Homework answers / question archive / This assessment item relates to the unit learning outcomes as in the unit descriptor

This assessment item relates to the unit learning outcomes as in the unit descriptor

Writing

Share With

This assessment item relates to the unit learning outcomes as in the unit descriptor. This assessment is designed to assess the knowledge of implementation of a knowledge management solution utilizing emerging tools for stages of knowledge management.

This assessment covers the following LOs.

LO3: Conduct research on emerging tools and techniques for the stages of knowledge creation, acquisition, transfer and management of knowledge and recommend the most appropriate choice based on expert judgement on the practical needs.

LO4: Apply and integrate appropriate KM components to develop effective knowledge management solutions.

LO5: Independently design a usable knowledge management strategy by application of key elements of a good knowledge management framework and by incorporating industry best practices and state of the art tools such as OpenKM or other emerging technologies.

INSTRUCTIONS

These instructions apply to Major Assignment only.

Answer the following question based on a case study given overleaf

MITS5505 Knowledge Management Major Assignment Weightage: 15% Due date: 9th May 2021 Late penalty applies on late submission, 10% per day would be deducted 0 mark for LATE Submission more than one week 0 mark for DUPLICATED Submission or Shared Work MITS5505 Major Assignment OBJECTIVE(S) This assessment item relates to the unit learning outcomes as in the unit descriptor. This assessment is designed to assess the knowledge of implementation of a knowledge management solution utilizing emerging tools for stages of knowledge management. This assessment covers the following LOs. LO3: Conduct research on emerging tools and techniques for the stages of knowledge creation, acquisition, transfer and management of knowledge and recommend the most appropriate choice based on expert judgement on the practical needs. LO4: Apply and integrate appropriate KM components to develop effective knowledge management solutions. LO5: Independently design a usable knowledge management strategy by application of key elements of a good knowledge management framework and by incorporating industry best practices and state of the art tools such as OpenKM or other emerging technologies. INSTRUCTIONS These instructions apply to Major Assignment only. Answer the following question based on a case study given overleaf Give your views on implementation of knowledge management based on five distinct stages of knowledge management: Stage 1: Advocate and learn Stage 2: Develop strategy Stage 3: Design and launch KM initiatives Stage 4: Expand and support initiatives Stage 5: Institutionalize knowledge management (Marks 15) Copyright © 2021 VIT, All Rights Reserved. 2 MITS5505 Major Assignment Case study: A leading bank of Australia You have been appointed as a Chief Knowledge Officer in one of the leading banks of Australia to accomplish the project which is to develop a knowledge base guide for the customer service staff to provide better services to the customers of the bank. Your task would be to implement Knowledge Management system for the bank which can be helpful in providing better services to the customers of the bank and that too in a very efficient manner. Marking Guide: Give your views on implementation of knowledge management based on following stages of Implementation of Knowledge Management: Stage 1 Stage 2 Stage 3 Unacceptable Acceptable Good Excellent Does not adequately convey Advocacy, identify the members of the KM team, learn from the experience of the other organizations, advocates of knowledge management and getting wider support to the KM initiative. Also, not adequately mentioned about identification and ownership of proposed pilot projects. Little evidence material is logically organized into topic, subtopics or related to topic. Many transitions are unclear or non-existent. Does convey but not in detail about advocacy, identify the members of the KM team, learn from the experience of the other organizations, advocates of knowledge management and getting wider support to the KM initiative. Also, convey but not in detail about identification and ownership of proposed pilot projects. Does clearly convey Advocacy, identify the members of the KM team, learn from the experience of the other organizations, advocates of knowledge management and getting wider support to the KM initiative. Also, clearly mentioned about identification and ownership of proposed pilot projects. Strongly convey Advocacy, identify the members of the KM team, learn from the experience of the other organizations, advocates of knowledge management and getting wider support to the KM initiative. Also, strongly mentioned about identification and ownership of proposed pilots projects. Most material clearly related to task force for the implementation of the pilots, selection of pilots, resources for pilots, etc. All material clearly related to task force for the implementation of the pilots, selection of pilots, resources for pilots, etc. Little evidence material supporting budget to fund the pilot Most material supporting budget to fund the pilot projects, All material supporting budget to fund the pilot projects, All material clearly related to task force for the implementation of the pilots, selection of pilots, resources for pilots, etc. Strong transitions linking subtopics, and main topic. All material strongly supporting budget to fund the pilot Copyright © 2021 VIT, All Rights Reserved. 3 MITS5505 Major Assignment Stage 4 Stage 5 projects, methodologies develop for pilot projects and discussion about lesson learned at regular meetings. Does not summarize evidence with respect to pilot projects. Does not discuss about the of expansion strategy, resources, budget, support and manage KM growth. Little evidence material is logically organized into topic, subtopics or related to topic. Many transitions are unclear or non-existent. Copyright © 2021 VIT, All Rights Reserved. methodologies develop for pilot projects and discussion about lesson learned at regular meetings. methodologies develop for pilot projects and discussion about lesson learned at regular meetings. Somewhat summarize evidence with respect to pilot projects. Discuss somewhat about the of expansion strategy, resources, budget, support and manage KM growth. Most material clearly related to embed KM in the business model, realigned the organization structure and budget and monitor and evaluate health of the KM system, etc. Clearly summarize evidence with respect to pilot projects. Discuss about the of expansion strategy, resources, budget, support and manage KM growth. All material clearly related to embed KM in the business model, realigned the organization structure and budget and monitor and evaluate health of the KM system, etc. projects, methodologies develop for pilot projects and discussion about lesson learned at regular meetings. Strongly summarize evidence with respect to pilot projects. Detail discussion about the of expansion strategy, resources, budget, support and manage KM growth. All material clearly related to embed KM in the business model, realigned the organization structure and budget and monitor and evaluate health of the KM system, etc. Strong transitions linking subtopics, and main topic. 