Sample MITS5505 Knowledge Management Report

MITS5505 Knowledge Management Report Sample

OBJECTIVE(S)

This assessment item relates to the unit learning outcomes as in the unit descriptor. This assessment is designed to assess the knowledge of implementation of a knowledge management solution utilizing emerging tools for stages of knowledge management.

This assessment covers the following LOs

LO3: Conduct research on emerging tools and techniques for the stages of knowledge creation, acquisition, transfer and management of knowledge and recommend the most appropriate choice based on expert judgement on the practical needs.

LO4: Apply and integrate appropriate KM components to develop effective knowledge management solutions.

LO5: Independently design a usable knowledge management strategy by application of key elements of a good knowledge management framework and by incorporating industry best practices and state of the art tools such as OpenKM or other emerging technologies.

INSTRUCTIONS

These instructions apply to Major Assignment only.

Answer the following question based on a case study given overleaf

Give your views on implementation of knowledge management based on five distinct stages of knowledge management:

Stage 1: Advocate and learn
Stage 2: Develop strategy
Stage 3: Design and launch KM initiatives
Stage 4: Expand and support initiatives
Stage 5: Institutionalize knowledge management

Case study: A leading bank of Australia

You have been appointed as a Chief Knowledge Officer in one of the leading investment firms of Australia to accomplish a project which is to develop a knowledge base guide for the customer service staff to provide better services to the customers of the investment firm. Your task would be to implement Knowledge Management system considering tools and techniques and using KM components for the investment firm which can be helpful in providing better services to the customers of the firm and that too in a very efficient manner.

Solution

Knowledge Management System

Knowledge Management, this term means the internal process of creating or sharing a company's information and knowledge. For Assignment help, The primary goal is to make efficiency improvements and retain the secret of the main information within the company(Khan, 2021). Being a Chief Knowledge Officer (CKO), I have to control and manage the information resources of the company or firm. There will be a surety of effective usage of knowledge resources. There are some stages included to work on KM (Knowledge Management). It works efficiently. There are three types of knowledge management such as

• Explicit knowledge - It covers those which can easily be covered in the written way (documents) in a structured manner. It includes raw data, information, charts, etc. It can be used in any job, institution work, or some official work that can be presented to the audience.

• Implicit knowledge - It is the second step of the knowledge after explicit. If we’ve made an airplane then the next step in implicit is how to fly that airplane. This type of knowledge is eliminated from a formal knowledge basis.

• Tacit knowledge - It is a comprehensive and tough language that is not easy to understand easily. It’s difficult to explain straightforwardly. It is learned with time. It’s an informal language learned with experience with time and applied to particular situations(Khan, 2021).

Benefits: Some benefits of Knowledge Management:

• Improvement- It helps in improving the quality of users.
• Satisfaction- It helps to meet the level of customer satisfaction.
• Self-service- It creates awareness regarding self-service adoption.
• Reduction- It reduces time wastage in training, costs, etc.
• Adoption- KM helps to get a faster response in new services.
• Business Demands- Increase response in changing demands of the users (Garfield, 2019).

The implementation of a real knowledge management system in the lading bank of Australia uses five implementation stages that are given below:

Stage 1: Advocate and Learn

Advocacy is the complete first assessment to distinguish knowledge management, address it to people to the leading bank of Australia, and create a fundamental little meeting of knowledge management helpers. The opening need to be provided to the bank staff to get know about KM by practices. It is additionally required to make everyone acknowledge how knowledge management can be aligned with different recent activities of companies. To build knowledge management interesting to the more broad crowd, it is necessary to use basic language to examine openings, genuine problems, and the possible worth that knowledge management addresses. The main cause why the leading bank of Australia has failed is the haste they developed in adopting several resources of financial nature and political nature in planning without any carefulness. When the bank of Australia initiates to create their workers to store knowledge except for transmission & dissemination of the data is the very phase when bank invites failure. Motivating every worker to transfer their formless knowledge may become useless material for the bank of Australia. To get the support of staff, a knowledge management team has to elaborate their aims related to this specific project so that anyone can treat themselves in this. KM team needs to introduce the problems and how the KM plan could help to gain the aim of a team or individual along with the benefits of the KM system. The techniques or tools that support the KM plan may differ. Generally, tools are connected to several categories like knowledge repositories, expertise access tools, search enabled tools, and discussion and chat tools that support data mining (Semertzaki & Bultrini, 2017).

