VALUE- KNOWLEDGE MANAGEMENT
Knowledge Management
Develop an understanding of knowledge management, which is
the process of creating, storing, utilizing, and sharing knowledge within an
organization.
How is knowledge
management defined?
The process of identifying, organizing, storing, and
disseminating knowledge within an organization is referred to as knowledge
management (KM). When knowledge is not readily available within an
organization, it can be extremely costly to the business, as valuable time is
spent seeking out pertinent information rather than completing task-oriented
tasks.
A knowledge management system (KMS) collects and organizes
an organization's collective knowledge, resulting in increased operational
efficiency. These systems are backed up by a knowledge base. They are typically
critical to successful knowledge management because they provide a centralized
location for storing and easily accessing information.
Businesses that implement a knowledge management strategy
achieve better business outcomes faster, as increased organizational learning
and collaboration among team members enables faster decision-making across the
organization. Additionally, it streamlines more organizational processes, such
as training and onboarding, resulting in increased employee satisfaction and
retention, according to reports.
Different types of
knowledge
Additionally, the definition of knowledge management
encompasses three distinct types of knowledge: tacit, implicit, and explicit.
These two types of knowledge are largely distinguished by the degree to which
the information has been codified.
• Tacit knowledge: Typically acquired through experience,
this type of knowledge is intuitively understood. As a result, the information
is difficult to articulate and codify, making it difficult to transfer to other
individuals. Language, facial recognition, and leadership abilities are all
examples of tacit knowledge.
• Implicit knowledge: While some academics conflate implicit
and tacit knowledge, others distinguish the two, stating that the definition of
tacit knowledge is more nuanced. While tacit knowledge is notoriously difficult
to codify, implicit knowledge is not always so. Rather than that, implicit
information has not been documented. It is frequently associated with processes
and is sometimes referred to as "know-how" knowledge.
• Explicit knowledge: Explicit knowledge is contained in a
variety of document types, including manuals, reports, and guides, and enables
organizations to easily share knowledge across teams. This is perhaps the most
well-known type of knowledge, and examples include databases, white papers, and
case studies. This type of knowledge is critical for an organization's
intellectual capital retention and for facilitating successful knowledge
transfer to new employees.
Process of knowledge
management
While some academics (PDF, 156 KB) (link is external to IBM)
define knowledge management as the process of acquiring, creating, refining,
storing, transferring, sharing, and utilizing knowledge. This process can be
further synthesized. Typically, an effective knowledge management system
consists of three major steps:
1. Knowledge Creation: Organizations use this step to
identify and document any existing or new knowledge they wish to share across
the organization.
2. Knowledge Storage: Typically, an information technology
system is used to store and distribute organizational knowledge during this
stage. The information may need to be formatted in a specific way to comply
with the repository's requirements.
3. Knowledge Sharing: In this final stage, knowledge sharing
processes are widely communicated throughout the organization. The rate of
information dissemination varies according to organizational culture.
Businesses that promote and reward this behavior will undoubtedly have a
competitive edge over their competitors in their industry.
Instruments for
knowledge management
Organizations utilize a variety of tools to reap the
benefits of knowledge management. Several examples of knowledge management
systems include the following:
• Document management systems serve as a repository for
digital documents such as PDFs, images, and word processing files. These
systems help employees work more efficiently by facilitating the retrieval of
documents such as lessons learned.
• Content management systems (CMS) are web-based
applications that enable end users to edit and publish web content. While these
are frequently confused with document management systems, CMSs support
additional media types such as audio and video.
• Intranets are private networks that exist solely within an
organization and enable internal stakeholders to share enablement, tools, and
processes. While they require time and money to maintain, they provide a
variety of groupware services, such as internal directories and search, that
facilitate collaboration.
• Due to their ease of use, wikis can be a popular knowledge
management tool. They make it simple to upload and edit data, but this convenience
may raise concerns about misinformation, as workers may update them with
incorrect or outdated data.
• Data warehouses consolidate data from multiple sources
into a centralized, consistent data store that enables data analysis, data
mining, artificial intelligence (AI), and machine learning. Companies extract
data from these repositories in order to gain insights and empower employees to
make data-driven decisions.
Accelerating
knowledge management strategie
While knowledge management solutions can aid in the transfer
of knowledge between teams and individuals, they also rely on user adoption to
be effective. As a result, organizations should not undervalue the human
factors that contribute to knowledge management success.
