Knowledge management Research Paper Example | Topics and Well Written Essays - 2500 words

Knowledge management - Research Paper Example This will include the definition of knowledge management, and the reason for this concept receiving so much importance. Also, since it a term which is open to interpretation, the definition will state the interpretation of a few authors as well. After this, the paper will narrow the concept down to the usefulness of knowledge management in the corporate world. It will take a hypothetical situation in which a company is experiencing several threats and difficulties in operating, due to both internal and external factors, which any ordinary business would experience in the face of a competitive industry. These difficulties will be pertaining to several areas, such as those from the macro (external) environment, like legal, political, technological, and social issues. Furthermore, the paper will elaborate on the competitive (internal) environment of the industry, which refers to directly related parties to the company, such as customers, supplies, new entrants, and competing firms withi n the industry. The paper will discuss problems, which this hypothetical company may face in the competitive environment. Finally, the paper will delve into a discussion of how and why a company can implement the use of knowledge management to such problems, for a successful and feasible solution. How would business community benefit from knowledge management? Often, the question that arises when such new techniques is that how would the technique bring about positive change? What factors will it help influence, and whether the effect is multifold? This paper states the answer of this question in detail. It elaborates later on, on the advantages that are stated below, explaining the benefit of implementing knowledge management to the business community. Currently, a majority of firms are under pressure due to the various market forces working against them, creating competition, problems, and challenges. Quite a few experts agree that knowledge management is an advantageous solution to some of these problems, in the following summarized ways. The first way in which knowledge management can help a company is by aiding in reducing the operational costs. This is it teaches the management things which they have not yet learned through their own work experience, including how to make the workplace operate with maximum efficiency. Secondly, this collaboration in between people with different experiences, coming from different departments, improves the quality of work. Thirdly, it can help greatly decrease the employee turnover rates of companies, which can often get out of hand and cause major expenditure for the company. This is because knowledge management helps the employee with their growth as employees and in their careers. Moreover, with knowledge management, the departure of key personnel from a department would not lead to a slowdown, because the remaining employees would be educated about how to react. Fifthly, this increased expertise would lead to a major increase in sales and customer satisfaction rates. Finally, knowledge management can serve the company as its competitive advantage in the industry. Research Findings The industrial revolution brought a large change to this world. Before it, everything was simple, uncomplicated. However, since after it, leading up to this very day, the following technological revolutions have no doubt, left each person with a handful to remember. Whether it is about management, human