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Knowledge Management, Business Intelligence & Business Analytics - Management Information System

  1. Information System And Strategy Knowledge Management, Business Intelligence & Business Analytics
  2.  Knowledge management includes the processes necessary to generate, capture, codify, and transfer knowledge across the organization to achieve competitive advantage.  Business intelligence (BI) is the term used to describe the set of technologies and processes that use data to understand and analyze business performance.  Business analytics is the term used to refer to the use of quantitative and predictive models and fact-based management to drive decisions. It can be considered subset of BI.
  3. Knowledge  Knowledge is a mix of contextual information, experiences, rules, and values.  Richer, deeper, and more valuable.
  4. Tacit vs Explicit Knowledge  Tacit* knowledge is personal, context-specific and hard to formalize and communicate – A (knowledge) developed and internalized by the knower over a long period of time - incorporates so much accrued and embedded learning that its rules may be impossible to separate from how an individual acts. *understood or implied without being stated
  5.  Explicit knowledge can be easily collected, organized and transferred through digital means. – A theory of the world, conceived of as a set of all of the conceptual entities describing classes of objects, relationships, processes, and behavioral norms.
  6. Tacit Knowledge •Knowing how to identify the key issues necessary to solve a problem •Applying similar experiences from past situations •Estimating work required based on intuition & experience •Deciding on an appropriate course of action Explicit Knowledge •Procedures listed in a manual •Books and articles •News reports and financial statements •Information left over from past projects
  7. Applying Knowledge Management  KM is not a new concept, but one reinvigorated by IT such as collaborative systems, the Internet and intranets.  KM is still an emerging discipline  Ultimately, an organization’s only sustainable competitive advantage lies how its employees apply knowledge to business problems  KM is not a magic bullet and cannot solve all business problems.
  8. Factors to consider in Knowledge Management  Information and knowledge have become the fields in which businesses compete.  Managing knowledge provides value to organizations in several: – Sharing Best Practice – Globalization – Rapid Change – Downsizing – Managing Information Overload – Knowledge Embedded in Products – Sustainable Competitive Advantage
  9. Sharing Best Practices  Sharing best practices means leveraging the knowledge gained by a subset of the organization.  Increasingly important in organizations who depend on applying their expertise such as accounting, consulting and training firms.  KM systems capture best practices to disseminate their experience within the firm.  Problems often arise from employees who may be reluctant to share their knowledge (managers must encourage and reward open sharing).
  10. Globalization  Decrease cycle times for global processes since information moves faster than physical process components  Manage global competitive pressures  Provide global access to knowledge  Adapt to local conditions
  11. Rapid Change  Build on previous work to make company more agile (flexible)  Sense and respond to changes more quickly  Customize preexisting solutions for unique customer needs
  12. Insurance for Downsizing  Protect from loss of knowledge when workers leave  Provide portability for workers who move between roles  Reduce time for knowledge acquisition
  13. Managing Information Overload  Filter data to assimilate relevant knowledge into the company  Provide organization and storage for easier data retrieval
  14. Embedded Knowledge from Products  Use smart products to gather product information automatically for use in refining product, maintenance, upgrades and customer usage.  Information system embedded in products  Add value through intangibles such as fixing systems before customer knows it’s broken
  15. Sustainable Competitive Advantage  Shorten the life cycle of innovation  KM is the way to do this. Shorter innovation life cycles keep companies ahead of the competition.
  16. Business Intelligence  Traditional business intelligence (BI) has been associated with providing dashboards and reports to assist managers in monitoring key performance metrics.  Common elements of BI systems include reporting, querying, dashboards, and scorecards.
  17. Business Analytics - Components
  18. Competing with Business Analytics  Hard to duplicate – Because successfully using analytics to compete means having a strong culture and organizational support system, as well as business processes that utilize the results of the analytical analyses, copying the capability is difficult, if not impossible. – A competitor may have the same tools, but success comes from how they are used.
  19.  Uniqueness – There are many ways to use business analytics to compete. A specific business will choose a path based on their business, their strategy, their market, their competitors, and their industry.
  20.  Adaptability – Successful companies use analytics across boundaries and in creative ways. Workers are not held back from using analytics, and in fact are encouraged to find new and innovative ways to apply their tools. – By creating a culture of analytics, virtually everyone in the organization seeks applications for analytics to enhance their business operations.
  21.  Better than competition – Some organizations are better at applying analytics than others. For example, the New Zealand cricket team is known to use analytics, especially when it comes to the toss decision. Pakistan on the other hand is not known for this.
  22.  Renewability – Agility is an important characteristic of sustainable competitive advantage. Companies who use analytics for competitive advantage are exceptionally adaptable, continuously reinvest, and constantly renew their capabilities.
  23. Social Analytics  Gathering BI from social platforms to perform analytics.  Key points: – Listening to the community—identify and monitor all conversations in the social Web on a particular topic or brand. – Learning who is in the community—learn customer demographics such as age, gender, location, and other trends to foster closer relationship with community. – Engaging people in the community—communicate directly with customers on social platforms such as Facebook, YouTube, LinkedIn, and Twitter using a single app.
  24. – Tracking what is being said—measure and track demographics, conversations, sentiment, status, and customer voice using a dashboard and other reporting tools – Search term interest and insights—to understand the interest over time of a search term, regional interest in the term, top searches for terms of similar category, and popularity of similar terms. – Advertising support and management—to identify the best ways to spend advertising resources for online media
  25. Questions??