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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. 



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