyzing of data regarding the operations that an organization undertakes with the help of knowledge management. Through these steps by step procedure, the researcher will assess the research methods. The evaluation stages help the researcher to analyze the importance of knowledge management in organizations (Pinho et al. 2012). Exchange of knowledge between employee helps to promote culture of influential learning and sharing of valuable information so that organization can achieve its goals effectively. At the end of the research, the research should effecti vely answer all the questions. Approach towards the solution: Knowledge management is the core concept that has changed existing face of the corporate world. The history of knowledge management has helped the researcher to develop the proposal. It is impossible to understand knowledge management without studying the theories and concepts related to the field. The scholarly articles and journals have helped the researcher to understand the literature of knowledge management. Knowledge is effective than passive information as it guides the employees potentially. Organizational knowledge is dependent on institutional memory. The researcher has vividly studied the concepts of knowledge management in the organizations (Neumeier 2012). Filtering and editing are the ways to collect and store data in form of knowledge. Technology has highly helped in the development of knowledge management. The researcher studied the primary data in order to understand the challenges and problems that the organizations confronts in organization relating to knowledge ma nagement. The software that is used to make the proposal is Ms Word. With the help of laptop and internet, the researcher has accumulated the necessary data and information about knowledge management (Pickard 2012). The objective of the proposal is to determine the procedure that the researcher is going to undertake. In order to commence this research the researcher requires high end and elegant problem solving software. Proper planning is important so that the researcher can calculate the aim and objective of the research. The researcher also calculates a realistic time-period for the research. Potential risks foreseeable: The researcher will face various risks while researching about the topic. While initiating a research, a researcher has to identify the topic and collect data and information about the topic. In modern days, researcher has to collect data from the internet and that is why the researchers are widely dependent on the technology but there are technical risks involved in this case. Analyzing the possible technical risk is important so that the researcher can proceed in right direction (Offredy and Vickers 2013). Technical requirement rises from the functional requirement of the topic. In order to make the project successfully the researcher needs to control the technical and external risks. To control the risks effectively, the researcher needs to take measures. The researcher here collects the primary data, and then evaluates the data in order to calculate the secondary data. Timeline and work breakdown: (Gantt Chart referred to the excel sheet) Introduction: Knowledge management is the procedure that involves capturing, sharing and evolving the knowledge present in the organization effectively. It is a multi disciplinary proposition to achieve the objectives of the organization (Liebowitz and Frank 2016). Toyota is a company that has started focusing on knowledge management. They are concentrating on the organizational aims and objectives such as improvement of performance, innovation, sharing of knowledge present in the organization, integration and constant improvement of the company. There are assemblages of case studies that have helped to recognize the significance of knowledge management. There are dimensions of procedure, strategies and measurements that assist the organization to understand the key lessons. The cultural fundamentals and the people of the organizations are the factors that influence the key lessons stored in the form of knowledge in an enterprise (Holsapple 2013). The organizations have critical resources and they store those resources in form of knowledge. The knowledge of the organization is utilized for creation, distribution and application. There are different types of framework in order to assess the kind of knowledge that exists in an organization. There are two types of knowledge tacit and explicit. Knowledge management involves requesting of expert for the information associated with specific subject. Knowledge is stored in encoded manner in the database of the organization. Knowledge capturing and creation Toyota is concentrating on knowledge creation and it is the procedure through which organizations enhances their competitive capacity. Knowledge capturing is the new way of creating new knowledge that will increase competitive advantage of the organization. Knowledge Creation is enabling the organization to encourage the employees to collect facts and organize them. This is the helping Toyota Company to generate the information and develop scope in the market place. Tacit knowledge emphasizes on the informal interaction (Perri and Andersson 2014). Explicit knowledge focuses on different IT systems. The strategic side of the management must design proper environment and systems that supply the means and readiness to create corporate strategy. In order to create suitable working environment, knowledge should be generated by communication, experimentation and practice. According to, the significance of knowledge in the organization Toyota determines the value of stored data and its util ization to achieve intuitional goals. The expert systems of the organization gather know-how information and incorporates them to develop strategy so that they can successfully implement them in organization environment. Developers of the expert systems utilize various techniques so that they can acquire knowledge. The developers include interviewing and protocol analysis, surveys, simulation and questionnaires to collect information. Knowledge management is concerned with knowledge capture and it also helps the developers to find ways to convert tacit knowledge into explicit knowledge. The developers