• Organizational Culture: The management practices of
executives will influence the type of organization they lead. Managers can
foster learning organizations by rewarding and encouraging their teams'
knowledge sharing behaviors. This style of leadership lays the groundwork for teams
to develop mutual trust and communicate more openly in order to accomplish
business objectives.
• Communities of practice: Centers of excellence in
particular fields provide a forum for employees to ask questions, thereby
facilitating learning and knowledge transfer. By increasing the number of
subject matter experts in a given area of the business, organizations can
reduce their reliance on specific individuals to perform certain tasks.
Case studies in
knowledge management
When combined with the appropriate tools and strategies,
knowledge management practices have demonstrated success in a variety of
applications, including the following:
• Employee onboarding: Knowledge management systems assist
in addressing the enormous learning curve associated with new hires. Rather
than overwhelming new hires with a 'data dump' during their first weeks,
provide them with continuous support in the form of knowledge tools that
provide useful information at any time.
• Day-to-day employee tasks: Provide accurate answers and
critical information to every employee. Access to highly relevant responses at
the appropriate time and for the appropriate person enables workforces to spend
less time searching for information and more time on business-critical
activities.
• Self-serve customer service: Customers repeatedly express
a preference for self-service rather than picking up the phone and contacting
support. When implemented properly, a knowledge management system can assist
businesses in lowering support costs and increasing customer satisfaction.
Several advantages of
knowledge management
When businesses adopt knowledge management strategies, they
reap a slew of benefits. Several significant advantages include the following:
• Identifying skill gaps: When teams document implicit or
tacit knowledge or consolidate explicit knowledge, they can identify gaps in
core competencies across teams. This information is invaluable to management in
terms of forming new organizational structures or hiring additional resources.
• Make more informed decisions: Knowledge management systems
provide knowledge to individuals and departments. By increasing team members'
access to current and historical enterprise knowledge, you can help them
improve their skills and make more data-driven decisions that support business
goals.
• Preserves enterprise knowledge: What would your business
do if your most knowledgeable employees left tomorrow? Internal knowledge
management enables businesses to establish a collective memory. Make knowledge
held by long-term employees and other experts accessible to the rest of your
team.
• Increased operational efficiency: Knowledge management
systems establish a central repository for relevant information, enabling
knowledge workers to locate it more quickly. This results in decreased time
spent on research, which results in faster decision-making and cost savings
through operational efficiencies. Increased productivity saves not only time,
but also money.
• Improved collaboration and communication: Knowledge
management systems and organizational cultures work in tandem to foster
teamwork and trust. These information systems increase worker transparency,
fostering greater understanding and cooperation around common goals. Engaged
leadership and open communication foster an environment conducive to innovation
and feedback among teams.
• Data Security: Knowledge management systems enable
organizations to tailor permission controls, viewership controls, and the level
of document security to ensure that information is shared only through the
appropriate channels or with authorized individuals. Give your employees the
freedom to access knowledge in a secure and confident manner.
Why Information
Management Is Critical in the Travel Industry
Customer experience is the bedrock of the
multibillion-dollar hospitality industry, which encompasses hotels, resorts,
travel, tourism, food and beverage, and attractions, among others. When guests
have a positive experience, they are more likely to return. Which typically
means they'll spend more money at your establishment, purchase your more
expensive products, and recommend you to their friends and family. To create
that level of experience, each member of your team must provide superior,
knowledgeable, and personalized service to each guest.
Effective knowledge management in the hospitality industry
enables employees to go above and beyond for guests, providing the service and
experience they expect—and providing your establishment with a competitive
edge.
Discover the various types and benefits of knowledge
management in the hospitality industry in the sections below.
What Is Knowledge
Management and How Is It Important?
A knowledge management solution is a software application
that enables your organization to store and organize its employees' collective
knowledge. This enables you to retain employees' knowledge even if they leave
the company. Additionally, it establishes a centralized repository of knowledge
from which employees can obtain information about company policies, procedures,
best practices, and other job-related topics.
In the service industry (which includes hospitality),
knowledge management's role is to ensure that employees have easy access to
up-to-date, specialized knowledge. This is especially critical in the hospitality
industry, as the success of an establishment is contingent upon providing an
exceptional guest experience. If employees are slow to provide accurate
information or solutions, the customer may be less likely to return—and may
even express their dissatisfaction online.
