Essay about Knowledge Management
855 Words4 Pages
Knowledge is the product of the professional services organisations. It is the essential element that allows the organisation to operate in its industry sector. The knowledge of the organisation is within the human capital of the organisation, which are the workers. This paper will look firstly at current literature on knowledge and professional services organisations, what this knowledge is how this knowledge can be managed. Secondly the paper will review relevant theories and practices associated with Strategic Human Resource Management (SHRM) and how these theories and practises can assist in managing the organisation knowledge. Lastly the paper will attempt tie to together knowledge, SHRM and how the use of SHRM can impact on the…show more content…
Tacit knowledge is also associated with elements such as feelings intuition and beliefs (Tithe). Tacit knowledge is associated with an individual, explicit knowledge, on the other hand, is that knowledge that be formulated, structured and made easily accessible (Razouk).
Knowing the types of knowledge can lead Knowledge Management (KM). KM is therefore concerned with the collection, sharing, development and application of that knowledge (Edvarsen 2007). KM needs to be concerned with both types of knowledge encountered in the professional services organisation that is both explicit and tacit (Thite 2004). Explicit knowledge can be collected and managed via infrastructure and information technology solutions such as knowledge management database solutions (Fawzy 2000, Edvarsen 2007), allowing the organisation to take advantage of this accumulated knowledge. Tacit knowledge is associated with the individual and due to its ‘emotional’ or personal nature, requires alternative techniques in order to transfer this knowledge from the individual owner to another employee (Razouck, edvarsen 2007 ).
But what SHRM practices can help in assisting the transfer of both explicit and tacit knowledge between employees and the retention of this knowledge within the organisation? HRM can impact knowledge within an organisation in many different ways such as motivational aspects, leadership aspects and
Knowledge is a competitive advantage for all organization but the way we used the knowledge is the most important. The aim of this study to discuss the relationship between knowledge sharing mechanism and the development of pricing strategy, how we can know that we developed a successful pricing strategy, how we can achieve our goals? How knowledge help us to determine the best successful pricing strategy. Knowledge sharing behavior has positive impact on the strategic planning during the process of strategic planning. Knowledge sharing depend on trust among employee and influence by the organization culture (Hu,2012). Knowledge sharing is useful tool to enhance learning and achieve effectiveness inside communities (Leng,2009). The role information system as tool for reports on the strategic decision making and how influence strategic and tactical planning ( Karim, 2011).
Organization process to achieve organization goals by formulating strategies and implement them. According to (Sveiby,2001) the origin of strategy competence of people, without people no need for strategy formulation. A strategy must meet the organization requirement and must be workable and realizable (Bryson, 1988).
2. Knowledge management and knowledge sharing
2.1 Knowledge Management: Knowledge Management is one of the widest definitions because is one of the useful assets for organization to get a competitive advantage. There are a lot of definitions of knowledge management. ‘the systematic process of finding, selecting, organizing, distilling, and presenting information in a way that improve an employee’s comprehension in specific area of interest'( Mertins, Heisig, & Vorbeck,2003). According to (Teece,2000) Knowledge management involves the panoply of procedures and techniques used to get the most from an organization’s tacit and codified know-how. Knowledge Management aims to fostering and managing processes like knowledge creation, transfer, application, and evolution in order to create value within the organization(Stefanie, &Johannes,2005)
2.2 Knowledge Sharing: Is the way for sharing information, plans, innovation, ideas, goals, and expertise among people and organization to develop good understand for problems, goals and innovation using mechanism to make it easy and reachable any time. Successful knowledge management relay on knowledge sharing (Wang, Noe,2010). Knowledge sharing is the organizational process whereby various channels of interactions are involved in the interconnection of individuals to pursue and accomplish organizational goals through means such as social networks, informal and formal meetings and dialog (Yang,2009).
2.3 Tacit Knowledge: Is the knowledge in human mind can’t know what is it without emotion or writing it. According to (Polanyi,1967) ‘we can know more than we can tell’ so for that tacit knowledge hard to observe. Tacit knowledge is valuable for the organization to be sustainable. Although it hard to get but it’s leading to competitive advantage.
2.4 Explicit Knowledge: Is the Knowledge which be shared by several among people, This type of knowledge is formalized and codified and is sometimes referred to as know-what (Brown & Duguid,1998). Must keep an eye on it must be shared and available to whom they need in which time they need.
2.5 Knowledge Acquisition: is the way that you can extract information, make it usable and listed in sufficient way to retrieved in the time we need to develop database of solution to face every problem that face the organization. According to (Roa, 2005:247) Knowledge acquisition is a tool used to highly and speedily retrieval of information and directs it to the right department and people to speed up the process of solution given to problem solving. Knowledge acquisition is the core component in knowledge management and speed up the process of retrieve information (Mchombu, 2007).
