All 14 entries tagged Kbam
June 10, 2012
As we approach the end of this masters, all of us have gained significant knowledge, not only technical, but personal as well. I believe that we have been learning organisms, we created and shared knowledge in various ways, we have been open to new learning and so on. Knowledge management has been part and parcel of this year. But how each one of us handled this knowledge is a completely different thing.
Undoubdtly, we all have learned, but in various paces and levels. Thus, now that we are going to find a job (luckily) in a company, this knowledge has to be retrieved, so that we can prove that we are the right people for that position. If we fail to do so, someone else with the similar knowledge more of less can easily replace us. On the other hand, if we do use that knowledge and prove our value, but the company fails to recognise it, then the employer will lose the knowledge we brought into that company.
Consequently, since we have experienced almost every aspect of knowledge management in our learning, it is time to enact upon it and utilise it accordingly. Also, we should keep practicing the KM principles, since if we rest in our laurels our knowledge loss will definitely be someone else's gain. Therefore, we are exactly as any company when it comes to manage our knowledge...
The other day I was watching an episode from the well known show The Apprentice. This show generally offers many business lessons for both those who know about business and those who are out of the business world. In that episode the teams had to create an affordable luxury product. The team that had the most attractive product though wasn't the winner.
One of the lessons in that episode was the that team set a price on that product that was low enough to cover the operational cost of the supposed store. Of course someone would expect that the team members would have taken this fact into consideration when they were trying to find their price policy. However they didn't!
Thinking this fact, I tend to think that many entrepreneurs and small companies fall in the same trap. Therefore, here the property management is not executed well even though for the operational reasons, let alone the investment ones...
Hence, many companies can practically benefit from this lesson in regard to their pricing strategy and their operational costs. And a property's operational cost, especially when the company has only one property seems to be of prime importance. The obvious consequences of not being able to cover the rent or utility bills (not to mention wages) should always be in the mind of those responsible for the pricing policy in relation with the viability of a company.
June 05, 2012
Working on my PMA made me think of a lot of things concerning the real estate/property management as part of assets management. As I mentioned in a previous entry, there are some definitions of asset management that focus only on this category of management and consider literaly the word asset.
Many people choose to invest in asset management, and namely properties, as it can yield quite high returns. When it comes to companies it is a bit different. Companies have properties for two reason: operational and investement. And although the first may seem obvious, many companies fail to execute it appropriately resulting in high costs.
These costs involve not only maintenance costs as someone would think, but depriciation. And the second comes in mind of the finance department usually when it is the end of each fiscal year. For this reason, I firmly believe that companies need to reconsider their property portfolios regularly, so that they can utilize and exploite their assets to have the best returns possible.
May 17, 2012
It is common knowledge that people is the most important asset in a company. In regard to knowledge management, people are those who have the knowledge within an organisation and thus, they are valuable. But if we look into this idea from the perspective of the person, his/her knowledge is the most important personal asset.
All our skills and competencies are based and have been developed from our experience and knowledge. Thus, we are a 'portable database' of what makes us who we are. As companies have to take care of their assets, physical or not, in a same vein people have to take care of their personal assets. That is why we are students in this university, that it why we reflect on our experiences daily, that is why we read interesting things and especially, that is why we socialize.
If companies coulld inderstand the concept of KM in a same way that people do for their personal lives, it seems to me that intensive knowledgeable companies would be the rule, and not the exeption...
May 06, 2012
As I am exploring the asset management issues a bit further, and especially facility management, I saw that the British Institute of Facilities Management has annual awards. So far, I knew about other kinds of awards, like CEO or manager of the year, but there they reward the Facility Manager of the year.
Of course, the idea behind these kind of awards is that they reward people for innovative use of FM methodologies, how they create dynamic solutions and how they integrate FM into the organisation’s strategic influencing and decision-making process and senior corporate structure (BIFM, online).