With a strong knowledge management framework in place, you
can empower your staff to provide prompt, accurate responses to guests'
questions and concerns. Additionally, you can gain insight into customer data
and trends in order to make data-driven organizational decisions that will give
your establishment a competitive edge in a highly competitive environment.
Travel Industry
Knowledge Categories
Understanding the various types of knowledge available can
assist you in determining the most effective knowledge management strategy for
your organization. Generally, hospitality industry knowledge is divided into
the following categories:
Task-specific knowledge: This category includes all
knowledge necessary to complete a specific task, such as specific procedures,
actions, or strategies. For instance, a staff member applies task-specific
knowledge when performing the steps necessary to check a guest in, make a
reservation, or answer the phone with a standardized greeting. This information
is typically included in training materials such as videos or handbooks.
Tacit knowledge is less regimented. Rather than that, it is
acquired knowledge through personal experience and is frequently difficult to
articulate. This could include knowing the appropriate phrases and demeanors to
use when de-escalating a frustrated guest. While you may have a documented
protocol for dealing with this type of situation, it is typically only through
experience that staff members are able to expertly navigate these difficult
interactions.
Customer knowledge: Thanks to advances in technology, hotels
and other hospitality-related businesses now have unprecedented access to
customer data. Customer-related data may include historical data (such as
frequency and duration of stays), demographic data (such as socioeconomic
status, age, occupation, and so on), and even preferences and behaviors.
Along with customer data, your business can amass knowledge
about others in your network, such as competitors, vendors, and partners.
Market-related knowledge is a subset of network-related
knowledge. Armed with market knowledge, organizations can gain a better
understanding of the market in which they operate—including its size,
population, culture, and habits. This information can be used to guide
decisions about the products, services, and experiences to offer.
The Travel Industry's
Benefits of Knowledge Management
Each type of knowledge in the hospitality industry has the
potential to benefit both the business and its customers. To reap the full
benefits of that knowledge, organizations must have a system in place that
enables employees to access, document, share, and leverage it effectively. Your
organization can realize the following benefits through effective knowledge
management in the hospitality industry:
Outstanding customer
service
Staff members and customer service representatives must be
able to quickly access guest information, policies, procedures, and best
practices in order to provide superior service to guests. A knowledge
management platform enables all staff to locate the information they require to
assist guests quickly. The most efficient knowledge sharing solutions
incorporate advanced search capabilities, making it even easier to locate the
appropriate information at the appropriate time.
Knowledge that is consistent, up-to-date, and accessible
across the organizationWithout a knowledge management system, employees may
seek information via the company intranet, email archives, or simply word of
mouth. Frequently, they end up using out-of-date information to address guests'
questions or concerns, resulting in customer frustration or dissatisfaction.
With a modern knowledge management system, your employees will always know
where to find information—and will have the confidence that the information
they find is accurate and current.
Organizational
decisions that are more informed
Organizational leaders gain access to a centralized
repository of customer insights through knowledge management systems. They can
then make more informed decisions about how to enhance the customer experience.
For instance, you may determine that your customer base values certain
amenities, and in order to remain competitive, you may decide to increase your
availability of those services.
New perspectives on
existing opportunities
With a centralized source of market research, organizational
leaders can quickly identify new challenges and opportunities in the broader
market, enabling them to be more innovative in their future plans. These insights
may reveal opportunities for expansion into new locations or collaboration with
other local organizations, for example. With this knowledge, you can strengthen
your business and fuel future growth.
To succeed in the competitive hospitality industry, you must
arm your staff and leadership with accurate, up-to-date company information and
market insights. By implementing a knowledge management platform, you can
provide a centralized source of reliable information and empower your employees
to deliver an exceptional customer experience.
References
1)IBM Cloud
Education(2020)’Knowledge Management’.Avaliable at:
https://www.ibm.com/cloud/learn/knowledge-management
(Accessed:23 March 2022)
2)Fiorini,V.(2022)’
Why Knowledge Management Matters in the Hospitality Industry’.Avaliable at:
https://bloomfire.com/blog/knowledge-management-in-hospitality-industry/
(Accessed:22 March 2022)
Anil(10598717)
KeyWords:#travel#budget#revolution#social#socialmedia#Data#Industry#BigData#World#Marketing#Extension#Hotel#Tourism#Management#Knowledge
