Information Systems & Financial Modeling - Strategies & Benefits of Implementing Knowledge Management

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Table of Contents

1.0 Introduction 2
2.0 Strategies of Implementing Knowledge Management 4 2.1 Identification of key actors 4 2.2 Knowledge Management Platform/ System 5 2.3 Spreading the Word – stimulate the use of Knowledge Management 5
3.0 Benefits of Knowledge Management 7 3.1 Employee Development – Value Creation 7 3.2 Increased Customer Satisfaction, Trust and Loyalty 8 3.3 Support Tool for Marketing Initiatives 9 3.4 Better Coordination of Technology Alliances 10
4.0 Conclusion 11
5.0 Bibliography 12

1.0 Introduction

Knowledge Management (KM) is a strategic method of locating, defining, collecting, storing, sharing, organising, receiving and adopting valuable information and knowledge within an
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Due to the nature of resistance to change, managers need to firstly select actors who already have strong support from his/ her subordinates in order to implement a top-down approach. Once these “high-ranking” actors have embraced the knowledge management initiative, their subordinates will have less resistance and will be more willing to take part and contribute.

2.2 Knowledge Management Platform/ System

The use of ICT is essential in developing a well versed knowledge management system to locate, define, collect, store, share, organise, receive and adopt information. This platform needs to be interactive, online and able to be accessed easily to ensure the wide usage by employees. Employees constantly exchange relevant knowledge to one another during informal meetings or chats; therefore the trick is to encourage these people to do the same thing using the knowledge management system (Raub and Wittich 2004).

In order to do this, managers can strategically position the knowledge management system using the concept of a social networking system. Examples are Facebook or YouTube whereby users can easily share their profiles, updates, pictures, videos, music, and various files with one another. By sharing they will also be able to receive information from other users, of which may not be possible for them to obtain alone.

2.3 Spreading the Word – stimulate the use of Knowledge Management
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