2.6 Knowledge Retention: is the way to keep knowledge and remain it when add to knowledge management system (KMS) and maintain it when add to the KMS(Newman & Conrad, 2000). According to (Wamundila,2009) knowledge retention can be characterized as a movement guided at holding What’s more settling on accessible important knowledge vital to manage operations effectively Furthermore adequately.
2.7 Knowledge Component Model:
3. Pricing strategy: The most important factor for product is how we can determine the price of this product, depending on what to determine the price, in this paper will discuss some factors that can influence the pricing strategy and how we can get successful pricing strategy and how knowledge can help or influence determining the pricing strategy.
Many organization do consultant about determining their pricing strategy or employ ‘pricing expert’ to do that but this way is highly costly to organization (Calogridis,2006). According to (Ny??r??di,2007) the best pricing strategy depend on the situation, so you must understand the situation and keep in mind the factors influence pricing strategy like costs, short term, long term sales and profits. Pricing strategy has positive effect on the marketing planning (Salmani, Daraei& Bayazdi,2014).
According to (V??zquez-Gallo, Est??vez & Egido,2014) when we have doubt about the demand of product may influence the success of pricing strategy, so for that we should have a knowledge and learn from past event to determine successful pricing strategy. The pricing strategy is influenced by the governmental polices (Ahmad, Al-Qarni, Alsharqi, Qalai & Kadi,2013). According to (Marinescu, Mihai & Toma,2010) pricing strategy is very critical for maximize probability and retain customer to repurchase product and ensure the loyalty of customer. The pricing strategy may affect the tone about brand and customer loyalty for the organization (Shih,2011).
4. Factors affect pricing strategy: There is some factors affect the pricing strategy, in this paper will list some factors and how knowledge sharing can influence these factors, like geographic location, customer demand, innovation, products specification, advertising, social network, communication tools, market changes, polices and regulation. Will discuss these trends from knowledge sharing prospective and see how knowledge can help us to determine good pricing strategy.
4.1 Geographic Location: we should know the geographic location for determine the price of product based on location, every location has specification that can affect the pricing strategy, so knowledge sharing can make a road map and big vision for the geographic location and how we can got right pricing strategy based on the location.
4.2 Customer Demand: Customer demand may be the most factor that play role on determining the pricing of product or service that organization provide, knowledge sharing can provide us with information needed about the demand of customer. We know that the demands of customer’s may change from time to time, so we must up to date with new demands that knowledge sharing can provide to the organization.
4.3 Innovation: According to (Jacobson,1992) Schumpeter vision that firms should not be searching for the stable conditions; they must look after unsettled market for a process of building strategy, better than the search for stability to create a competitive environment. Innovation leading organization to survive, new product need new pricing strategy so for that innovate new products can affect the pricing strategy and may change it. Knowledge sharing provides us with new innovation by information they provide to the organization and help us to determine the pricing strategy for new products and services.
4.4 Product Specification: Some products and some geographic location need specification deferent than usual product specification, knowledge sharing help organization for determine the right specification for the geographic location, for that we need to change pricing strategy to be suitable with the product specification.
4.5 Advertising : Advertising may influence the pricing strategy for product or service depend on the cost of advertising, knowledge sharing informed us about the target group of customer that we must focused on them, the promotion form what should be delivered to customers, the most suitable way for advertising, all these will influence the pricing strategy.
4.6 Social Network: Social network play huge role for marketing these days and may influence the pricing strategy, knowledge sharing play a big role for providing organization about the social network and its role in marketing so pricing strategist must beware of this how they can promote products by using social network, discount on price they can provide, services they can serve customer based on social network.
4.7 Communication Tools: It’s very important to have communication skills to deal with customers, how to communicate will with customer will lead to provide information about the quality of products, specification that need, all this information can be handled by knowledge sharing and may change the pricing strategy for goods to be suitable for customers.
4.8 Market Change: knowledge sharing can supply organization about the market status what the set of exchange made to the market, what the set of reaction can be made to develop the pricing strategy for organization goods, what other competitors prepare to compete other organization. Knowledge sharing provides organization by information they need to change pricing strategy to face the change in the market.
4.9 Polices and Regulation: Organization should worry about the polices, laws and regulation about their products and services they provide, polices may take a Tax or other fees on some products, the knowledge of this regulation, polices and law make change the pricing strategy, what the action will been taken to this issue, knowledge sharing support organization with suitable information to be aware to this factors.