Knowledge Management

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A SEMINAR REPORT ON CONTEMPORARY MANAGEMENT ISSUEON ROLE OF KNOWLEDGE MANAGEMENT IN BUILDING TALENT IN ORGANIZATION Submitted in partial fulfilment for the award of requirement of Master of Business Administration

2010-2012

Submitted To:Rajasthan Tech. University, Kota

Submitted By:Neel Mishra M.B.A. 2nd Sem.

DEPT. OF MANAGEMENT SHEKHAWATI INSTITUTE OF MANAGEMENT, SIKAR (Raj.) BEHIND CIRCUIT HOUSE, JAIPUR ROAD, SIKAR (RAJ.)-332001

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Declaration by candidate

I hereby declare that this report is my original work and I have not copied it from anywhere or earlier, such report prepared by my own efforts. I further declare that I have not submitted this report anywhere else except to RTU, Kota in partial fulfilment of my MBA course. Date:11-5-2011

Neel Mishra MBA 2nd Sem.

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Declaration by Guide

This is to certify that Mr. Neel Mishra the student, course of MBA of SHEKHAWATI INSTITUTE OF MANAGEMENT has completed the project study titled ROLE OF KNOWLEDGE MANAGEMENT IN BUILDING TALENT IN ORGANIZATION under my guidance. It is his own work to the best of my wish his all future ventures.

Mr. Mukesh Sharma ( Asst. Prof. ) SIM

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Preface

The underlying aim of project report on contemporary issue is to undergo a deep study on given current issue or relevant topic as fulfilment for MBA programme. The topic of my project report ROLE OF KNOWLEDGE MANAGEMENT IN BUIDIND TALENT IN ORGANIZATION. It constrains all the basic knowledge relating ROLE OF KNOWLEDGE MANAGEMENT IN BUIDIND TALENT IN ORGANIZATION its usage an application in the various fields of work, its positive and negative consequences on the organization as well as on the economy.

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Acknowledgement

I express my sincere thanks to my project guide, Mr. Mukesh Sharma Asst. Professor, SIM for guiding me right from the inception till the successful completion of the project. I sincerely acknowledge him for extending his valuable guidance to support per literature critical reviews of project throughout my project & all the moral support he had provided to me in all stages of this project. I am also thankful to SIM staff for their co-operation in completing my project.

Neel Mishra

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TABLE OF CONTENT

CONTENTS 1. 2. 3. 4. 5. 6. 7. 8. 9. DECLARATION PREFACE ACKNOWLEDGEMENT INTRODUCTION CHARACTERSTICS PROCESS LIMITATIONS AN EMERGING PRESPECTIVE SWOT ANALYSIS

PAGE NO. i iii iv 1 5 8 21 27 39 42 44

10. CONCLUSION 11. BIBLIOGRAPHY AND REFRENCES

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INTRODUCTI ON

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INTRODUCTION

Knowledge is an essential business assets people are human assets in an organization because they possess abilities, skills, competences, experience and wisdom. Intellectual capital has become more important than physical assets. Gary Hamel put it, We have moved from an economy of hands to an economy of heads. We are living in a knowledge society in which we have knowledge workers and knowledge managers. This requires Working smarter, not harder. Lotus says, Knowing ignorance is strength and ignoring knowledge is sickness. Knowledge workers are the backbone of every successful business. In fact, knowledge has become the most critical and crucial factor of surviving in todays cut-throat competitive environment. Knowledge is a big percentage of the value of all goods & services produce in every industry. Business firms are wealth creating units as they generate economy value. But their abilities to perform depend on their expertise, skills, knowledge and information they have. According to Hamel and Prahalad, An organizations capacity to improve existing skills and learn new ones offers the most defensible competitive advantage of all. It reflects the rational of knowledge management in organization. Today, brain has replaced brawn as the primary source of corporate wealth creation. According to some estimates, nearly 80% of jobs in advanced countries involve knowledge work rather than manual labour.

