A PROPOSAL TO RESEARCH THE EFFECTIVENESS OF KNOWLEDGE MANAGEMENT TO HOMELOANS LIMITED
Executive summary
Knowledge management processes are based on all the structured facilitated dialogue which aids in extracting and exchanging knowledge amongst teams and individuals. Nevertheless, its main role is monitoring, championing, as well as supporting the management of knowledge for the organization (Holsapple, 2004). Understanding the additional role will enhance more complex context for better result from the management of resources, planning, problem-solving and decision making activities which are essential in running the business.
Introduction
Knowledge management is regarded as being the framework which used a business enterprise in designing processes, structures, and goals so as to be in the position of making use of what it knows best in learning as well as creating value for his clients and the entire community (Holsapple, 2004). This then means that there exists no single recipe for the management of knowledge. Every organization has to think through when designing its own approach.
The roles and structures, the processes and practices as well as the tools and platforms is the one which will have to be given greater consideration in executing effective strategy. By considering all these will mean that this organization will be able to highlight special strengths it has in achieving the set objectives of its establishment. This document proposes a review of the suitability of KM in fostering the daily economic activities of the Homeloans ltd as well as accessing various socioeconomic factors which impacts it (Wang et al, 2001).
Mission statement
The knowledge management association promotes learning and professional development through coordinating knowledge professional in organization in an enriching and fulfilling environment (Wang et al, 2001).
Business objectives
The KM association assists in developing the discipline of knowledge management through the creation of community of KM practitioners who;
- Work collaboratively in improving as well as advancing the KM strategies to be used in enhancing the all the activities of the Homeloan ltd
- Offer connections which assist the practitioners from all regions or industry so as to build up expertise and skills while developing their professional work.
- Provide resources and forums which will be used in creating a body of knowledge around specific and general industry practices.
- Share all the benefits realized around the globe (Boughzala et al, 2010).
Current offerings (product/service)
The efforts of knowledge management majorly focuses on the objectives of the organization for instance improved performance, innovation, integration, competitive advantage as well as the continuous improvement of the organization. This is to say that for the Homeloans ltd, these efforts overlap the learning to be put forward hence it can be distinguished from that through greater focus on the general management of knowledge as a premeditated asset as well as through encouraging the sharing of knowledge (McInerney & Koenig, 2011). This makes KM to be regarded as an enabler of learning of this organization.
Additionally, knowledge management team facilitates decision-making process as well as eliminating the duplication of efforts hence improving the rapture of information, its sharing, and the external and internal outlook of the organization. For this business, these solutions range from high level strategy development to categorization and organization of information.
With this at hand, there will be adequate or extensive sharing of the best practices through reusing of information, improving its response time to internal and external customers, and facilitating innovative processes through collaboration (McInerney & Koenig, 2011).
Value of knowledge to the business operations (knowledge application goals)
The management authority of the Homeloans ltd is much concerned about the value of knowledge to their business operations. First, it should be noted that the current roles of the KM consist of intermediation, externalization, internalization, cognition, and measurement. With intermediation, the KM team assists in brokering or transferring of information between appropriate knowledge provides and its seeker. This is to say that is boots the matching of knowledge seeker with the optional sources of knowledge for such a seeker. This ensures that there is efficiency in the transfer of ideas.
Externalization means the general transfer of information from the holders’ minds to external repository through the use of the best means available. Since this function ensures that there is the sharing of knowledge, business or competitive intelligence comes in. With the availability of the KM tools, it is easier to track large quantity of information regarding its competitors.
Internalization basically refers to the extraction of knowledge from any external repository available and then filtering it so as to offer relevance to the knowledge seeker (Watson, 2003). The reason for this is because information needs to be presented to the users in a form which is most suitable to its comprehension.
Therefore, KM assists in its interpretation and reformation of the presentation of this information. As a means of implementing this function, the KM team encourages the building up yellow pages which will enable the management authority to map and categorize the skill or work experience of their enterprise in connection to the documentation of the best practices. Similarly, cognition id the function of systems which aids in making decisions based on the existing knowledge. KM boosts the application of knowledge which might have exchanged because of the three preceding functions (Watson, 2003).
Another point of concern lies in the last function is measurement. This will entail all the KM activities which assists in measuring, mapping ant quantification of the corporate knowledge or the performance of the KM solutions. This function enables the KM to spice the other functions rather than actually managing the knowledge itself
Environment or context of the KM (competitors, organizational culture, organizational structure, leadership, etc.);
Culture refers to the way in which an organization solves its problems so as to be able to achieve its objectives and maintain itself. With respect to that, trust is perceived as the main prerequisite to KM’S culture. This is attributed to both the inter-group and the intra-group human relationships. Within KM, it fundamental that each individual trusts their co-workers since knowledge ought to be shared and used appropriately (O'Sullivan, 2008).
