Please use the following suggestions to update the discussion below: Please note the following: For this week's discussion, we are focusing on the following skills: 1. Knowledge management strategies

Please use the following suggestions to update the discussion below:

Please note the following:

For this week's discussion, we are focusing on the following skills:

1. Knowledge management strategies and policies relating to the capturing of individual tacit knowledge and the conversion of individual tacit knowledge to organizational knowledge. 

How is data converted to information and knowledge, and how is individual tacit knowledge codified, contextualized and stored as organizational knowledge?

2. We are also interested in the critical stage of how knowledge is shared/distributed within an organization.

3. Our third focus relates to knowledge management strategies and policies to prevent memory loss in an organization.

You demonstrated your understanding of the importance of knowledge management tools and how their application can benefit Easy Chairs.

1. However, we should emphasize that the selection and application of knowledge management tools are not synonymous to the selection and implementation of a successful knowledge management strategy.

2. Additionally, we should distinguish between a knowledge management strategy and an information technology strategy.

These observations are important to address the following:

1. Understanding of some of the major components of the integrated knowledge management cycle relating to the relationship between individual and organizational tacit knowledge--how tacit knowledge can be created, captured, and stored.

2. The development and sharing of organizational knowledge and the acquisition and application of explicit knowledge.

Please enhance your presentation relating to the following:

Required element one:

How to capture, collect, and store knowledge for the company.

Note the following conceptual clarification:

1. There are two types of tacit knowledge: individual and organizational tacit knowledge.

2, We can also distinguish between individual tacit knowledge, the creation and capturing of individual knowledge, and explicit knowledge.

Explicit knowledge relates to the acquisition and application of organizational knowledge to generate value for the company--how organizational knowledge is applied to produce specific goods and services.

1. How is individual tacit knowledge captured and created?

2. What is the relationship between individual and organizational tacit knowledge?

3. Why is organizational tacit knowledge critical for the sharing and dissemination of knowledge--hence the development of explicit knowledge?

Missing link:

Enhance your presentation by stressing the importance of organizational tacit knowledge.

● How is individual tacit knowledge converted to organizational tacit knowledge?

● Stress the importance of the codification and contextualization of knowledge.

● The codification, storage and access to organizational tacit knowledge are critical to facilitate the sharing and distribution of information and knowledge.

● Codification and storing of knowledge: continuously transferring individual tacit knowledge to organizational knowledge

● Contextualization of Knowledge: Making data relevant by converting data to information and knowledge which can then be utilized to generate value and fulfill the strategic objectives of the organization.

Stress the importance of organizational tacit knowledge:

The sharing of organizational knowledge is the most important challenge companies experience.

Therefore, companies should have the capacity to convert individual tacit knowledge to organizational tacit knowledge.

Explicit knowledge cannot occur without the establishment of organizational tacit knowledge.

Organizational tacit knowledge requires individual tacit knowledge to be captured, codified, and stored in a manner that makes it accessible to everyone in the company.

When organizational tacit knowledge is continuously updated (use of SWOT analysis to determine its relevance), then the barriers and impact of memory loss in the organization can be significantly minimized.

Organizational knowledge prevents an individual, or group of individuals, from controlling the main sources of information and knowledge within a company.

Your Memorandum and Brainstorming Discussion:

• Explain how these actions will affect performance in the company.

Important Assumptions:

Recommendation:

1. What steps must EC Chairs identify and implement to benefit from a knowledge management strategy?

2. What are the benefits of a knowledge management strategy: How do companies generate value?

3. How do companies continuously create and share knowledge to facilitate innovation leading to new products and services?

4. How do companies systematically utilize their human resources (people) technology processes and organizational structures to create (add) value?

5. Understanding the strategic importance of a knowledge management strategy.

6. Strategic Alignment: Aligning the knowledge management strategy with the overall strategic objectives of the company.

Required element three:

Explain how these actions will affect performance in the company.

The process of knowledge sharing constitutes the most difficult challenge to the successful implementation of any knowledge management strategy.

The capacity of organizations to share information would influence their ability to sustain and enhance their competitiveness.

Pre-requisite One:

Knowledge Management Audits — Experience in continuously conducting Gap and SWOT analyses

● Identify the main sources of information and knowledge within the company.

● How does information and knowledge flow within the company?

● Who controls the flow of information and knowledge within the company?

● Knowledge gaps: identify the current knowledge gaps in the company, and how they can be eliminated.

Organizational Capabilities: Building Organizational Knowledge

● Do we currently have the human and technical resources (capabilities) to develop and implement a knowledge management strategy?

