All entries for Monday 31 May 2010

May 31, 2010

Knowledge Management System

Companies need to develop information systems designed specifically to facilitate the sharing and integration of knowledge.

Some of the benefits of the implementation of a Knowledge Management System are:

·        Enhanced communication.

·        Reduced problem solving time.

·        Increased Sales.

·        Decreased costs.

·        Better customer service.

The technological opportunities to improve interaction and increase collaboration in organizations are expanding rapidly. There are many benefits of a well-designed KMS in the organization. These include saving time and effort to get knowledge, so that all interested parties can use the organization’s combined knowledge: knowledge is able to be used wherever and whenever it is needed, eliminating time wasting random distribution just-in-case people are interested. In order to be more beneficial to any other organization, the knowledge, as an organizational asset should be managed carefully.

Life Costing Cycle (Asset Management)

This is the aspect I chose for asset management, as I consider it one of the most important in an organisation when you are investing in new equipment.

This is a method designed to promote the most cost- effective selection of assets (tangible and intangible). It allocates the total costs of the system or equipment under study over its complete life cycle.

Many systems and equipments are selected on the basis of the initial acquisition cost and this is how most companies decide on investment; however, this should not be the key indicator to provide enough information to the decision-maker to justify the selection from various alternatives. LCC cycle costing is a technique for estimating the total cost to the organisation of a system or equipment. The result of an LCC analysis can be used to assist managers in the decision-making process where there are many options.

When we purchase equipment, we need to consider different factors, not only the acquisition cost, such as:

  • ·        The cost of site preparation
  • ·        Initial delivery and handling costs
  • ·        Installation costs
  • ·        Professional fees such as for architects and engineers
  • ·        The estimated cost of dismantling and removing the assets, restoring the site
  • ·        Costs of testing whether the asset is functioning properly

Knowledge Management characteristics

This is a term which involves many theories and techniques, from organisational learning to database management tools. Enterprises are aware of the importance of “knowing what others know” and are able nowadays to make maximum use of the knowledge. This knowledge can be subtracted from databases, filing cabinets and peoples’ heads, and they are spread right across the organisation. Sometimes companies may duplicate work because of the lack of knowledge management, generating high costs to the organisation, therefore, enterprises need to identify what their knowledge assets are and how to make effective use of them as a powerful tool.

When defining Knowledge I found some important characteristics of the term which makes it different from other aspects in an organisation, characteristics that have become explicit to my own knowledge and I will make best use of it whenever I start running my own business:

·        Knowledge is intangible and difficult to measure.

·        Knowledge is volatile, it can disappear overnight.

·        Knowledge is not “consumed” in a process, but it increases through use. 



Asset Management

Writing about web page KBAM

This is a broad concept encompassing the gain, use and disposal of assets in a way so that we make the most effective and efficient use of those assets throughout their life-term.

Profitability and optimum organizational performance is pivotal for all major organizations. AM is the art and science about making decisions to optimise this performance. This professional discipline which focuses on physical asset systems, strives to achieve sustained value for money management of physical equipment and infrastructure.

During the development of my PMA, I took AM from an accounting perspective, as they create the roots of the asset's value to present the real cost of investment, and let the right people decide over the obtained information.

I believe that this concept is very useful and will help me understand all aspects of investment when I decide what to buy, and what cash flows I expect from that asset. It is not just buying for the sole necessity of buying, it's about make the most out of your investment.

Knowledge Management

Writing about web page KBAM

In today’s corporate sphere of hyper-competition, one of the key elements of gaining competitive advantage is Knowledge Management. This concept arose in 1991 and is increasingly applied to multiple fields apart from business administration. KM essentially is the management of insights and experiences of individuals and those involved in organizational processes. KM lays emphasis not only on performance improvement but constant re-invention and innovation. However, the critical element here is how that knowledge is diffused within the company, which propels organizational learning. Strategic Consulting firms have a pivotal role too in providing KM related advice to companies.

To remain at the forefront organisations need a good capacity to retain, develop, organise, and utilise their employees’ capabilities. Knowledge and the management of knowledge appear to be regarded as increasingly important features for organisational survival. Explores knowledge management with respect to its content, its definition and domain in theory and practice, its use and implications, and to point out some problems inherent in the concept.

After going through the learning process of this concept, I think this will be valuable for me in the future when it comes to manage an organisation and try to capture everyone's knowledge, disregarding an employee's position, there is always something to learn from all levels

May 2010

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