Business Transformation through Strategic Knowledge Management

Abstract

Abstract- In the Global Business scenario, the investments lead to the drastic shifts in revamping the Business Structures & systems. The most affected are the Banking and IT companies. We are living in a world of rapid change driven by globalization, the knowledge-based economy coupled by ever-fast development of Information, Communication and Technology (ICT). This change poses some challenges on Business transformation. In this juncture, the study was carried out with the objective to understand the knowledge acquisition, management and enhancement practices in the IT organizations and to study the impact of knowledge management on business transformation, and also to analyze the effectiveness of current strategic knowledge management approach and internal process, to ascertain the role of leaders and knowledge engineers in transforming business process. The Descriptive research method was followed in the study and the survey was conducted among the working professionals in IT companies in Chennai. Convenience sampling had been adopted with the sample size of 240 respondents. The data was collected through structured questionnaire from the respondents. The data was tabulated and analyzed through chi-square, Yule's co-efficient analysis and simple percentage method to arrive at results. The study outcome reveals that, the effective business process leads to profits, whereas the strategy has to be linked properly with maintenance of knowledge base in Database management of MIS, which is lacking in majority of the firms. As the knowledge outcome forms the input for new business. The respondents agree that knowledge pool of the organization has got a direct link with the transformation. Most of the respondents irrespective of the cadre require the change in the internal process in their respective organization. The management was not aware about the need for full-time Knowledge specialists, who contribute through training, enhancing ana retaining the talented workforce, it is also opined that knowledge base alone shall not lead to transformation or mere development rather the workforce shall achieve it with effective and Integrated Management information system.