Stage-2: Develop Strategy

It is the second stage of KM implementation in an organization. KM system is to create an approach that needs to be consistent with the aims and objectives of the organization. It is also required to create a KM team that can treat itself into KM system implementation completely. The KM team needs to work on the approach and put this approach in the activity for successful KM system implementation. Moreover, the bank of Australia requires recognizing assets that several be utilize of this strategy. The strategy was initially well-created based on practices that will have to be executed by each member of the KM team by posting investments. Here, we will talk about the pilot of the KM initiative that needs to get from the bank environment (Robertson, 2021). The business needs are required to be formed to install the KM strategy. There are some areas of a bank from that pilot project can be chosen such as:

• Bank area that is not going developing since it absence of knowledge linked to its field then KM can assist to create this field moving forward within the bank.

• And if the new business plan has been addressed to the bank then there will be required of installing the KM so that the workers of the bank can learn new skills linked to KM and the manner to execute jobs in this plan (Simmons & Davis, 2019).

The essential resources for the pilot project are human resources, budget, and project plan that will help its employees and processes realted to KM (Ivanov, 2017).

Stage-3: Design and launch KM initiative

The task force connected to the project has been created, reorganization of the pilot has been complete and the monetary resources with workers are assigned for the implementation of the project. This stage launches the pilot and collecting initial results. By using adequate investments for the whole implementation it is needed at this phase to create methodologies that need to be deployed and replicate measurements to capture and share the information linked to the learned lesson. This stage performs the initialization which needs to take data of specific indicators (Khan, 2021). KM also gets the benefit of using, sharing, and capturing data and knowledge obtained in a definite form. At the initial phase of initialization, we need to release funds for the pilot and allocate a group connected to KM such as a cross-unit team. The next phase is to create methodologies that can ignore and replicate the making of knowledge collections. The last phase of this stage is to capture and record the actions of the learned lesson (Disha, 2019). The budget of the pilot project included staff, man-hours, physical and non-physical resources, and supplies. Overall, the budget of the pilot project will be approximately $1,00,000. Once the pilot project deployment is under implementation and the consequence has been evaluated and assessed then the knowledge management plan will aim at one of the below-given paths:

• Current initiatives would be maintaining the status quo.
• KM efforts would go ahead collecting new initiatives

To get success, any KM initiative needs that you know your people very well and can make them understand things that need to be changed or upgraded. Reducing the duplication of work increases productivity. Tracking customer behaviors enhances the service of customers.

Stage-4: Expand and Support

At this stage, the pilot project will have been implemented and results are collected with some important lessons that are learned and captured. This stage contains actions related to support and expansion for KM initiatives by companies. The main objective of this stage is to develop and market an expansion approach all over the bank and handle the growth of the system efficiently. The initial phase of this stage is to create an expansion approach. To create this strategy there are 2 approaches are the criteria for pilot chosen for functions in different areas of the bank could be implemented or to pertain all approaches all over the knowledge management system. Corporate KM team, practice leader, knowledge officer, and core facilitator team who can handle the system. The second phase is to communicate and market the KM strategies. It could be complete with the support of various means that are broadly disseminating information of KM initiatives around the bank of Australia. The new employee hiring orientation needs to be incorporated with the knowledge management system training. Coordinators and training leaders are needed to teach the hired serviceman regarding the KM system so that they can familiar quickly. The last activity is to manage the KM system’s growth by managing the expansion of KM initiatives that occurs at this stage (Babu, 2018).

Stage-5: Institutionalize Knowledge Management

It is the last step of the implementation of the knowledge management system in an organization. This stage includes outlining the knowledge management system as an essential part of the processes of the leading bank of Australia. At this stage, the bank requires to re-specifying the approach related to the task, revisit assignments, and review the arrangement of its performance. It is also needed to recognize indicators (Disha, 2019. In the presence of one of the below-given terms is there then the knowledge management system is prepared to rock on the last stage of the knowledge management implementation:

• Each member of staff is trained to utilize the Knowledge management tools and techniques.

• Knowledge management initiatives are organized

• If the KM system is linked to the business model directly

There are some actions are taken by the organization to implement the KM effectively such as:

• The first action is to embedded KM within business model. This action is required to get executive and CEO support. It is required to identify budget and organization responsibilities to help exposure implementation of KM like a strategy.

• The second action is to analyze and monitor the wellbeing of KM system regularly. To ensure the KM system is well it is necessary to have the constant intervals pulse KM initiative.

• The third action is to align performance evaluation and reward system with approached of KM. Moreover, it is required to maintain the KM’s framework within the leading bank of Australiaalong with local control. The leading bank of Australia need to know individual groups in various areas to outline KM resources that will acoomplish their local needs.

• The nect action is to carry on the trip of KM. When the bank becomes the suitable knowledge-sharing company, the order for knowledge acquisition would be enhanced.

• The last action of the bank is to detect success feature to keep the KM spirit alive with following factors:

- Availability of motivating and consistent vision
- Capability to maintain full support of leadership (Eisenhauer, 2020).

References