Since the failure of many business enterprises is brought about by various cultural factors, the culture environment of the Homeloans ltd will be perceived as a crucial aspect for KM. In this, knowledge will always flows vertically from supervisor to supervisees. This then means that the proportion of knowledge employees becomes larger hence the need of developing horizontal flow knowledge or the sharing of knowledge amongst workers as well (O'Sullivan, 2008). Its expansion merely calls for change of the mercenary culture to the networked one that will accommodate sharing of knowledge as shown below;
Solidarity
Mercenary communal
Sociability
Fragmented Networked
On the other hand, Km has a diversified organization structure as shown;
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The above structure is the one which assists in defining all the roles to be carried out by different individuals at different levels. For instance, the duty of the chief management officer (CMO) is maximizing all the values of the business enterprise through the aid of KM strategies. This in return ensures that there will be the building of culture climate of information sharing as well as organizational learning. Other individuals like the chief human capital officer will act as the policy analyst with the KM initiatives hence facilitating efficient human capital policies and other programs (O'Sullivan, 2008).
With this in mind, it means that the KM profession will be expanding from its consulting service to the internal organization functions and academia. As much as the professional body is growing, it means that all departments within it and seeking KM professional will have to form adequately to form the basis of its functioning. The reason for this is because various codes of practices are also being formed for the purpose of covering and ensuring that the professionals are responsible for conducting ethical business.
Audit of the current knowledge assets
I propose to review the current considerations which are put forward for the purpose understanding the auditing process. First, knowledge management has an efficient means of auditing all its functions or matters to be considered whenever any duty has to be carried out. This approach usually begins with a much more holistic or user-centered and not majorly with the auditing of the existing document (Wrench, 2013). The reason for this is the need of analyzing the procedures so as to better understand the benefits which will arise from the improved sharing of knowledge to specific individuals within the organization.
Conversely, I propose that the acquisition of sufficient knowledge is now becoming more and more valuable unlike the traditional tangible or physical assets. Therefore, with KM the auditing of the current knowledge assets will first begins with differentiating between physical assets with knowledge assets. The reason for this is to ensure that their maximum utilization of this assets so that reasonable revenues can be generated from each.
Analysis of the needs for KM
Considering our contemporary economy, it is evident that more and more business organizations are recognizing that fact that to acquire and maintain their competitive advantage they ought to ensure that they have explicitly managed their cognitive resources. Because of this reason, the KM team requires that management authority of the Homeloans ltd should first understand how they can be able to identify as well as evaluate all the available knowledge assets within their enterprise (Wrench, 2013). Moreover, they should be able to know how to effectively these assets so as to be able to achieve the competitive advantage.
KM issues
Usually, applied ethics are used for the essence of examining specific issues which are matters of moral judgment. Some of these issues include the knowledge management attributes which continue to recur. For this organization, this will entail the addressing of the tactic and explicit knowledge forms. The reason for this is because it is this forms which assists it in the reusing of knowledge which has been codified, disseminated, and captured (O'Sullivan, 2008).
KM cycles/models suitable to the organization’s needs
Assess
Update contextualize
From this cycle, it is clear that consulting companies usually reuse project proposal template so as to be in the position of conveying the brand of the company, contain useful reusable of objects for example company description, testimonials and so on. The reason for this is to ensure that there is the reduction of time taken in completing tasks and helping maintain higher standards regarding the quality and quantity of work to be executed by the organization (I.R.M.A, 2012).
I therefore propose that the benefits to new workers will be plentiful as they will be given the capacity of attaining ‘day one’ performance through performing fairly. Consequently, the KM requires that in order to be able to support such an organization, it must provide all workers with access to business’ memory so that both the business and its workers improve as a whole. Corporate memory is always incomplete since it only captures explicit knowledge. Because of that, valuable tactic knowledge also needs to be put into place so that added corporate memory is to be made available (McInerney & Koenig, 2011).
Typically, the essence of problem solving, good analysis, initiative design, innovation, and effective project management entails much tactic and not explicit knowledge alone. Therefore, my believe is that by ensuring that tactic knowledge is put in a principle role as well as cultivating it in a knowledge environment, KM can be able to play a crucial role application development more so in reuse.
Project tasks (for acquiring KM skills, addressing ethical/culture issues, building learning organization, maintaining knowledge continuity; developing organizational memory, transferring knowledge, etc.)
Risks
In addition to that, knowledge management does not go on isolation. There are various risk factors which accompanies it. In most cases, the general lack stakeholders and executive commitment tops the list. This is frequently followed constant change, bad requirements and resources as well as bad project managers. This then means that identification of these risks is the one which will tend to bring out enough negative emotions or finger pointing. Some of these risks include; inaccurate estimates for the project, lack of scope for the activities, absence of change management system or processes and so on (Boughzala et al, 2010).
On the other hand, knowledge management (KM) consists of professional management discipline and other sets of practices which aids in improving the ability of teams, transfer, individuals and reuse knowledge assets in enhancing the performance outcomes and innovation.
KM ethics
Ethics is important in that it assists in establishing a framework for the purpose of making organizational or individual decisions based on the values as well as determination of what is right from wrong (Gray, 2002). Moreover, there are various ethical rules which have been developed by the KM team in fostering its activities. Some of this includes things like golden rule, universalism, slippery slope, perfect information rule, social contract rule and so on.