Historical overview of KMKnowledge has been the staple source of competitive advantage for many companies for 100 of years. For example, the idea of passing knowledge to an apprentice from a master was used essentially during medieval. Passing the family resides that makes a certain product unique from one generation to other also a test to the notion of knowledge transfer and knowledge sharing. 8

Medieval merchants and sea captain closely guarded navigational lore. Invention and patent were vital to the growth of the American industrial economy in the 19th century. The recorded history of knowledge dates back to Plato and Aristotle, but its modern day understanding is credited to scholars like Daniel bell (1973), Michael Polanyi (1958, 1974), Alvin Toffler (1980), and the Japanese group, Ikujiro Nonaka (1995) other writers like Sveiby (1997) and Stewart (2000) promoted the concept knowledge as the core assets of the organization. 1960s Drucker coined the terms knowledge work and knowledge workers when he was descising the role of knowledge in organization. In the early 1970s, researcher at MIT and Stenford were analyzing ways in which companies produced, used, and diffused knowledge the idea of knowledge being a corporate assets had not yet caught on, and it was not until the 1980s that company truly began to value knowledge. During the 1990s the beginning of the internet allowed KM to take of it provided the information super highway. With the help of the internet KM become a feasible concept for many companies.

Current casesCase 1: Acquiring knowledge assets When ford motor company bought the automotive division of Volvo, ford acquired more than assembly plans, office building, inventory, and other tangible assets a highly respected tradition of automotive know how, embodied in the design, work processes and employee skills that may valvo cars, became an assets for ford. Ford could choose to cultivate and preserve the tradition within the Volvo division, develop base to transfer Volvo knowledge to other ford division, or make other business issues the priority and thereby diminish or even loose Volvos assets.

Concepts:

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The most critical word in the KM area is knowledge. It is the heart of an organizations productivity and growth. Elias Awad and Ghaziri define knowledge as understanding gained through experience and study. A distinction was made by Ryle ( 1949) between knowledge how and knowledge that. Knowing how is the ability of a person to performed task, and knowing that holding pieces of knowledge in ones mind. According to Websters dictionary, knowledge is the fact or condition of knowing something with familiarity gained through experience or association. Knowledge has been classified as explicit or tacit knowledge. Explicit knowledge can be codified it is recorded and available, and is held in databases, in corporate intranets and intellectual portfolios. It is digitised in books, documents, reports, white papers, lights tacit knowledge exists in peoples minds. It is difficult to articulate in writing and is acquired personal experience.

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CHARACTERS TICS

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CHARACTERSTICS

Knowledge is neither data not information although is

related to both.

Knowledge may be information combined with personal know-how. Technology cannot replace human knowledge it not a vehicle for knowledge transfer. Knowledge is dynamic, fluid and ever changing. It can compensate for search time. It travels even more effortlessly than money. It has borderlessness. Itis non-hierarchical.

Elements of KM

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Knowledge management is accumulating knowledge assets using them effectively to gain a competitive advantage. It is a process of gatherings, organising and sharing a companys information and knowledge assets. It involves cultivating a learning culture in which organisational members gather knowledge and share with it to achieve better performance. It is a process of organising and distributing and organisations collective wisdom so the right information gets otot the right people at the right time. Knowledge management is a newly emerging, in interdisciplinary business model. It is a systematic and organised attempt to use knowledge within an organization to improve performance. It promotes learning and information. A few important definitions of KM are quoted below:According to Hibbard, 1997, Knowledge management is the process of gathering a firms collective expertise wherever it resides- in database, on paper, or in peoples heads-and distributing it to where it can help produce the bigger payoff. In the words of Bair (2001), Knowledge management is a disciple of identifying, capturing, retrieving, sharing, and evaluating an enterprises information assets. According to David Delong and Patrica seemann, KM is the development of tools, processes, system, structures and cultures explicitly to improve the creation, sharing and use of knowledge critical for decision making. According to Scarborough et al, KM is, any process or practice of creating, acquiring, capturing, sharing and using knowledge, wherever it resides, to enhance learning and performance organization. Knowledge management has also been defined by Tan (2000) as: The process of systematically and actively managing and leveraging the store of knowledge in an organization. According to Michael Armstrong, knowledge management involves transforming knowledge resources by identifying relevant information and then disseminating it so that learning can take place. Knowledge management

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strategies promote the sharing of knowledge by linking people with people, and by linking them to information so that they learn from documented experiences. According to Andrew Mayo, knowledge management refers to th