Knowledge and skills in business

Chapter 11

To understanding knowledge and skills among other aspects of business intelligence. Data, knowledge and information are different from each in many aspects. Knowledge is described as a type of information that is actionable, contextual and relevant. Knowledge is the information, and it is actionable. Culture is one of the leading influencers of knowledge and expertise. Culture determines how the organization develop, learn and share knowledge. Trough knowledge management organizations can identify, choose, analyze and transfer vital information in an unstructured manner in an organization. A comprehensive knowledge management model involves several steps which include creating, capturing, refining, storing, managing and dissemination of knowledge. Such models work best when applied with the two knowledge management, which includes practice approach and the process approach. Creation of knowledge bases, knowledge centres, knowledge webs, active process management and knowledge are some of the aspects that define an ideal knowledge management initiative.

To develop a KMS, three aspects of technology which include collaboration, storage and communication, have to be taken into consideration. Technologies such as the internet, intranets, groupware and warehousing can be used to build a competitive KMS. Intranets are the essential vehicles used by organizations to distribute knowledge within their internal environment. Groupware is one of the aspects of an organization emphasized in this chapter because it encourages, cooperation an organization leading to the smooth completion of tasks. Groupware refers to the utilization of software to enhance teamwork within an organization which improves decision making in an organization. Groupware is popular because it provides support at any time and anyplace making it efficient to many organizational settings. Technological tools such as intranets, internet, and extranets are ideal for corporate collaboration, access to data, knowledge and information.

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Chapter 12.

Big data means may have different depending on different people. Big data analytics is a complex process for analyzing huge and different varieties of data to uncover information. Big data analytics is used to uncover hidden patterns, determine unknown correlations, identify customer preferences and identify different market trends. Data analytics provide techniques needed to conclude a given set of information which help businesses to make informed corporate decisions. Big data analytics offers an organization with new revenue opportunities, acts as an essential marketing tool, ensures that the organization is ahead of its rivals they compete with, enhances customer service and improves various business operations. Therefore, through the use of NoSQL, Hadoop and other data analytics tools, organizations can collect, process and analyze big data.

More frequently, the users of big data analytics technology are adopting the concept Hadoop data lake, which acts as the primary repository for the incoming streams of data. In such a scenario, data is run through a processing engine which looks like a spark or it’s processed directly in a Hadoop. Efficient data management is an essential first step in the big data analytics process, the same way it is crucial in data warehousing. Big data analytics are commonly used in analyzing demographic data of consumers. Big data analytics are becoming coming typical, especially in this era where most users want to perform real-time analytics more efficiently. Big data analytics is also used in supply chain management to enhance decision making processes across the supply chain. However, lack of internal analytics skills and hired costs of hiring experienced and skilled labour are some of the most significant setbacks facing organizations which want to adopt big data analytics.

Applying Artificial Intelligence

At my organization, there are several instances where we have applying artificial intelligence to enhance decision making. To improve organizational efficiency, artificial intelligence has been used to perform automation tasks, data analytics and processing of natural language, taking our organization to another level. It has various automation processes in our organization to prevent the repetition of tasks. Through this technology, we have been able to predict customer behaviour and determine various product recommendations to ensure, and through this, we have been able to make precise decisions. Our organization has been targeted competitors through unethical methods; however, artificial intelligence has helped us to detect several fraud activities. Through artificial intelligence, the organization is to offer efficient customer care services via telephone or chatbots. Ecosystem Services have enabled us to support the application of several business concepts in our business operations.

Knowledge and skills are essential aspects needed for the growth of any business. Businesses with adequate access to an extensive pool of knowledge perform better. For a company to thrive, it needs to explore the best methods for gathering, sharing and applying knowledge within their organization. The experienced employees in an organization are encouraged to share knowledge with their colleagues to help the organization meet its strategic goals. Therefore, employees are an essential asset to any organization and can support an organization in maintaining a competitive advantage in the market. The organizational managers should ensure that such knowledge is relegated to the other employees through proper training, documentation and brainstorming sessions. Knowledge helps an organization to develop an extensive business plan.

Conclusion

Applying knowledge and skills in my academics will boost my performance. My instructor is the best source of knowledge I can rely on because he has a vast and adequate experience needed to transform my academic performance. Sufficient knowledge and skills will develop my professional attributes and help in thriving my career. Improving creativity, leadership skills, communication skills and problem-solving skills is one of the goals I am aiming to achieve. I want to learn how to connect my academic learning with approaches needed for professional work and lifelong learning. I want to equip myself with adequate knowledge and skills required to venture into technological innovations that are required by organizations to help them solve their corporate challenges. I want to develop a rich range of understandings, attributes, skills and values needed to enhance my professional life. Developing persuasive communication and problem solving, that are relevant to the modern world is one of the goals. I will articulate the breadth and depth of skills, knowledge and attributes to different audiences, including my potential employers and try to imagine how I could apply them in such scenarios. I want to use more of evidence-based application of knowledge that will enable me to criticize issues effectively and use valid arguments when analyzing problems. Our instructor can help us achieve by inviting employers to talk to us, and through this, we will be able to get a glimpse of what we expect in the field. The institutional managers should foster opportunities to practice what we have learnt in the class o prepare us for the working world. Putting the skills, we have learnt into practice will improve our expertise in our respective field and prepare us for job interviews. Technology can act as an essential driving factor for the acquisition and sharing of information.

References

Bovée, C. L., Thill, J. V., & Raina, R. L. (2016). Business communication today. Pearson Education, India.

Cegielski, C. G., & Jones‐Farmer, L. A. (2016). Knowledge, skills, and abilities for entry‐level business analytics positions: A multi‐method study. Decision Sciences Journal of Innovative Education, 14(1), 91-118.

Russell, S. J., & Norvig, P. (2016). Artificial intelligence: a modern approach. Malaysia; Pearson Education Limited.

Ransbotham, S., Gerbert, P., Reeves, M., Kiron, D., & Spira, M. (2018). Artificial intelligence in business gets real. MIT sloan management review, 60280.

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