My suggestion is that Km will efficiently deal with the methods to be used in producing knowledge and integrating it in return. Transparency or the openness with regard to knowledge and its processes ought to be perceived as being a fundamental strategy for KM problem. Through the inclusion of higher proportion stakeholders in the production and integration of knowledge, the business enterprise will be given the opportunity of availing themselves for quality control over knowledge as well as the participation of more stakeholders in the process (Gray, 2002). This in return adds to the depth or the breadth of the activity of the organization. Prevention, detection, reporting, and investigation are the four tactics which is dependent upon by the KM team.
To the operation of business organization, the value of knowledge is quite diverse. Majority of its roles are always directed into the improvement of the services as well as the products it offers to it, its customers, and the entire community. Some of these include; promoting KM with the enterprise, managing and acquiring internal or external knowledge and facilitating the extensive recording of important knowledge to the organization’s memory (Maier, 2007). Moreover, KM team will foster the structuring and codifying content learning activities.
Estimation of costs
In the process of estimating costs to be incurred in the application of KM in the Homeloans ltd, a budget should be drafted. A budget is basically the expenditure and expected total returns per annum which is based on estimates of the income that accrues to the unit in a business enterprise. Since it is a formal written financial statement, it is expressed in a formals written statement of the enterprise’s plan for the future (Kimiz, 2005). Conversely, there are various features for a good budget plan for estimating all the costs to be incurred whilst the application of KM in homeloans ltd. First, in budgeting for KM, a financial plan that contains projects and programs should be drafted. Next, a fixed duration of time, typically one year should be adhered to so that the estimated expenditure and expected returns of KM in this organization will be computed efficiently.
Moreover, in computing these figure, an authority which incurs expenditure and collects returns need to be in the for front in ensuring it works efficiently once it is to be approved. Including all the financial activities which fosters the application of KM in the above organization is mandatory. Some of the activities include; decreasing the number of consumer complaints, unsolved problems, and time for marketing the newly developed product and service and increasing the period of km by a certain percentage (Kimiz, 2005).
Significance or benefits
In relation to above considerations, there are various benefits which will arise from the application of KM strategies. First, I propose that with it in place, the organization will be able to find, map, gather, and filter relevant information. Second, it will be easier to develop new knowledge through the identification of relations amongst items and the general sharing of information. This is to imply that there will be a wider conversion of personal knowledge or information into joint knowledge resources, understanding, or learning and addition of value to information so as to create knowledge for both the organization and the customers (Maier, 2007).
Additionally, there will be an enabling action to be implemented via knowledge management and performance as well as the efficient processing of knowledge resources to be shared through delivering explicit knowledge. This in return will lead into the creation of adequate technical infrastructure for the business enterprise. In other words, monitoring, championing, as well as supporting knowledge management for the whole organization is the major duty of the KM team which fosters such benefits (I.R.M.A, 2012).
Conclusion
Knowledge management (KM) is perceived as being a significant factor to the successful undertakes for a project. The modern nature of business projects requires the use of successful knowledge management practices for handling various issues for example rework and knowledge leakiness. The project management office (PMO) is a department within an organization which has the responsibility of facilitating and overseeing organizational project as a whole.
Moreover, in the process of providing wide categories for research, this document proposes that there is the need of formulating research questions which are to be examined through the use of the developed framework. The result of this indicates that the creation as well as capturing of knowledge is the two major processes unlike transferring and reusing of the information.
With respect to that, I suggest that project management cannot be taken as being an integral part of knowledge management as it still remains to be one of the privileged attributes of the Homeloans ltd project. Therefore, knowledge management project administration will have the capacity of meeting in knowledge master which is a suitable for strategic management in the business regardless of its size. Other than having computation and control system, the user will be given the opportunity of benefiting from its integrated management system.
References
Holsapple, C. W. (2004). Handbook on knowledge management. Berlin: Springer.
Wang, K., Hjelmervik, O. R., & Bremdal, B. (2001). Introduction to knowledge management: Principles and practice. Trondheim, [Norway: Tapir Academic Press.
Boughzala, I., Ermine, J.-L., & Favennec, P.-N. (2010). Trends in Enterprise Knowledge Management. London: Wiley.
McInerney, C. R., & Koenig, M. E. D. (2011). Knowledge management (KM) processes in organizations: Theoretical foundations and practice. San Rafael, Calif.: Morgan & Claypool.
Watson, I. (2003). Applying knowledge management: Techniques for building corporate memories. San Francisco, Calif. [u.a.: Morgan Kaufmann.
O'Sullivan, K. (2008). Strategic knowledge management in multinational organizations. Hershey, PA: Information Science Reference.
Wrench, J. S. (2013). Workplace communication for the 21st century: Tools and strategies that impact the bottom line. Santa Barbara, Calif: Praeger.
Gray, D. (2002). Learning through the workplace. Cheltenham: Nelson Thornes.
Maier, R. (2007). Knowledge management systems: Information and communication technologies for knowledge management. Berlin: Springer Berlin.
Information Resources Management Association. (2012). Organizational learning and knowledge: Concepts, methodologies, tools and applications. Hershey, PA: Business Science Reference.
Kimiz, D (2005). Knowledge management in theory and practice. Elsevier Butterworth–Heinemann
