Value-Knowledge Management in Travel Industry

 

                                                        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)

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