Knowledge Management Plan
The primary objective of this study is to locate and denote the predominant facets and features that are associated with knowledge management. On the other hand, it is to be noted that, it consists of the promulgation of the tactical management of business activities that helps in the enhancement of knowledge and its creation. Therefore, the study will also demonstrate the basic principles and needs of knowledge management in an organisation and the tactical ways by which the organisational business activities are characteristically enhanced.
Aims and objectives
It was in the year 2015 that, Wesfarmers announced their restructure of the organisational hierarchy along with certain changes in the senior management as well (www.wesfarmers.com.au, 2015).
Therefore, by the proper conduction of this study, it will be easier to evaluate the streamlining of the group management in order to attain a better position for their future growth. Thus, in this context, it can be propagated that, the objective of this definite study is to locate the key determinants that are associated with knowledge management programs along with the projection of the constraints that might hamper their business growth (Dalkir& Beaulieu, 2017).
The need for knowledge management
In the present business scenario, it has been found that, marketing control and planning are directly related with knowledge management systems as it helps in understanding the statistical progression of an organisation (Donate& de Pablo, 2015). Wesfarmers has managed to become one of the leading diverse business organisations in Australia. Thus, it is evident that, the presence of knowledge management turns out to be an inevitable aspect.
Furthermore, it is to be noted that, the basic facets of knowledge management depends on the easy access of knowledge in the following areas:
- Development of technology
- Research and development
- Process management and customer relations
- Internal and external business environment conditions
- Effective production and marketing principles (Liebowitz& Frank, 2016)
However, the basic need of knowledge management lies in the fact that, there are certain parameters, which needs to be taken into consideration. They are as follows:
- Improvement of the decision making processes
- Speeding up access to knowledge and information
- Promotion of innovation and cultural change enhancement
- Effective improvement of organisational efficiency along with their definite business processes
- With the implementation of an effective knowledge management initiative, the organisations tend to attain efficiency in gaining customer satisfaction.
- The stakeholders and the sponsors of the organisation needs to access the information and knowledge that is essentially attained by the organisations in order to keep a track of the data and the projection of the knowledge management plan that is being followed by them.
- Having extensive knowledge about the financial resources of the orgnisation is also one of the basic needs that are associated with knowledge management (Kerzner & Kerzner, 2017).
The shareholder base of the company is over 530,000 and wants to improve their business processes and procedures.
The primary objective of Wesfarmers is to deliver significant deliveries to their shareholders with the help of financial disciplines along with exceptional management initiative. Each of the key focus of the group is to ensure the fact that, each of their business processes are essentially guided by strong management capability and is predominantly accountable for the development of strategy (Khodakarami& Chan, 2014).
In the context of Wesfarmers, it can be stated that, the capability to create a proper and new knowledge within the premises of the organisation is often associated with the competitive advantage that is being derived out of the organisational activities. The company often faces the issue and is often not treated as a definite part of knowledge management. This is simply because of the fact that, the facets tend to overlap and border the innovation management within the premises of the organisation (Scardamalia& Bereiter, 2014). Therefore, it is to be noted that, the role of knowledge management creation processes are as follows:
- Enabling and encouraging knowledge sharing
- Knowledge creation helps in the creation of a suitable work environment
- Creates a provision of attaining systems that tends to support work processes
- Relevance of information and data in order to track the progression of the organisational activities
Knowledge Harnessing and Sharing
The concept of knowledge management refers to the systematic formulation of effective strategies that are considered significant for the success of an organisation. It also implies the definite assets of knowledge that are essential for the organisation in the creation of value (Serrat, 2017). Therefore, in order to understand the predominant aspects those are associated with management of knowledge in an organisation, Wesfarmers has been chosen to conduct the study.
Therefore, it can be propagated that, the predominant facets that are associated with knowledge harnessing and sharing are as follows:
- Creating provision for a definite culture that tends to facilitate the retention and sharing of organisational knowledge of business activities
- Harnessing and sharing knowledge of the employees of Wesfarmers in order to attain long term success
- Retention of organisational knowledge (Chu, KrishnaKumar& Khosla, 2014)
Knowledge Management Processes
The primary aim of this study lies in the fact that, Wesfarmers being one of the leading Australian companies needs to have a proper knowledge management plan in order to improve their business activities in a proficient manner. The predominant knowledge management processes of the organisation are as follows:
- Detection and discovery of knowledge
- Reusing knowledge of the organisation
- Acquisition of knowledge through the propagation of business activities
- Creating knowledge though basic business processes
- Sharing of knowledge in order to attain success and accomplishment (García-Holgado et al. 2015)
Staff learning and development needs and plans
It is to be noted that, in any organisation, it is important to have better development needs and necessities in order to abide by the predominant aspects of knowledge management. On the other hand, it can also be said that, with the implementation of staff learning and development, the ectensive understanding of the processes and business activities that needs to be taken into active consideration will facilitate the employees of Wesfarmers (Hopkins, 2015).
Knowledge Management resources
The predominant knowledge management resources that are required for the effective propagation of business processes and procedures are as follows:
- Effective creation of cross-functional project teams
- Proper training and education to the employees on knowledge management
Perceived constraints and contingency measures
It is to be noted that, in the context of Wesfarmers, it can be propagated that, there are certain constraints and obstacles that tends to affect the knowledge management processes in the organisation, which are as follows:
- Unwillingness of the employees in sharing their knowledge as they believe that their knowledge is power
- Resistance to change
- Lack of job security and trust
- Lack of communication among employees
Thus, it is to be noted that, in order to mitigate the constraints that might hamper the business growth of the organisation, it is important to conduct daily meetings and conferences in order to understand the predominant issues that are being faced by the employees. It is also important to understand the potential barriers that are acting as potential threats in the attainment of accomplishment in the organisation (Serrat, 2017).
Evaluation of Knowledge Management System
Therefore, it can be concluded by stating the fact that, knowledge management plays an important role in the promulgation of effective business processes and procedures that are essential for the attainment of maximisation of profits. However, in the context of Wesfarmers, it can be stated that, with the implementation of an effective knowledge management initiative, it is an impending aspect, which essentially needs to be taken into consideration.
On the other hand, it can also be said that, with effective communication and skilful employees, Wesfarmers will be able to understand the areas, which needs to be modified in order accomplish business rules and objectives (Chu, KrishnaKumar& Khosla, 2014).