of knowledge management create expert directories to manipulate knowledge through sharing by collaboration. Knowledge is captured using different methods like documentation, investigating past projects concerning the people and processes. The organizations also collect feedback from the customers so that they can gain information and data to store knowledge (Denicolai et al. 2014). Thi s is the phase where captured knowledge is made interpretable, accessible and usable for the organization. All the captured information is codified into a CRM module or into a MIS for operational and tactical decisions. Knowledge management is the process of metamorphosis of information into knowledge within an enterprise. Knowledge symbolizes the awareness and interpretation of information and it helps the organization to take decisions and develop knowledge. A systematic way of gathering and facilitating knowledge helps an organization to improve the work culture of the organization. Capturing of data helps to gain information about the customer perspective and external threats so that they can plan strategies and find new ways to upgrade their performance level. There are relevant principles and fundamentals depending on which the organization stores knowledge. Knowledge capturing and creation are core processes of knowledge management. It involves various approaches, tools and t echniques to evaluate the tacit knowledge. Knowledge creation comes from the individual idea promoted by experts after brainstorming. Knowledge creation can take place through innovative project, research and observations. Data mining is a procedure through which analyzing and evaluating of data takes place. The experts combine different perspective and condense them into useful information. The organization uses this data to cut cost and increase revenue. It allows analyzing the information from various dimensions and categorizing it. Data mining is a reliable method of seeking correlation or patterns among many areas in relational database (Botha et al. 2014). The process assists to achieve organizational objectives and goals. By using knowledge, organization enhances its potentiality. Organizations focus on technology in order to uplift the knowledge sharing process. Toyota focuses on the feedback and interactions that takes place with the customers and stores them in form of knowledge. Knowledge creation is formation of innovative ideas by indulging into communications between the tacit knowledge and explicit knowledge in individual mind. It consists of externalization and internalization. Knowledge management is arising from the innovative undertakings. Deployment of knowledge is given the most emphasis. Creation of knowledge serves as necessary input component for the organization to create innovative strategies. Toyota knows that innovation is the only way to boost the success factors. In order to achieve long-term goals Toyota has undertaken the innovative project called IMV. Continual innovation is the way by which the organizations can stay in the winning position. World market is changing frequently that is why the organizations are relying on innovation in order to stay in competition. Organizations are now promoting learning cultures in order to support knowledge sharing. The members of the organization are made aware of the fact that sharing knowledge can be beneficial and it can only be done by mutual co-operation. Organization utilizes knowledge management to improve efficiency and innovation. The organizations adopt knowledge management so that they can support objectives and strategies of the enterprise (Rao 2012). The organization explores ways to enhance knowledge. Advanced technology plays very important role in capturing and storing knowledge. Knowledge sharing and dissemination The organization has adapted knowledge management in order to increase achieve organizational goals in more effective ways. Innovative international multi-purpose vehicles, Toyota have been taking initiatives to export their vehicles abroad and maintain customer trust in the brand. The company is trying to disseminate the knowledge present in the organization. Preferences are shared with customers with other customer reviews. In this stage, the organization share and disseminate the knowledge within the organization (Swift and Hwang 2013). The significant part of the transition from this phase to the next affects the developmental factors of the organization. Knowledge Sharing is an activity that helps the organization to exchange information and data among the people existing in the organization. Toyota is a recognized organization that is using knowledge management effectively to increase the growth rate. The case study projects that in order to increase sustainability and expand t he competitive advantages among the companies present in the market. The organization Toyota is publishing financial status so that they can establish their position in global market. The creation and sharing of knowledge in large organization like Toyota requires social, cultural and technological area. In the organization, the experts of knowledge management support knowledge sharing activities. The system assists the organization to develop new knowledge using the existing knowledge. Data mining is the new strategy by using which the company works out the customer service. Efficient acquisition, storing, transferring and retrieval of the knowledge are necessary to distinguish the success of the organization from the organizations that are unsuccessful. The dissemination of tacit knowledge among the individuals who belongs to different culture, background and has different perspectives is significant. Dissemination of knowledge motivates the employees to create knowledge using critical step. In this age of information, knowledge will remain a key co mponent in defining the success in terms of business. The amount of knowledge retrieved external and internal environment represents sustainable resources in order to maintain competitive advantages of the organization. Toyota is an organization that suggests that innovation is the bridleway for knowledge creation. The overall performance of the organization is affected by the knowledge created and shared in the organization. Innovative