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Knowledge, Social Media and Learning in Financial Services

By: Ben Wilkie
Published: 26 January 2009

Knowledge, Social Media and Learning in Financial Services

Knowledge management is a quickly evolving aspect of the business model, having only recently been recognised as a serious and essential model within any business strategy. For those new to the subject, this report is designed to introduce the reader to the principles and strategies behind knowledge management in financial services.

Understanding the knowledge capability in any organisation is the necessary first start for any successful strategy. With a number of different categories of knowledge, each requiring different types of management and organisation, a company needs to know which are key for its future success.

Read this report to:

  • Understand the importance of knowledge management in the context of a competitive business
  • Design your strategy to rapidly increase the capabilities of the organisation through increased knowledge
  • Gauge the actual value of your organisation's knowledge
  • Increase the knowledge your organisation has, as well as the value it provides
  • Ensure that your company can adapt quickly to new requirements in changing market conditions

For more information, or a report summary and list of case studies, please email Jeannie on info@vrlfinancialnews.com or call her on +44 (0) 20 7563 5605.

The past decades have seen knowledge become an increasingly valuable commodity, even while it remains an intangible. As the focus on knowledge has grown, more research has been carried out on the different types of knowledge available and how it can best be used to benefit organisations.

Making the most of the knowledge resources throughout an organisation can mean leveraging the value in a number of new and beneficial ways. This report assesses the importance of employees being able to make good decisions. It also looks at how to create loyalty amongst staff and how to serve customer needs more quickly, efficiently and profitably.

We give you advice on using social media to increase loyalty amongst customers and explain the importance of continuous innovation to create shareholder value through knowledge of new technologies, customer need, staff engagement, rival products and services

Who should read this?

  • Human Resource Managers
  • Training and Development Managers
  • IT and Operations Staff
  • Internal Communication Managers

For more information, or a report summary and list of case studies, please email Jeannie on info@vrlfinancialnews.com or call her on +44 (0) 20 7563 5605.

Knowledge management in context

As strategies for knowledge management have evolved, a number of best practices have emerged and these tried and tested methods for organising growing and ever-more complicated data are highlighted within thisreport. Of course, it is not just for financial services organisations that knowledge management is important, and in some cases, the best practices in other industries are noted.

As new technologies come on board, knowledge professionals must begin to utilise them to simplify or improve their own processes. Next generation online technologies offer great opportunities to institutions looking to disseminate information to a wide group of recipients, but it mustn’t be forgotten that only using technology to submit messages removes the personal touch, which can be all important.

Understanding  the knowledge and the knowledge capability in any organisation is the necessary first start for any strategy. With a number of different categories of knowledge, each requiring different types of management and organisation, a company needs to know which are key for its future success.

The greatest asset

Making the most of the knowledge resources with a corporation through its people can mean redefining the concept of human resources. By approaching the people proposition from new and innovative angles, organisations can leverage their value in a number of new and beneficial ways. Again, this requires a commitment from both the organisation and its staff, and if the staff are to sign up to such a change, they will have to understand how it will also benefit them.

The strategy can be designed to rapidly increase the capabilities of the organisation through increased knowledge, but also the capabilities of the individual through targeted knowledge gathering and more effective management of that knowledge. By organising a systematic method of gathering and organising information, organisations can see swift increases in both the actual knowledge they have and the value it provides. Without the right infrastructure, however, any knowledge gained will soon go to waste.

The key to success of new strategies is ensuring the individual, the team in which the individuals work and the corporation all understand the expectations upon them, and the benefits they should expect to gain.

The financial equation

For an asset that at best can be only loosely valued, there are a number of ways to gauge the value of an institution’s knowledge. First, though, the asset needs to be defined. There is a distinction between knowledge, information and data, and how they relate to each other. Then knowledge has to be recognised and categorised. It has to have structured content and be active to be classed as knowledge. Once it has been formally identified, it can then be broken down into several other components, each of which will help to define a value. Once an organisation knows what the knowledge within it is, and where it is situated, strategies can be developed to maximise its value. It can also be modelled, evaluated and built upon.

Knowledge management strategies can also be used to identify Total Cost of Ownership (TCO) within  IT. Costing IT is notoriously difficult due to the huge number of variables, but implementing a Total Cost of Ownership knowledge management strategy is, says the Gartner Group an effective means of getting a much wider picture of budgeted and unbudgeted expenses.

Back to school

The advantage to a corporation of having its own educational facility is that it can directly align the corporate requirement to the output of the facility. As knowledge becomes more important, and changes and evolves more quickly, having an institution that can rapidly adapt to new requirements in changing market conditions provides a serious competitive advantage.

To operate a successful corporate university, however, there are certain key factors that have to be right. The university must have a clear strategy and role within the organisation. A mission statement gives everyone a clear understanding of the purpose of the university. It must also ensure it is always aligned with the requirements of the business. This requires constant communication with the managers who will know the training requirements of their teams, and therefore they must ensure it is liked and respected by senior figures within the business...

 

Chapter One: Introduction

Chapter Two: Managing the value

Chapter Three: Investing in knowledge

Chapter Four: Corporate universities

Chapter Five: Web 2.0

Chapter Six: Creating interaction

Chapter Seven: Knowledge management in CRM

View full Summary Report

For more information, or a report summary and list of case studies, please email Jeannie on info@vrlfinancialnews.com or call her on +44 (0) 20 7563 5605.

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