4 Concept Map Literature Review Advances in disruptive technologies and deregulation of financial services have led to an increased level of competition and need to understand customers in the banking sector. According to [1], the recent propagation of banks’ CRM efforts reflects the need to adopt technologies such as data analytics, data mining, data warehousing, and business intelligence to keep up with the competition. Furthermore, applying these technologies enables the banks to discover potentially appealing customers and allocate resources effectively. Data Analytics in Enhancing Customer Management Data analytics techniques enable banks to collect, manipulate, and manage customer information effectively. Additionally, the ability for banks to use customer information requires the knowledge to analyze data correctly and offer the appropriate time to promote and offer personalized services and products. The bank’s ability to understand customers’ needs attributes may affect crucial decisions regarding how to respond to customers. Data analytics play vital roles as it has the inherent potential to build customer trust and create value. According to [2], data analytics techniques help the banks to create tailored customer services, detect fraud, ensure service consistency, and predict market risks, assess risk exposure. Additionally, the banking sector has a vast amount of customer data that enables it to track customer behavior accordingly. As banks become more customers’ data-driven, the trustworthiness of data analytics enables the organizations to build trust in their relationships with consumers. Data analytics decisions enhance customer relationships as they trust decision algorithms and engines. Furthermore, they enable the banks to offer integrity, operational control, quality, and effectiveness. Business Intelligence in Enhancing Customer Relationship in Banking Based on the research by [3], modern banks operate in business environments that are attributed to past change pace, uncertainty, and unprecedented complexity. These complexities are initiated by globalization, rapid technological advancements, and an intensive economy. Business Intelligence is beneficial to banks to focus on differentiation factors that address customer priorities and preferences. Furthermore, it enables the banks to focus on their customers, thus attracting and retaining profitable customers. Business intelligence systems enable banks to understand and respond quickly to complex customer information to make faster and appropriate decisions to realize business goals. BIS seeks to enhance effectiveness and efficiency in managing customers’ relationships in banking. Furthermore, it leads to faster access and flow of customer information in the banking sector. Business intelligence enables the bank to offer increased access to high-value and correct information, which improves customer relationships. According to [4], high-value and correct information enables the bank to take advantage of opportunities and determine the weaknesses of competitors. Furthermore, the information enables them to meet unique and diverse customer needs and contribute positively towards customer relationship management. Business intelligence systems offer an understanding of shifts in spending habits and behaviors of customers. They also lead to subsequent customer strategies which are used in meeting customers’ customized needs. Data Mining in Enhancing Customer Relationship Based on the research by [5], data mining enables banks to interpret and analyze vast quantities of actionable customers’ data. The organization uses data mining techniques to process information that leads to improved insights and the creation of fact-based customer strategies that improve customer services. Furthermore, processing information creates more excellent value for customers. The application of data mining techniques in banking is a vital trigger in making strategic decisions regarding customer relationship management. The discovery process of data mining assists in identifying, interacting, and differentiating customers through segmentation and association. Predictive modeling enables the banks to retain and attract profitable customers through response modeling of predicting customer behavior. Additionally, the forensic analysis process of data mining enables the banks to offer customers personalized services and products and motivate their banking actions through churn detection and deviation detection. Figure 1: Data mining in enhancing customer relationship in banking Data Warehousing in Enhancing Customer Relationship in Banking Data warehousing enables banks to have a single source of trusted data which improves customer relationships. What is more, it offers timely, accurate, and relevant information used in making a customer-centered decision. Data warehousing also resolves data cleansing and data quality issues. As a repository of all customer information, a data warehouse enables the banks to identify selling opportunities, increase products and services demands, and point inefficiencies within customers and enhance customer retention. Based on the research by [6], offers the banks again through customer appeal through upselling and cross-selling. References [1] D. Sarel and H. Marmorstein, "Customer relationship management in banking: An introduction and strategic implications," Journal of Financial Services Marketing , vol. 12, pp. 97-101, 2007. [2] KPMG, "Can analytics build trusted customer relationships in banking," KPMG , no. 2, 2016. [3] M. Handzic, M. K. Özlen and N. Durmic, "Improving Customer Relationship Management Through Business Intelligence," Advances in Knowledge Management, vol. 13, no. 2, 2014. [4] M. Handzic, K. Ozlen and N. Durmic, "Improving Customer Relationship Management Through Business Intelligence," Journal of Information & Knowledge Management , vol. 13, no. 2, 2014. [5] Kamalakannan and Mayilvaghnan, "Optimal customer relationship management in telecalling industry by using data mining and business intelligence," International Journal of Engineering & Technology, vol. 7, no. 1, pp. 12-17, 2018 . [6] A. Khana, N. Ehsanb, E. Mirzac and S. Z. Sarwar, "Integration between Customer Relationship Management (CRM) and Data Warehousing," Procedia Technology , vol. 1, pp. 239-249, 2012 .