Changing Recruitment Strategies of Corporates and Tips to Get Hired
The Changing World of Recruitment Over the years, there have been several changes in the recruitment strategies of corporate. For many years, the recruitment process used to consist of a newspaper ad announcing vacancies, followed by shortlisting potential candidates and then asking them to take a technical test and a psychometric (personality assessment) test, culminating […]
Employee Retention – Meaning and Important Concepts
What is an Organization ? A set up where individuals come together and work in unison to achieve a common goal is called as organization. Individuals working together in an organization to earn their bread and butter as well as make profits are called employees. Employees are the lifeline of an organization and contribute effectively […]
Why the Rule of Law is an absolute Necessity for Businesses to Prosper
Difference between the West and the East Why do businesses in Europe and the United States prosper when compared to the ones in Asia and Africa? Why do businesspersons find it easier to do business in the West when compared to the countries in the East? Apart from natural geographical advantages and availability of resources, […]
How HR (Human Resources) Function Can Save Time by Automating Routine Tasks
Automating the Recruitment Activities and Tasks Much of the work that the HR Function does is routine and repetitive in nature. Starting with the recruitment process, including training and development, as well as performance management, the work that the HR does consists of manual and routine tasks that can be automated and hence, save time […]
Entrepreneurial Ecosystem
What is an Entrepreneurial Ecosystem? All of us are endowed with skills, abilities, and capabilities. However, the reason why some of us are so successful whereas others languish is mainly due to the way in which these traits are nurtured, encouraged, and enabled. For instance, we need to go to the right schools, have supportive […]
Many advantages accrue to organizations that have efficient knowledge management systems. These include reducing the iterations in subsequent projects, leveraging existing knowledge to improve on the processes, achieving synergies between processes and functions, and generally improving productivity because of the convergence of all these aspects. The key aspect about having an efficient knowledge management system is that one need not reinvent the wheel.
In other words, organizations can derive benefits from the knowledge that is present in the system and hence, reduce the work needed to do the same or similar tasks again.
For instance, if a particular organization has stored knowledge about previous projects in the KM system, then subsequent projects having the same or similar kind of tasks or deliverables can benefit from the existing knowledge by reusing the artifacts, documents, and knowledge units that are there in the KM system. This reduces iterations for projects as the similar deliverables can be submitted without having to redo the same thing repeatedly. This is one of the most important reasons why corporates go in for KM systems as having an efficient KM system results in quantum jumps in productivity.
The next aspect is to do with achieving synergies between the processes and functions.
For instance, if a particular project needs inter-function execution, the KM system can be mined for knowledge about previous projects that have artifacts related to processes that are inter-disciplinary.
In other words, managers can simply take the knowledge units from the existing data store and reuse them. When other functions are involved in the project, an integrated KM system that has details of cross-functional expertise can come in handy. This means that functional and Processual knowledge can be combined leading to synergies between them.
Many organizations also store knowledge related to optimizing the existing processes and improving the existing processes. These are requirements under the capability maturity models like SEI-CMM where the certification depends on how well the organizations engage and indulge in continuous improvement. This is the reason why many organizations in their quest to be certified under the capability maturity models often have put in place KM systems that are comprehensive and integrated.
The third aspect about having a KM system is that the reduction in the number of iterations, the optimization of existing processes, reuse of artifacts, and cross functional expertise available for the other projects all result in productivity leaps.
Productivity is the ratio of the time taken to do a particular task to the magnitude and scope of the task. Therefore, when the first iteration happens, one is doing the task for the first time and hence, one would take more time.
However, when the task is repeated, one has gained expertise in performing the task, and hence, one takes lesser time to do it the second time or the subsequent times. This is the productivity improvement that happens with expertise and knowledge.
Similarly, when organizations leverage on the existing knowledge and expertise available in the KM system when other projects have similar tasks to do, the resulting productivity leap is because of the reuse of the existing knowledge that reduces the time and the effort it takes to do the same task the next time around. This is the key aspect that anyone who is interested in how a KM system improves efficiency must know about the advantages of a well-oiled KM system. This is also the reason why many organizations reward employees who contribute Knowledge Units (KU’s) to the KM system as by doing so they are contributing to the efficiency of the overall organization.
Finally, Knowledge Management systems also help in creating an open working environment where the culture is geared towards sharing knowledge instead of hoarding knowledge.
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