Executive SummaryIn reality, the world has come to realize the importance of managing records for the purpose of extracting information from them. Exploiting these records for the purposes of solving day to day challenges then have taking advantage of that knowledge gained from data repositories. A range of strategies are utilized by the management of organizations regarding how data will be collected and employed in making processes more efficient. After careful and intuitive collection of ideas and thoughts form productive members, the information is then analyzed and implemented to bring about innovative products and services.
Knowledge management is often explained within two dimensions; the first dimension is to take the components of activities related to business as linked to strategy and practices that should be implemented in all levels within an organization. The second dimension involves making direct association between the resources related to generation of logical and intellectual assets which have the effect of inducing encouraging results. KM involves many processes, but the main ones include the discovery of new talent within the company, generation of new information, and ensuring that there is a way that the information can be easily shared.
Although this definition varies from profession to profession, the essence of knowledge management remains the same. He further goes on to state that just as in all management principles, knowledge management is interlinked with other management strategies such as change and risk management. Budget Rent A Car System, Inc. is one of the leading service providers in the transport industry. Their core business is in renting automobiles for the sake of commercial or consumer use. The company was started in 1958 and has evolved to become one of the biggest names in the car rental industry.
Operating in more than one hundred countries, the company has continued to endear to the market through its quality of service and enhancement of the customer experience. Having a large fleet of cars and large human resource requires the organization have checks and balances in place in order to increase both efficiency and quality of service. It is hence imperative that the company adopt knowledge management strategies in order to stay ahead of the competition. IntroductionWhat is knowledge?
As Simmers (2008) discusses and summarizes, knowledge can best be defined as the fact or condition of knowing something with familiarity gained through experience or association. Research has shown that knowledge is the application of facts in order to solve problems that could be hindering person. Knowledge is often described as an infinite asset because it is the only asset that increases when it is shared. It is also described as information received and applied in the performance of activities. In addition, knowledge is related to the experiences of people in organizations and societies.
Many scholars and researchers have forwarded the concept of knowledge as a resource and an intangible asset and forms part of the so-called intellectual capital of an organization. In order to fully understand how knowledge based value creation works, an understanding by management on what it is and how it relates to the competence of the firm is crucial. Most times it is information combined with understanding and capability. It lives in the minds of people and is based on individual experiences, beliefs and expectation.