Thus, it is of no wonder why the area of FM has such an importance for companies and the job of faility mnagers is of equal importance with that of other managers.
For more information see the website: http://www.bifm.org.uk/bifm/events/awards/Awards2012/FMofYear
April 29, 2012
As I was searching on the asset management issue, I came across a website that was suggesting that AM is often used as a synonym of investment management or fund management. And to be honest, I was quite skeptical with this statement.
But, as I was thinking about it and reading more it started to make sense. However, I should note that the perspective of this website was focused more on the financial benefits that a company can has from managing its assets. They emphasize the investments that a company does on assets or how it can exploit the assets in a way that is financially beneficial. That is why they define AM differently.
During the module, this aspect of asset management wasn't discussed at all and we were more focused on the different areas that a company should focus on. But, to my mind, this kind of AM presented by that website can apply to many companies. And I think that there are companies, and especially asset managers who has that viewpoint.
April 28, 2012
I know that intangible assets, like people, are not a big part of this module. Of course tangible assets like buildings, equipment and so on need a lot of attention and specific plans to be managed successfully. However, there was a general discussion towards people management at the end of the module.
In the previous module that I attend, the tutor asked who believed that people are the most valuable asset of a company and most of us answered positively. Nevertheless, she stated that it's not people. It is great people who are the most important asset of a company! And actually it's makes sense!
The problem is that for a company is almost sure that not all its people are great. Maybe the majority of them, but not all. Thus, a company has to do the best it can with what is has. It's not easy; rather it's challenging. But if a company has more great than good people, then it is highly likely that it's in the right track.
"Good is the enemy of great"
In this MSc program it is common practice to work in teams. And of course this practice represents how companies work to a large extent. So far, I've been working with most of my colleagues and sometimes things run smoothly whereas other times are more problematic. But what we experience here is like a 'miniature' of the real world. Most of the times you don't have the luxury to choose your team. Instead a team is assigned to you! And if happens you to be the leader, you need to make sure that team members are commited and actively involved. But in order to have the best results possible, engagement is essential. Just have a look at the picture. All people need to bring the letters to make the word, and not just sitting and watching others do everything. Not only because other members may put more effort on the common task (which is very important), but also for having a common sense of ownership.
Linking this idea to knowledge and asset management, team work is vital for these tasks as well. Either if it is KM or AM, all employees in a company need to be engaged, not just committed. Because the activities involved in managing knowledge and assets cannot be owned by a single person. They require team work.
Of cource commitment is paramount and the first step for good results, but engagement can bring excellence.
April 27, 2012
During this module while we were working on creating a plan for a company about its asset management, the financial aspects were at the back of our minds. Of course we knew that we were dealing with a SME, thus we didn't consider anything extravagant. It is true that some things in improving AM may cost nothing in terms of money.
Nevertheless, it is natural that some suggestions will require spending certain amounts of money. But on the other hand, it is not advisable to companies to spend more money on things that cannot afford. So, can a company do both? Improve significantly its current practices and spend as little money is possible?
To my mind, this in not always easy. A certain budget needs to be allocated for improving the asset management activities, but it needs to be flexible. Because, if companies want to improve their AM, but they have only financial criteria during their decision-making process, instead of the potential long-term benefits, then excellence seems impossible.
Knowledge management is not important only for the companies, but for students as well! Let me explain what I mean by that. Today, after the team presentations we had a discussion about them, concerning more technical aspects of them. It was a common agreement that our presentation skills have improved significally! Yet, there are more things to be done in order to achive excellence in this part!
Although I was very confident about my team's presentation in the first place, we didn't actually have the time to finish it. As this thing has happened before, in other modules and other teams, we should have been more aware of it. Instead, we were thinking that we will have the time.
Thus, the 'lessons learned' for me from this fact can be compared with what companies can learn from KM. All the time knowledge and learning is generating. But you need to manage how to apply them, and what to include so that you pass the message across.