The World without Bankruptcy Laws
Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]
The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers
What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]
Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks
How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]
Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies
Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]
Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises
In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]
Knowledge is very important for survival of organization. Historically, employees have gathered knowledge through trial-and-error method or by working as an apprentice under a tenured knowledgeable employee. Management guru Peter Drucker forwarded a concept that knowledge is as valuable as a company’s various asset like plant, machinery, etc.
Knowledge provides a competitive advantage to an employee as well as the organization. The data and information which come with knowledge help organization make an informed decision. For example, knowledge about competitors pricing model or business strategy can help organization work towards bettering the competitor. Historical data e.g sales data, pricing data, etc. can help organization improve existing or proposed business initiative.
Knowledge management is a highly iterative process which consists of six major tasks like create, capture, refine store, tag and circulate. The first step is to create or capture data and store it at appropriate location. The second step is to refine the data into meaningful information. The third step is to transmit information to relevant stakeholders.
There are two types of knowledge, which need to be capture as part of knowledge management. The first type is hard data in terms of numbers and figures. The second type of knowledge is the interpretation of data captured based on experience. The real need of the knowledge management system is to provide access to the knowledge base whenever required.
The systems develop to capture, create, refine, tag and circulate information used to improve business productivity of the organization. There are three broadways of managing the knowledge system. The 1st way is utilization of information technology and systems to improve business efficiency. The 2nd way is utilization of organizational method to improve business efficiency. The 3rd way is creating a healthy workplace to facilitate improvement of business efficiency.
The structure of the knowledge management system is dependent on the business strategy of the organization. The final structure needs to have alignment of technology, organizational structure and work culture.
Based on structure and requirement of organization, there are several types of knowledge management systems. Some of them are as follows:
These are knowledge management systems developed to facilitate a Subject Matter Expert. This module provides knowledge of different subjects.
In the current global scenario, team members are spread across regions. However, it is important for them to collaborate on various projects. Groupware is a knowledge management system which helps in sharing calendar, project activities and instant messaging.
It is important for team to store various documents at a single location. SharePoint enables a user to store multiple version of the same document, helps a user search through folders for document, etc.
Decision support system helps floor managers; Sales Manager, CEO, etc. take decisions to finalize business or operational strategy. Decision support system comprises of primary data as well as secondary data. Decision support system enables editing of data and converts it information in the desired format.
Knowledge management systems which support active storage and retrieval of data are known as a database management system.
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