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Financial Modeling & Information System: Knowledge Management System

2472 words - 10 pages

Knowledge includes data, information and experience (Chen, 2013). Knowledge management defined by Forcier & Rathi (2013) and Singh (2013) as a process of identifying, creating, capturing, organising, storing, representing and reusing knowledge resulting in the creation of new knowledge. Knowledge management system is a system that uses technology system to support and help workers, stakeholders and customers to have ready access to the organization's documented base of facts, sources of information, and solutions (Princeton University, 2009). Research on knowledge management has evolved in line with the growth of technology and agreed with Samara (2013) that knowledge management has became a critical issue for competitive dynamics, international strategy, the building of resources, and the boundaries of firms’. In spite of that, knowledge management practices has been used widely and proven beneficial in various industries (Chen, 2013).

Knowledge management system generally is knowledge sharing and collaboration in an organization (Daniela & Florica, 2009). This shared knowledge constitutes a valuable intangible asset for creating sustaining competitive advantage in the organization (Tsai & Cheng, 2012). Kumar (2013) also added that knowledge management system is a specific technology that used to manage organizational knowledge and to improve productivity of knowledge work. Moreover, by using knowledge management system, various preventive actions can be implemented and problems also can be resolving quickly (Delak & Bajec, 2013). We can conclude that knowledge management system is a system that used in an organization to share the past and existing knowledge to have the better productivity in the future. Currently, there are many choices of knowledge management system in the market to be deployed according to organization need (Kumar, 2013).

According to Kalish (2009) and Jiang, Liu, & Cui (2009), in order to creating sustaining competitive advantage, knowledge management takes into account every knowledge source to design frameworks model. The framework model is use to share knowledge resources, provide scientific supports for decision-making, face fiercely competitive market to enhance enterprise's core competence in the knowledge management system. There are many types of model based on organization need such as simple decision model. Beside knowledge management system model, there are also knowledge management model. These models are used to manage knowledge in the best way with a robust theoretical foundation of knowledge management. The examples of important knowledge management model are The Nonanka and Tekeuchi Spiral KM model; The Building and Using Knowledge Model by Wiig; The KM Process Framework by Bukowitz and Williams and The Knowledge Management Model by Botha (Kumar, 2013).

Beside model, a wide range of technologies are also being used to implement KM systems. The technology applied can be Internet, Intranet or...

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