Managing People

Knowledge Management System in Banking

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INTRODUCTION

Knowledge management or bran intranet is considered as the most important aspect which aids to connect different parties or department for better functioning of the business. It supports business to complete business activities and connecting the their clients. However, the procedure of granting loans and other related aspects seems very typical without application of appropriate IT tools. This present report is based on case study of knowledge management system and The brain which proved to be highly supportive for all departments and employees working in the bank. Furthermore, report covers two parts; diagnosis and recommendations where the former one shed light on issues which are being faced by the business and other one reflects that suggestions provided on transformation of internal communication and organizational structure.

PART 1 DIAGNOSIS

Knowledge management is the process to transfer the right knowledge on right to time to the needed person. It plays important role in corporate strategies to understand the particular situation and take out the most effective solution for effective performance of the business

managing people

It consists of several factors such as sharing of information, storage of the same and refinement of the collected data. According to the case study, Joe Cutler was handling the task related making the intranet for transferring the important information and making them aware of the handling the work in a smart manner. However, system did not work well as it was unable to meet the expectations of all related parties (Yakhlef, 2010). Owing to this, a human solution as “The brain” was launched for the purpose of meeting expectation of all workforce. Here, firm introduced effective software which can save the time and assess the need of client effectively so as to offer them services in accordance with their requirement. It shows that suitable knowledge management system must be implemented in the organization for meeting the requirement of all related parties and ensure the successful operation of the business in the marketplace. However, knowledge management consists of several elements such as strategy, corporate politics and organizational culture, processes and leadership. Along with that technology is also included through which support is provided to operational department and customers to get the desired services effectively.

The major issue associated with the case study is that developed system was not able to address the issues of people or customers. This might be possible due to ineffective strategy of Joe. For example, Joe focused on the technical solution and built the digital nervous system to resolve the technical issues. However, still the problem remained with bank and newly formed system for not working for everyone (Zack, 2003). It is just creating cost but adding to the profitability. However, the restructuring related task etc were creating issue of the business and accordingly they were unable to implement the new software which is effective meet requirement of all related parties. For example, case shows that margin stage of the business with required the corporate data of few European cities along with sector performance and currency forecast. Without availability of sufficient information it becomes typical for corporation to cope up with changing scenario and delivering the good quality of services to large number of buyers. At this juncture, example of Elsa can be taken who works at Fictional Bank's headquarter in Melbourne. She was handling the task related to restructuring the loan packages for the international company (Nonaka, von Krogh and Voelpel, 2006). However, less availability of necessary resources affect the procedure of the data collection complex. On the other hand, Maggie was also moved to the Melbourne to support the restructuring procedure. However, she needed the important information related to competitive information, workforce etc. At this juncture, Digital nervous system was not found to be the perfect one. In term of solution of this problem Joe installed new features in the system to make it more effective and catering the requirement of Elsa and Maggie. Still, the issue was not resolved until the new system as the brain came. It can be understood with the help of second element of the model such organizational culture. Here, management should implement the model which best suited the requirement of the business and cope up with its culture effectively (Hislop, 2013).

On a critical note, leadership and technologies are some of the most important aspect under which corporation need to shed light on association of highly skilled and talented workforce at the post of IT department. This would be more effective to understand the issues which are being faced by the workforce. It enables them to resolve the same and accordingly apply suitable strategy. Furthermore, bank need to ensure the use of appropriate tools and technology by considering the security related aspects.

PART 2 RECOMMENDATIONS

According to the given scenario, Joe and other members at the bank can thinking over the transformation of international communication and organization structure while recognizing the importance of communication and relationship in an information rich organization. However, IT department can be develop a common portal for customers and firm both through which they can interact with each other. At the same time, effective record keeping procedure can be used in order to collect information related customers and other related parties. Implementation of such kind of system enables parties to access the information effective and get the work done on right time. For example, Elsa must provide the information regarding the clients in software with proper security, In the same manner,. Maggie could have provided access the appropriate information which are helpful to restructure the loan procedure etc.

Not only this but manual system of collecting the information can also be stored under which all data are recorded by the staff as per the transaction. At the same time, outcome of research should also be stored effective for the purpose of future use. For example, in case majority of buyers are not using the digital procedure for cash transfer etc then company can offer them suitable discount in order to increase their attention towards the online portal. It would be highly effective for addressing the issues of staff as they are provided timely information. Moreover, internal portal should be developed under which daily record of transaction can be made along with specific information related to along (Wang, Noe and Wang, 2014). However, general identification proof must be updated to ensure the better connectivity with the client.

Furthermore, open communication procedure should be used vial mail and meetings. This would be effective for staff members to interact with each and communicate their issues effectively. For example, formal meeting can be taken with personnel in order to let them know regarding the new procedures and policies of the business. At the same time, they should be encouraged at the workplace that how effective they can implement the potential changes so as to cope up with the changing scenario and delivering the good quality of services to all their clients. Moreover the structure should be perfect whereby upper level management can easily interact with lower and set the objectives along with mutual discussion and consent (Jiménez-Jiménez, Martínez-Costa and Sanz-Valle, 2014). However, it will reveal the participation of workforce in the decision making procedure through which all business activities can be integrated. It would be effective for increasing the motivation level of personnel and make them able to stay with the firm for longer time span. It can be critically evaluated that international communication can be strength by using digital mode of communication such as e-mail and web-based internal communication portal. This aids to ensure direct interaction between all workforce and provide them timely information related to all business activities.

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Apart from this, importance of relationships and communication is considered as the foremost aspect behind the long term success of the corporation. This can be made possible with the help of organizing the informal meeting and parties with personnel. It tends to increase their attention towards the work and make them more responsible. Moreover, it would be effective to build long term relationship with them and allow them to contribute in the success of the business. This reflects that creation of internal portal can be considered as appropriate aspect for better communication and motivation among personnel of the bank. At the same time, structure should be very supportive so as to integrate personnel and ensure better coordination among them,. However, hierarchy should be followed by there must be flexibility as well. This in turn determine long run success of the firm in the marketplace with greater rate of return.

CONCLUSION

The aforementioned report concludes that IT department in bank plays important role for the purpose of transferring the important data and ensuring better relationship with clients or other stakeholders. Without implementation of suitable mode of communication for workforce, company cannot ensure success. It tends to affect the growth and development of the corporation. It can also be concluded that better relationship is developed among personnel with the selection of suitable mode of communication and right organization structure.

REFERENCES

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