● How should we change our organizational culture to develop the requisites capabilities for a successful knowledge management strategy?

Pre-requisite (Step Two)

Contextualizing Research Data to Provide Valuable Information:

1. How is data transformed into knowledge—the progression from data to knowledge?

2. What is the relevance of the information derived from data?

● What are the different strategies necessary to derive the maximum benefits from data collected and the subsequent information developed from the data?

The strategy of collecting data simply because you have the capability to do so is grossly inefficient.

Bad information derived from bad data will lead to bad knowledge and policies derived from bad information.

Required element four:

How the knowledge will affect the hiring decisions for the new departments? 

Pre-requisite (Step Three)

● Strategic alignment focuses on the relationship between the organization’s overall business strategy and its knowledge management strategy.

Knowledge capture and creation:                                   

Decisions relating to additional individual tacit knowledge should be influenced by the company’s assessment of knowledge gaps relative to its intellectual assets and the need to respond to competitive e pressures—sustaining and enhancing its competitiveness.

● The selection and implementation of a knowledge management strategy does not automatically guarantee the generation of value in any company.

Therefore, the organization needs the capability to measure how value is generated in the company.

● That there is a positive environment for the sharing of organizational knowledge to facilitate the acquisition and application of explicit knowledge

● How organizational knowledge can facilitate identifying and storing best practices and the development and implementation of appropriate training programs.

● Address the following critical factors:

● Assess the impact of memory loss

● Assess the capacity to eliminate the barriers contributing to memory loss.

DISCUSSION: 

Knowledge Management

Several techniques of gathering, storing, and retrieving data would be demonstrated using a range of examples during the first half of the talk, and Inge would do so during the second half. The team would be in charge of reading the information, conducting surveys, conducting interviews, and keeping the info would entail entering it into the company's computer systems (Marr, 2016). After reviewing the most recent marketing and public relations concerns, the team would determine which sections would be included in the final product.

A range of techniques could be utilized to improve the team's overall performance in the second section. Because they participated in this endeavor, they will have the opportunity to learn new skills and add value to the company's assets in skilled human labor provision. As a result of their participation, the company's performance will improve through increased efficiency, time savings, and overall performance. Additionally, proper communication should be utilized to ensure that messages are passed accordingly to every team member. There is a need to have proper roles clarification to ensure every member undertakes their duties appropriately (Young, 2021). Team performance is also advanced by prioritizing the well-being of every member of the team.  

To obtain information from a knowledgeable individual, typically the boss, it is necessary to complete many assignments that are provided regularly; as a result, increasing the amount of work completed each day is essential. Getting more done in less time is also necessary. In the second situation, one might demand that their supervisor continuously teach them throughout their career. This is yet another option to think about. Inge believes that following the supervisor's advice and respecting them are both essential, which is why she has developed a range of different strategies that people can use to their advantage.

Knowledge is vital because it ensures that professionals, or people willing to learn, are employed rather than incompetent individuals; this information is essential for employers. Also important is the fact that this information puts the organization in a better position to attract suitable employees; as a result, the knowledge would ensure that the hiring team is as successful as possible by conducting compelling interviews (Lodato et al., 2011). Inge's new position will place a tremendous deal of responsibility on her shoulders since she will be responsible for setting the tone for the entire organization's operations and procedures. Her profession would be more demanding because of the information she gained due to the incident. She would also have high expectations of herself and her colleagues due to the incident. 

It is essential for employees and hired staff to take advantage of this opportunity by learning and getting a great deal of knowledge and experience from their supervisors, managers, and bosses, among other things. The workplace is a learning environment. The workplace is a location where people can gain new skills. These two individuals have a strong working relationship, which has resulted in them having excellent information communication methods, as demonstrated in this case. It is expected that the younger team's performance will be improved due to the diverse variety of abilities and information they will have acquired, highlighting the importance of learning while practicing.

References

Lodato, M. A., Highhouse, S., & Brooks, M. E. (2011). Predicting professional preferences for intuition‐based hiring. Journal of Managerial Psychology.

Marr, B. (2016, June 14). Data-Driven Decision Making: 10 Simple Steps For Any Business. Retrieved from Forbes.com: https://www.forbes.com/sites/bernardmarr/2016/06/14/data-driven-decision-making-10-simple-steps-for-any-business/?sh=1ee56e4c5e1e

Young, A. (2021, December 14). How To Improve Team Efficiency and Productivity. Retrieved from Salesforce.com: https://www.salesforce.com/blog/improve-team-efficiency-productivity/