international multipurpose vehicles project is the initiative taken by Toyota so that they can increase the self-reliance and optimize overall worldwide production of the vehicles. The company Toyota has studied needs of the customers and has paid attention to their needs and that is why they have taken the initiative to make this innovation. Sharing of knowledge assists the organization to take necessary actions to develop plans to make innovative ventures and upgrade the level of performance of the organization. The knowledge present in the organiz ation should be accessible to all those working in the organization. Toyota undertakes holistic approach for sharing knowledge. Explicit knowledge is important in an organization that is why they support dissemination of knowledge is very much needed. The strategic challenge that Toyota has taken up by producing and selling cars that are not produced and sold in Japan is an innovative strategy. Toyota is trying to accomplish its place by effectively using the resources of the organization. They have also taken the initiative of designing cars in cheaper rate. Conceptualization is a way of sharing knowledge in an organization. Tacit knowledge is not easily available but it is stored in codified language (Roth et al. 2016). Toyota has observed the state of the market, has rationalized with the changing face of the world, and has chosen to implement innovative strategies to upgrade their market value. Knowledge always depends on motivation that is why they motivate the employees by encouraging economic reutilization of knowledge. Toyota is taking assistance from IT professionals so that they can facilitate knowledge. Monitoring and evaluating of information and implementing it for developmental purpose is the effective way of sharing knowledge (Kidd 2012). Toyota is an organization that constitutes assets that are intangible for creating and designing competitive advantage. Management of Toyota provides training to the employees in order to share knowledge and guide them effectively so that they can work properly and upgrade their performance level. Knowledge acquisition and application Knowledge acquisition is the procedure through which extracting and structuring of data is done. Knowledge acquisition is the type of knowledge that an organization tries to gain from the external sources. External knowledge is the significant sources through which one can take an overall view of the value chain (Holzer 2015). Sources comprises of competitors, suppliers , alliances, consumers and external experts. Expert system successfully extracts information from the external sources and applies them to upgrade the performance of the organization. It projects a better interpretation of cognitive procedure in well-structured turfs. Understanding the engineering process to attain the knowledge is necessary. The management obtains knowledge about the customers in order to satisfy their needs by implementing changes. This kind of knowledge helps an organization to understand the customers in better way. The organization can also interact with the suppliers in order to improve the product and service they are providing. Data that reflects the purchasing habit of the consumers help the organization to create knowledge, provide them knowledge, and design decisions. The expert of the organization should have profound knowledge about the techniques of acquiring data. Articulation of those data into organizational knowledge is important so that they can utilize those data effectively (Gruber 2013). Testing and refining of the knowledge present in organization is very complicated but experts proficiently manage to create refine data that they collect from the outer sources. System builders should accumulate knowledge from multiple sources rather than one relevant source. Specific knowledge canno t be recognized if it is mixture if irrelevant data. That is why the experts stores specific knowledge and avoid storing irrelevant data. Builders of the system need to use expert so that they can collect holistic data. Collecting documented knowledge can prove to be ineffective as it is mostly incomplete. Effective acquisition of knowledge helps the organization to ensure the specific level of information acquisition that is needed to consider a project. Discussion should be made in order to identify knowledge, data and processes that are required to solve problems. The expert should build scenarios so that the people working in the organization can link those scenarios to solve different problems. The experts should ask the rationale behind every solved problem. Acquisition of knowledge is the procedure through which organization survives long-term goals. Knowledge acquisition is the knowledge-based approach that the organization uses in order to solve the problems in an organizat ion. Knowledge acquisition is the bottleneck of developing the expert system. Knowledge acquisition is important for making important business decisions (Liu et al. 2013). It is important to recognize the knowledge present in the external sources and obtain them to utilize them for the betterment of the organization. It is the systematic procedure and strategy for capturing and distilling data and information for specific organization. Expert uses knowledge elicitation process to acquire knowledge. There are various techniques to acquire knowledge. The experts of the system find it very difficult to facilitate the knowledge that they gain from the outer sources. Natural language can be performed manually. Text generation is also very useful in creating explanations for system demeanor. Conclusion: Knowledge management is the systematic co ordination of the people, technology and processes of an organization. The co ordination is obtained by adding value by reusing the information that are already present in the database of the organization and by innovation. Toyota is an organization that has started focusing on the knowledge management in order to achieve long-term goals. Knowledge management is a computer-aided approach to brainstorming. It instantly promotes the exchange of idea between the experts. Knowledge management focuses on the integration and synchronizing of data and information. 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